基于2009—2018年我国战略性新兴产业数据，分析了股权激励和内部控制对上市公司融资约束的影响，结果表明：股权激励对战略性新兴产业上市公司的融资约束有显著负向影响；高质量的内部控制有助于缓解融资约束，同时高质量的内部控制可以强化股权激励对融资约束的缓解作用；另外，代理成本在股权激励与融资约束之间具有中介作用。

Based on the data of strategic emerging industries from 2009 to 2018, this paper analyzes the influence of equity incentives and internal control on listed companies’ financing constraints. The results show that: entity incentives have significant negative effects on the listed companies’ financing constraints; high-quality internal control is conductive to alleviating financing constraints while high-quality internal control helps relieve the impact of equity incentives on financing constraints. Moreover, t agency costs play an intermediary role between equity incentives and financing constraints.