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Financial Innovation

Table 16 M&As (MA, NMA) and Innovation Output (Patents)

From: Stock liquidity, financial constraints, and innovation in Chinese SMEs

 

MA

NMA

INNOV_PAT

3.417***

0.600***

 

(0.277)

(0.076)

CONSTANT

2.047

2.757***

 

(0.174)

(0.158)

N

8635

8635

Adj.R2

0.017

0.023

  1. This table presents the pooled OLS estimation results for the relationship between M&As and innovation output (INNOV_PAT) for SMEs, respectively. M&As are measured by MA and NMA, whereas innovation output is measured by the number of granted patents. N is the number of firm-year observations. ***, ** and * denote statistical significance at the 1%, 5% and 10% levels, respectively
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