How Should the Chinese Government Invest R&amp;D Funds: Enterprises or Institutions?

Zhao, Yuhan; Song, Xiaoning

doi:10.1007/s10614-017-9787-0

Cited by 16 publications

(8 citation statements)

References 14 publications

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“…In this case, external investors often average the valuation of all enterprises, and this average evaluation will inevitably bring about the problem of adverse selection. In other words, those enterprises whose investment projects are below the average will benefit from the high valuation of investors, which will cause more such investment projects to enter the enterprises (Zhao and Song, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

The Control Strategies for Information Asymmetry Problems Among Investing Institutions, Investors, and Entrepreneurs in Venture Capital

Hong

Xia²

2020

Front. Psychol.

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To analyze the problem of information asymmetry between investment institutions, investors, and entrepreneurs, thereby protecting the interests of all parties and ensuring the income under high risks, some companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange are taken as research samples. First, the relations between investment institutions, investors, and entrepreneurs, as well as the causes and solutions of information asymmetry in venture capital, are analyzed. Second, based on the residual model, a model that analyzes the information asymmetry and investment efficiency of the enterprise is built. Finally, through two cases, the relation between the information asymmetry and the investment rate is revealed. The research results show that from 2014 to 2018, the investment level of companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange was below 7.69%; the investment levels of different companies varied greatly, with significant differences in the development situations. Besides, information asymmetry is significantly related to investment efficiency. The corresponding regression coefficient is 0.0119. The larger the enterprise is, the higher the investment efficiency will be. The case analysis shows that it is important to understand and seize the market, and the information asymmetry between the actual environment and the investment environment is more serious. To deal with these issues, material incentives, reputation incentives, control incentives, and stock option incentives are substantive measures that can be taken, which are of great significance for improving the decision-making level of investors and investment institutions and reducing the investment risk of investors and entrepreneurs.

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Section: Literature Reviewmentioning

confidence: 99%

The Control Strategies for Information Asymmetry Problems Among Investing Institutions, Investors, and Entrepreneurs in Venture Capital

Hong

Xia²

2020

Front. Psychol.

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“…Government subsidies ( it SUBS ): The Chinese government is an important provider of R&D subsidies and chiefly uses these funds to support enterprises and institutions in implementing innovation activities (Zhao and Song, 2018). Unlike tax incentives, subsidies are simple and straightforward, and are widely used in China.…”

Section: Main Variablesmentioning

confidence: 99%

The importance of large firms for generating economic value from subsidized technological innovation: A regional perspective

Andries

Pellens

et al. 2021

Technological Forecasting and Social Change

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“…In China, the progressive development of the national innovation system is primarily associated with an increase in public funding. However, now there are problems associated with the relatively low efficiency of public investment in science, compared with the world's best practices (Zhao & Song, 2018), and the development of competent business structures in the high-tech field. Developing countries of Africa, as well as Kazakhstan and Ukraine, are characterised by the problems of innovative entrepreneurship development due to the lack of full access to financial resources for the development of innovative business and the creation of appropriate institutional conditions (Fombang & Adjasi, 2018).…”

Section: Brief Literature Reviewmentioning

confidence: 99%

Innovative entrepreneurship development: main problems and educational limitations in Kazakhstan

Taubayev¹,

Kamenova²,

Legostayeva³

et al. 2019

EA-XXI

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The study aims to identify the main problems of the development of innovative entrepreneurship in general and enhance the role of entrepreneurial education in Kazakhstan in the context of the implementation of the priority state policy of innovative development. The purpose of the study was to find out why the reforms of the long-term state policy on the development of entrepreneurship did not lead to an increase in the innovative potential of entrepreneurs in the national innovation system. The study was conducted on the basis of questioning and interviewing entrepreneurs of Kazakhstan who introduce direct innovations in their activities. In the period from 15 August 2018 to 15 September 2018, a sociological survey to monitor innovation activity at 172 enterprises in Kazakhstan was conducted. The study was conducted by random sampling from the general totality of all enterprises of the republic. The total amount of the general totality was taken as the number of operating small and medium-sized businesses (SMEs), as of 1 January 2018, which, according to statistics, was 1,549,592 units in the republic. It surveyed 172 companies of all categories of business, from large to small ones. The questionnaire and the interview included a fixed set of questions. Most of the questions made it possible to determine the opinion of entrepreneurs regarding the current state of development of the business sector in Kazakhstan and the main problems that impede the activation of innovations, including the lack of competence among business leaders and poor quality of preparedness of specialists. The main conclusion that was made by the authors within the framework of this mini-study is that the existing system of state and institutional support for entrepreneurship in Kazakhstan does not meet ECONOMIC ANNALS-XXI

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How Should the Chinese Government Invest R&D Funds: Enterprises or Institutions?

Cited by 16 publications

References 14 publications

The Control Strategies for Information Asymmetry Problems Among Investing Institutions, Investors, and Entrepreneurs in Venture Capital

The Control Strategies for Information Asymmetry Problems Among Investing Institutions, Investors, and Entrepreneurs in Venture Capital

The importance of large firms for generating economic value from subsidized technological innovation: A regional perspective

Innovative entrepreneurship development: main problems and educational limitations in Kazakhstan

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