@article{ART002895564},
author={Wang Yiqi and Jae-Yeon Sim},
title={The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency},
journal={Industry Promotion Research},
issn={2466-1139},
year={2022},
volume={7},
number={4},
pages={97-108},
doi={10.21186/IPR.2022.7.4.097}

TY - JOUR
AU - Wang Yiqi
AU - Jae-Yeon Sim
TI - The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency
JO - Industry Promotion Research
PY - 2022
VL - 7
IS - 4
PB - Industrial Promotion Institute
SP - 97
EP - 108
SN - 2466-1139
AB - This paper examined the impact of financing structure on the innovation efficiency of SMEs by constructing an econometric model using panel data of SMEs listed on the SME board from 2010 to 2020 as the research sample. The innovation efficiency of SMEs was measured by the Stochastic Frontier Analysis (SFA), the relationship between financing structure and innovation efficiency of SMEs was examined with the help of the Tobit model, and the corresponding heterogeneity analysis was conducted. Finally, the robustness of the model was tested. It was concluded that the effects of debt and equity financing on the quantitative efficiency of innovation were non-linear and mainly showed an inverted "U" shaped relationship. For innovation quality efficiency, bond financing could positively contribute, while equity financing negatively inhibits. Finally, the corresponding advice was given.
KW - Debt financing;Equity financing;Innovation Efficiency;Financial Structure;Stochastic Frontier Analysis (SFA)
DO - 10.21186/IPR.2022.7.4.097
ER -

Wang Yiqi and Jae-Yeon Sim. (2022). The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency. Industry Promotion Research, 7(4), 97-108.

Wang Yiqi and Jae-Yeon Sim. 2022, "The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency", Industry Promotion Research, vol.7, no.4 pp.97-108. Available from: doi:10.21186/IPR.2022.7.4.097

Wang Yiqi, Jae-Yeon Sim "The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency" Industry Promotion Research 7.4 pp.97-108 (2022) : 97.

Wang Yiqi, Jae-Yeon Sim. The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency. 2022; 7(4), 97-108. Available from: doi:10.21186/IPR.2022.7.4.097

Wang Yiqi and Jae-Yeon Sim. "The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency" Industry Promotion Research 7, no.4 (2022) : 97-108.doi: 10.21186/IPR.2022.7.4.097

Wang Yiqi; Jae-Yeon Sim. The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency. Industry Promotion Research, 7(4), 97-108. doi: 10.21186/IPR.2022.7.4.097

Wang Yiqi; Jae-Yeon Sim. The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency. Industry Promotion Research. 2022; 7(4) 97-108. doi: 10.21186/IPR.2022.7.4.097

Wang Yiqi, Jae-Yeon Sim. The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency. 2022; 7(4), 97-108. Available from: doi:10.21186/IPR.2022.7.4.097

Wang Yiqi and Jae-Yeon Sim. "The Impact of Chinese SMEs' Financial Structure on Innovation Efficiency" Industry Promotion Research 7, no.4 (2022) : 97-108.doi: 10.21186/IPR.2022.7.4.097