Fig. 2
From: Stock liquidity, financial constraints, and innovation in Chinese SMEs
Notes: The figures present the number of the firms from each of the Manufacturing industry, IT industry, and other 13 industries as a percentage of our total sample, respectively.Footnote
Our samples are divided into 16 industries according to the industry classification of China Securities Regulatory Commission. Excluding the finance industry, we have 15 industries: (1) agriculture; (2) construction; (3) culture, sports and entertainment; (4) education; (5) environmental protection; (6) IT; (7) leasing and business service; (8) manufacturing; (9) mining; (10) public health; (11) research & development; (12) resident service; (13) transportation; (14) utilities; and (15) wholesale & retail.
R&D expenditures are the input of innovation as the dependent variable in Fig. 2(a), whereas the number of patents is the output of the innovation as the dependent variable in Fig. 2(b)Percentage of firms by industry in the total sample.