The dynamics of listed SMEs in China

Liu, J ORCID: https://orcid.org/0000-0002-2978-6022 2012, 'The dynamics of listed SMEs in China' , International Journal of the Economics of Business, 19 (3) , pp. 421-450.

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Abstract

We examine the dynamics of Chinese listed SMEs with respect to their post-market viability and growth after going public. The Kaplan–Meier estimation shows that SMEs are more likely to transition to a non-viable state than large firms. Further examination using the Cox model and the random effects model shows that SME dynamics are shaped by heterogeneous firm and industry characteristics, as well as the underlying financial and institutional environments. SME viability is distinguished by its ability to grow through learning along with age, aided by lower business risk, more focused business, access to equity finance, and less exposure to competition in remote regions. SME growth is constrained by a dispersed ownership structure, insufficient infrastructure to protect firms that are active in R&D, and the limited financing role of equity markets. The study also reveals that government initiatives in support of strategic development in the service industries and in the coastal regions are of importance in spurring SME growth.

Item Type:	Article
Themes:	Subjects outside of the University Themes
Schools:	Schools > Salford Business School > Salford Business School Research Centre
Journal or Publication Title:	International Journal of the Economics of Business
Publisher:	Taylor & Francis
Refereed:	Yes
ISSN:	1357-1516
Related URLs:	Publication
Depositing User:	JL Liu
Date Deposited:	28 Oct 2011 10:57
Last Modified:	08 Dec 2018 08:20
URI:	http://usir.salford.ac.uk/id/eprint/18721

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