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Stock Governance and SME R&D Input

In: Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

Author

Listed:
  • Bei Ye

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

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.

Suggested Citation

  • Bei Ye, 2022. "Stock Governance and SME R&D Input," Advances in Economics, Business and Management Research, in: Yushi Jiang & Yuriy Shvets & Hrushikesh Mallick (ed.), Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), pages 98-104, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-036-7_15
    DOI: 10.2991/978-94-6463-036-7_15
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