Innovation Vouchers and the Sustainable Growth of High-Tech SMEs: Evidence from China

Innovation has become an essential source of sustainable growth for most firms, especially small- and medium-sized enterprises (SMEs). Governments around the world widely implement innovation vouchers to promote in SMEs. This study empirically explores effects stimulating patentable ultimately enhancing firms’ financial performance. Using a panel 1274 listed SMEs from Small Medium Enterprise Board (SMEB) Growth (GEB), we find that lead firms utilize knowledge-intensive services significantly increase their We further document innovations mediate relationship between report on performance are more prominent with limited external informational resources. believe our yields novel evidence sheds light important policy implications facilitate