The purpose of this study aims to investigate the impact of financing constraints on the relationship between R D investment and cost stickiness. The empirical findings support the viewpoint of Anderson et al. (2003) that cost stickiness is retaining resources because prior resource levels affect the cost adjustment of the current resources and anticipate future sales revenue. This causes higher cost stickiness would induce more R D activities, implying that the cost stickiness changes with the different financing constraints and influences R D investment decisions. This study provides empirical evidence to help managers for understanding the impact of cost stickiness on the economic results of R D investment.