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Financial Innovation

Table 17 Stock Liquidity (CPQS, CPQSIM, ILLIQ) and Innovation Output (Patents) under Controlled and Uncontrolled M&As (MA, NMA)

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

 

MA

NMA

Without MA/NMA

CPQS

− 5.392*

  

− 5.272*

  

− 5.393*

  
    

(3.891)

  

(3.889)

  

CPQSIM

 

− 7.2573***

  

− 7.578***

  

− 7.103***

 
  

(2.7422)

  

(2.735)

  

(2.714)

 

ILLIQ

  

− 15.531***

  

− 16.003***

  

− 15.076***

   

(3.503)

  

3.492

  

(3.452)

MA

− 0.001

− 0.199

− 0.390

      
 

(0.502)

(0.507)

(0.509)

      

NMA

   

− 0.114

− 0.158

− 0.198*

   
    

(0.113)

(0.113)

(0.114)

   

CONSTANT

6.111***

6.036***

6.750

6.311

6.210***

6.880***

6.110***

5.889***

6.450***

 

(0.597)

(0.462)

(0.502)

(0.525)

(0.356)

(0.399)

(0.486)

(0.271)

(0.314)

N

4786

4786

4786

4786

4786

4786

4786

4786

4786

Adj.R2

0.000

0.001

0.004

0.000

0.001

0.004

0.001

0.001

0.004

  1. This table presents the pooled OLS estimation results for the relationship between stock liquidity (CPQS, CPQSIM, ILLIQ) and innovation output (INNOV_PAT) for SMEs, respectively. MA is controlled in the first three columns, whereas NMA is controlled in the 4–6 columns, and M&As (MA, NMA) are not controlled in the last three columns. ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively
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