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This study investigates the association between financing constraints/agency problem (agency costs) and corporate R&D investment in China by using the two-tier stochastic frontier model initially developed by Kumbhakar and Parmeter (2009) in light of the Euler equation analysis framework. The results show that there is a significantly negative association between financing constraints and firms' R&D investments and a significantly positive relationship between agency costs and R&D investments. Thus, financing constraints lead to R&D underinvestment, while agency costs cause R&D overinvestment by the sample firms. However, government subsidies have a positive moderating effect on the relationships. The impact of financing constraints and agency costs on R&D investment varies slightly by firms in different geographical regions, industries, business ownerships, and years. [ABSTRACT FROM AUTHOR]

As a conjugated and unsymmetric building block composed of an electron-poor seven-membered sp 2 carbon ring and an electron-rich five-membered carbon ring, azulene and its derivatives have been recognized as one of the most promising building blocks for novel electronic devices due to its intrinsic redox activity. By using 1,3,5-tris(4-aminophenyl)-benzene and azulene-1,3-dicarbaldehyde as the starting materials, an azulene(Azu)-based 2D conjugated covalent organic framework, COF-Azu, is prepared through liquid-liquid interface polymerization strategy for the first time. The as-fabricated Al/COF-Azu/indium tin oxide (ITO) memristor shows typical non-volatile resistive switching performance due to the electric filed induced intramolecular charge transfer effect. Associated with the unique memristive performance, a simple convolutional neural network is built for image recognition. After 8 epochs of training, image recognition accuracy of 80 % for a neutral network trained on a larger data set is achieved., (© 2022 Wiley-VCH GmbH.)