- Akerlof G. A., (1978). The market for “lemons†: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500.
Paper not yet in RePEc: Add citation now
An Y., Zhang Y., (2021). Crossing the valley of death for SMEs: Management practices from China. Sage Open, 11(3), 1–13. https://doi.org/10.1177/21582440211047581.
Bagella M., Becchetti L., (1998). The optimal financing strategy of a high-tech firm: The role of warrants. Journal of Economic Behavior & Organization, 35(1), 1–23. https://doi.org/10.1016/s0167-2681(97)00102-9.
Bashir U., Khan S., Jones A., Hussain M., (2021). Do banking system transparency and market structure affect financial stability of Chinese banks? Economic Change and Restructuring, 54, 1–41. https://doi.org/10.1007/s10644-020-09272-x.
- Bergh D. D., Ketchen D. J. Jr. , Orlandi I., Heugens P. P., Boyd B. K., (2019). Information asymmetry in management research: Past accomplishments and future opportunities. Journal of Management, 45(1), 122–158. https://doi.org/10.1177/0149206318798026.
Paper not yet in RePEc: Add citation now
Bertoni F., Croce A., Guerini M., (2015). Venture capital and the investment curve of young high-tech companies. Journal of Corporate Finance, 35, 159–176. https://doi.org/10.1016/j.jcorpfin.2015.08.012.
Bertoni F., d’Adda D., Grilli L., (2019). Self-selection of entrepreneurial firms in thin venture capital markets: Theory and empirical evidence. Strategic Entrepreneurship Journal, 13(1), 47–74. https://doi.org/10.1002/sej.1280.
Bolton P., Freixas X., (2000). Equity, bonds, and bank debt: Capital structure and financial market equilibrium under asymmetric information. Journal of Political Economy, 108(2), 324–351. https://doi.org/10.1086/262121.
Bottazzi L., Da Rin M., Hellmann T., (2008). Who are the active investors? Evidence from venture capital. Journal of Financial Economics, 89(3), 488–512. https://doi.org/10.1016/j.jfineco.2007.09.003.
Carpenter R. E., Petersen B. C., (2002). Capital market imperfections, high-tech investment, and new equity financing. The Economic Journal, 112(477), F54–F72. https://doi.org/10.1111/1468-0297.00683.
Caviggioli F., Scellato G., Ughetto E., (2020). Lenders’ selection capabilities, patent quality, and the outcome of patent-backed loans. Industrial and Corporate Change, 29(1), 43–60. https://doi.org/10.1093/icc/dtz029.
- Cerisola S., D’Alfonso E., Felice G., Giannangeli S., Maggioni D., (2012). Investment in intangible assets and level of sophistication: The role of Italian firms financial structure. Efige Country Report Series.
Paper not yet in RePEc: Add citation now
Chen D., Liu X., Wang C., (2016). Social trust and bank loan financing: Evidence from China. Abacus, 52(3), 374–403. https://doi.org/10.1111/abac.12080.
- Chen S., Meng W., Lu H., (2018). Patent as a quality signal in entrepreneurial finance: A look beneath the surface. Asia-Pacific Journal of Financial Studies, 47(2), 280–305. https://doi.org/10.1111/ajfs.12211.
Paper not yet in RePEc: Add citation now
- Chen X. Q., Liu X. W., (2023). Comparing Malmquist and Hicks-Moorsteen productivity changes in China’s high-tech industries: Exploring convexity implications. Central European Journal of Operations Research, 31(4), 1209–1237. https://doi.org/10.1007/s10100-023-00853-5.
Paper not yet in RePEc: Add citation now
- Chyruk O., (2009). Essays on private information: Moral hazard, selection and capital structure. The University of Iowa.
Paper not yet in RePEc: Add citation now
Coleman S., Robb A., (2012). Capital structure theory and new technology firms: Is there a match? Management Research Review, 35(2), 106–120. https://doi.org/10.1108/01409171211195143.
Colombo M. G., Guerini M., Hoisl K., Zeiner N. M., (2023). The dark side of signals: Patents protecting radical inventions and venture capital investments. Research Policy, 52(5), 104741. https://doi.org/10.1016/j.respol.2023.104741.
