Journal of Northeastern University(Social Science) ›› 2015, Vol. 17 ›› Issue (4): 362-368.DOI: 10.15936/j.cnki.1008-3758.2015.04.006

• Economics and Management • Previous Articles     Next Articles

Financial Constrains, R&D Investment and the Growth of SMEsBased on the Empirical Data of the PVAR Model

CHEN Qian-qian, Zhang Yu-ming   

  1. (School of Management, Shandong University, Jinan 250100, China)
  • Received:2014-12-10 Revised:2014-12-10 Online:2015-07-25 Published:2015-11-10
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Abstract: Based on the SMEs data from 2004 to 2013, the Panel-VAR model was applied to explore the relationship between financial constraint, R&D investment and the growth of SMEs. The empirical results showed that financial constraint is not conductive to the growth of SMEs while R&D investment helps to increase the growth of SMEs. The growth of SMEs can relieve financial constraint but it is more likely to cut down R&D investment. Whats more, financial constraint has remarkable time lag and significant positive correlation to the growth of SMEs.

Key words: financial constraint, R&D investment, small and medium enterprises

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