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Financing sources and new technology acquisition strategies: Microeconomic evidence from the Chinese patent survey

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  • Cheng, Dong

Abstract

Using micro survey data from the 2017 Chinese Patent Survey, we examine how financing composition and diversity relate to five different new technology acquisition strategies. Bank loans and government funding align with collaborative or lower-risk strategies, while internal cash is associated with more innovative and higher-risk strategies like independent and joint R&D. Financing diversity correlates positively with the scope of strategy portfolios, and the correlation gets weaker for patent-rich firms to incorporate external technology acquisition.

Suggested Citation

  • Cheng, Dong, 2026. "Financing sources and new technology acquisition strategies: Microeconomic evidence from the Chinese patent survey," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s154461232502272x
    DOI: 10.1016/j.frl.2025.109019
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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