- Croce A., Guerini M., Ughetto E., (2018). Angel financing and the performance of high-tech start-ups. Journal of Small Business Management, 56(2), 208–228. https://doi.org/10.1111/jsbm.12250.
Paper not yet in RePEc: Add citation now
Dai X., Li Y., Chen K., (2021). Direct demand-pull and indirect certification effects of public procurement for innovation. Technovation, 101, 102198. https://doi.org/10.1016/j.technovation.2020.102198.
Daskalakis N., Balios D., Dalla V., (2017). The behavior of SMEs’ capital structure determinants in different macroeconomic states. Journal of Corporate Finance, 46, 248–260. https://doi.org/10.1016/j.jcorpfin.2017.07.005.
- De Bettignies J. E., Brander J. A, . (2007). Financing entrepreneurship: Bank finance versus venture capital. Journal of Business Venturing, 22(6), 808–832. https://doi.org/10.1016/j.jbusvent.2006.07.005.
Paper not yet in RePEc: Add citation now
Degryse H., de Goeij P., Kappert P., (2012). The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics, 38, 431–447. https://doi.org/10.1007/s11187-010-9281-8.
Elliott M., Golub B., Jackson M. O., (2014). Financial networks and contagion. American Economic Review, 104(10), 3115–3153. https://doi.org/10.2139/ssrn.2175056.
- Ferrucci E., Guida R., Meliciani V., (2021). Financial constraints and the growth and survival of innovative start-ups: An analysis of Italian firms. European Financial Management, 27(2), 364–386. https://doi.org/10.1111/eufm.12277.
Paper not yet in RePEc: Add citation now
Gafrej O., Boujelbéne M., (2022). An alternative model for Islamic venture capital firms. International Journal of Islamic and Middle Eastern Finance and Management, 15(6), 1009–1018. https://doi.org/10.1108/IMEFM-04-2021-0145.
- Ghazinoory S., Hashemi Z., (2021). Do tax incentives and direct funding enhance innovation input and output in high-tech firms? The Journal of High Technology Management Research, 32(1), 100394. https://doi.org/10.1016/j.hitech.2020.100394.
Paper not yet in RePEc: Add citation now
- Gromb D., Scharfstein D., (2001). Entrepreneurship in equilibrium. National Bureau of Economic Research.
Paper not yet in RePEc: Add citation now
Gruin J., Knaack P., (2020). Not just another shadow bank: Chinese authoritarian capitalism and the “developmental†promise of digital financial innovation. New Political Economy, 25(3), 370–387. https://doi.org/10.1080/13563467.2018.1562437.
- Guo L., Xu L., Wang J., Li J., (2023). Digital transformation and financing constraints of SMEs: Evidence from China. Asia-Pacific Journal of Accounting & Economics. Advance online publication. https://doi.org/10.1080/16081625.2023.2257235.
Paper not yet in RePEc: Add citation now
Hochberg Y. V., Serrano C. J., Ziedonis R. H., (2018). Patent collateral, investor commitment, and the market for venture lending. Journal of Financial Economics, 130(1), 74–94. https://doi.org/10.1016/j.jfineco.2018.06.003.
- Hogan T., Hutson E., Drnevich P., (2017). Drivers of external equity funding in small high-tech ventures. Journal of Small Business Management, 55(2), 236–253. https://doi.org/10.1111/jsbm.12270.
Paper not yet in RePEc: Add citation now
Holmstrom B., Tirole J., (1997). Financial intermediation, loanable funds, and the real sector. The Quarterly Journal of Economics, 112(3), 663–691. https://doi.org/10.1162/003355397555316.
Hottenrott H., Richstein R., (2020). Start-up subsidies: Does the policy instrument matter? Research Policy, 49(1), 103888. https://doi.org/10.1016/j.respol.2019.103888.
Huang W., Boateng A., Newman A., (2016). Capital structure of Chinese listed SMEs: An agency theory perspective. Small Business Economics, 47, 535–550. https://doi.org/10.1007/s11187-016-9729-6.
Jia Y., (2015). Financing high-tech start-ups: Moral hazard, information asymmetry and the reallocation of control rights. The BE Journal of Economic Analysis & Policy, 15(2), 685–708. https://doi.org/10.1515/bejeap-2013-0190.
