Abstract
In this paper we estimate the extent to which financial structure influences technology innovation activity (TIA) in China. Based on a variety of specifications and by employing panel data estimation techniques, we find that a capital-market-based financial structure supports TIA more efficiently than a bank-bases financial structure does. Chinese firms in high-tech industry are getting privilege from overwhelming financial development in China to enhance their TIA. Private firms in particular are becoming more and more active in TIA by taking advantage of China's developing capital market, whereas state-owned enterprises are advancing in technological innovation owing to continuous financial support from the state-owned credit market.
| Original language | English |
|---|---|
| Pages (from-to) | 329-353 |
| Number of pages | 25 |
| Journal | Asia-Pacific Journal of Financial Studies |
| Volume | 47 |
| Issue number | 2 |
| DOIs | |
| State | Published - Apr 2018 |
| Externally published | Yes |
Bibliographical note
Publisher Copyright:© 2018 Korean Securities Association
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 9 Industry, Innovation, and Infrastructure
Keywords
- China
- Financial development
- Financial structure
- R&D
- Technology innovation activity
ASJC Scopus subject areas
- Finance
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