Publication: Technological Innovation And Firm Value Among Smes In China: Evidence From The Star Market
Loading...
Date
2025-09
Authors
Liu, Zichang
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
This study investigates the impact of technological innovation on the firm value of small and medium-sized enterprises (smes) in china's technology sector, with a focus on differences between state-owned enterprises (soes) and non-state-owned enterprises (nsoes). Smes face significant uncertainties due to the rapidly evolving global economic market, making the role of technological innovation crucial for sustainable development and national competitiveness. This study uses 1622 sample data from 566 enterprises on the star market from 2019 to 2023 to construct a fixed-effect model to explore the impact of technological innovation inputs (such as r&d intensity and the proportion of r&d costs) and outputs (such as intangible assets and patents).The study finds that technological innovation outputs, such as patents, negatively affect firm value, whereas high-cost investments in r&d (r&d intensity) have a positive impact. However, the proportion of r&d spending relative to other costs negatively influences firm value. When examining the results by ownership type, the findings for nsoes align with these overall trends, while in soes, only untyped assets (intangibles not classified) show a statistically significant effect on firm value, with other variables being insignificant.
Description
Keywords
Technological Innovation Value Among China: Evidence