- Jing X., Peng P., Huang Z., (2020). Analysis of multi-level capital market linkage driven by artificial intelligence and deep learning methods. Soft Computing, 24(11), 8011–8019. https://doi.org/10.1007/s00500-019-04095-z.
Paper not yet in RePEc: Add citation now
- Kenourgios D., Savvakis G. A., Papageorgiou T., (2020). The capital structure dynamics of European listed SMEs. Journal of Small Business & Entrepreneurship, 32(6), 567–584. https://doi.org/10.1080/08276331.2019.1603946.
Paper not yet in RePEc: Add citation now
- Kumar S., Rao P., (2016). Financing patterns of SMEs in India during 2006 to 2013–an empirical analysis. Journal of Small Business & Entrepreneurship, 28(2), 97–131. https://doi.org/10.1080/08276331.2015.1132513.
Paper not yet in RePEc: Add citation now
- Landier A., (2003). Start-up financing: From banks to venture capital (Unpublished working paper). University of Chicago.
Paper not yet in RePEc: Add citation now
- Leshchinskii D., 2010. Project externalities and moral hazard. In Venture Capital: Investment Strategies, Structures, and Policies, pp. 191–219.
Paper not yet in RePEc: Add citation now
- Li C., Zhou J., (2022). The technological novelty of invention and speed to IPO of high-tech start-ups. International Small Business Journal, 41(5), 508–536. https://doi.org/10.1177/02662426221115717.
Paper not yet in RePEc: Add citation now
- Li L., Chen J., Gao H., Xie L., (2019). The certification effect of government R&D subsidies on innovative entrepreneurial firms’ access to bank finance: Evidence from China. Small Business Economics, 52, 241–259. https://doi.org/10.1007/s11187-018-0024-6.
Paper not yet in RePEc: Add citation now
- Li Q., Wang M., Xiangli L., (2021). Do government subsidies promote new-energy firms’ innovation? Evidence from dynamic and threshold models. Journal of Cleaner Production, 286, 124992. https://doi.org/10.1016/j.jclepro.2020.124992.
Paper not yet in RePEc: Add citation now
Liu T., Chen X., Liu J., (2023). Economic policy uncertainty and enterprise financing efficiency: Evidence from China. Sustainability, 15(11), 8847. https://doi.org/10.3390/su15118847.
- Liu T., Liu W., Elahi E., Liu X., (2022). Supply chain finance and the sustainable growth of Chinese firms: The moderating effect of digital finance. Frontiers in Environmental Science, 10, 922182. https://doi.org/10.3389/fenvs.2022.922182.
Paper not yet in RePEc: Add citation now
Mancusi M. L., Vezzulli A., Frazzoni S., Rotondi Z., Sobrero M., (2018). Export and innovation in small and medium enterprises: The role of concentrated bank borrowing. Economica, 85(337), 177–204. https://doi.org/10.1111/ecca.12252.
- Mandler M., Scharnagl M., (2020). Bank loan supply shocks and alternative financing of non-financial corporations in the euro area. The Manchester School, 88, 126–150. https://doi.org/10.1111/manc.12336.
Paper not yet in RePEc: Add citation now
Mann W., (2018). Creditor rights and innovation: Evidence from patent collateral. Journal of Financial Economics, 130(1), 25–47. https://doi.org/10.1016/j.jfineco.2018.07.001.
Mayer C., (1990). Financial systems, corporate finance, and economic development. In Glenn R., (Ed.), Asymmetric information, corporate finance, and investment (pp. 307–332). University of Chicago Press.
McNamara A., Murro P., O’Donohoe S., (2017). Countries lending infrastructure and capital structure determination: The case of European SMEs. Journal of Corporate Finance, 43, 122–138. https://doi.org/10.2139/ssrn.2745148.
Minola T., Cassia L., Criaco G., (2013). Financing patterns in new technology-based firms: An extension of the pecking order theory. International Journal of Entrepreneurship and Small Business, 19(2), 212–233. https://doi.org/10.1504/ijesb.2013.054964.
- Myers S. C., (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.1257/jep.15.2.81.
