Abstract
We use the small and medium-sized enterprises data of Hebei province to analyze the correlation of the independent innovation and equity finance. The result shows that a higher equity ratio is conductive to a higher R&D intensity. Equity may be more important for young companies which have to rely on original equity investment of their owners since they have not yet accumulated retained earnings and can rely less on bank financing.
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Wei, W. (2013). Independent Innovation and Equity Finance: Empirical Analysis on Small and Medium-Sized Enterprises. In: Qi, E., Shen, J., Dou, R. (eds) The 19th International Conference on Industrial Engineering and Engineering Management. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-38427-1_44
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DOI: https://doi.org/10.1007/978-3-642-38427-1_44
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