The impact of financial constraints on firm R&D investments: empirical evidence from China

@article{Yang2014TheIO,
  title={The impact of financial constraints on firm R&D investments: empirical evidence from China},
  author={Enyan Yang and Guangrong Ma and James Chu},
  journal={IJTM},
  year={2014},
  volume={65},
  pages={172-188}
}
Innovation is essential for economic development and critical for firms to remain competitive. However, Chinese firms lag behind developed economies in terms of innovation, as measured by investments in R&D. R&D investments are more likely to be subject to financial constraints than ordinary investments as a result of higher risk and longer gestation periods. Using a unique World Bank survey of 12,400 manufacturing firms in China, this paper investigates the effects of financial constraints on… CONTINUE READING

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