Stock Governance and SME R&D Input

DOI

10.2991/978-94-6463-036-7_15How to use a DOI?

Keywords

SME; R&D input; stock governance

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.

Copyright

© 2022 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Bei Ye
PY  - 2022
DA  - 2022/12/31
TI  - Stock Governance and SME R&D Input
BT  - Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)
PB  - Atlantis Press
SP  - 98
EP  - 104
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-036-7_15
DO  - 10.2991/978-94-6463-036-7_15
ID  - Ye2022
ER  -