Stock Governance and SME R&D Input

Bei Ye ()
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Bei Ye: Wuhan University of Science and Technology, Hubei SME Research Center

A chapter in Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), 2022, pp 98-104 from Springer

Abstract: Abstract SMEs are the backbone of technological innovation.Equity finance and the related governance arrangement are of great significance to R&D activities of SMEs.With SMEs listed in China as examples, the paper tries to study the effects of equity finance, ownership nature and concentration on R&D input.The empirical results suggest that equity finance significantly promotes R&D input; state ownership and management shareholding significantly improve R&D investment despite the insignificant effect of general legal person shareholders; ownership concentration is significantly and negatively associated with R&D input.To push forward R&D activities of SMEs, it is important to facilitate equity financing, encourage state-owned institutions to invest in SMEs, push forward managerial stock incentive schemes and prevent over-concentration of ownership.

Keywords: SME; R&D input; stock governance (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-036-7_15

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DOI: 10.2991/978-94-6463-036-7_15

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