Paper not yet in RePEc: Add citation now
Neville C., Lucey B. M., (2022). Financing Irish high-tech SMEs: The analysis of capital structure. International Review of Financial Analysis, 83, 102219. https://doi.org/10.1016/j.irfa.2022.102219.
Panova E., (2020). Determinants of capital structure in Russian small and medium manufacturing enterprises. Equilibrium. Quarterly Journal of Economics and Economic Policy, 15(2), 361–375. https://doi.org/10.24136/eq.2020.017.
Petersen M. A., Rajan R. G., (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 110(2), 407–443. https://doi.org/10.3386/w4921.
Qiao X., Song L., Fan X., (2022). How do zombie firms affect innovation: From the perspective of credit resources distortion. Asian-Pacific Economic Literature, 36(1), 67–87. https://doi.org/10.1111/apel.12349.
Repullo R., Suarez J., (2004). Venture capital finance: A security design approach. Review of Finance, 8(1), 75–108. https://doi.org/10.2139/ssrn.145134.
- Sadykhanova G., Erezhepova A., Nurmanova B., Aitbembetova A., Bimendiyeva L., (2019). Efficiency of financing high-tech industries: The case of Kazakhstan. Journal of Asian Finance Economics and Business, 6(4), 287–295.
Paper not yet in RePEc: Add citation now
- Sahut J. M., Dana L. P., Teulon F., (2021). Corporate governance and financing of young technological firms: A review and introduction. Technological Forecasting and Social Change, 163, 120425. https://doi.org/10.1016/j.techfore.2020.120425.
Paper not yet in RePEc: Add citation now
Shahzad U., Luo F., Liu J., (2023). Debt financing and technology investment Kuznets curve: Evidence from China. International Journal of Finance & Economics, 28(1), 751–765. https://doi.org/10.1002/ijfe.2448.
- Shao W., Yang K., Bai X., (2021). Impact of financial subsidies on the R&D intensity of new energy vehicles: A case study of 88 listed enterprises in China. Energy Strategy Reviews, 33, 100580. https://doi.org/10.1016/j.esr.2020.100580.
Paper not yet in RePEc: Add citation now
Stiglitz J. E., (2000). The contributions of the economics of information to twentieth century economics. The Quarterly Journal of Economics, 115(4), 1441–1478. https://doi.org/10.1162/003355300555015.
Sun C., Zhang Z., Vochozka M., Vozňáková I., (2022). Enterprise digital transformation and debt financing cost in China’s A-share listed companies. Oeconomia Copernicana, 13(3), 783–829. https://doi.org/10.24136/oc.2022.023.
- Ueda M., (2004). Banks versus venture capital: Project evaluation, screening, and expropriation. The Journal of Finance, 59(2), 601–621. https://doi.org/10.1111/j.1540-6261.2004.00643.x.
Paper not yet in RePEc: Add citation now
Wang D., Sun Y., (2022). The effect of different government subsidies on total-factor productivity: Evidence from private listed manufacturing enterprises in China. PLoS One, 17(1), e263018. https://doi.org/10.1371/journal.pone.0263018.
- Wang J., Ran M., Li Y., (2023). Striving to improve investment efficiency among Chinese firms: Does the role of venture capital matter? Chinese Management Studies, 17(4), 851–882. https://doi.org/10.1108/CMS-07-2021-0286.
Paper not yet in RePEc: Add citation now
- Wang Q., Yuan S., Ostic D., Pan L., (2023). Supply chain finance and innovation efficiency: An empirical analysis based on manufacturing SMEs. PLoS One, 18(7), e286068. https://doi.org/10.1371/journal.pone.0286068.
Paper not yet in RePEc: Add citation now
- Wang Y., (2016). Bringing the stages back in: Social network ties and start-up firms’ access to venture capital in China. Strategic Entrepreneurship Journal, 10(3), 300–317. https://doi.org/10.1002/sej.1229.
Paper not yet in RePEc: Add citation now
- Wei H., Xie E., Gao J., (2022). R&D investment and debt financing of high-tech firms in emerging economies: The role of patents and state ownership. IEEE Transactions on Engineering Management, 71, 753–770. https://doi.org/10.1109/TEM.2021.3133330.
Paper not yet in RePEc: Add citation now
Wellalage N. H., Fernandez V., (2019). Innovation and SME finance: Evidence from developing countries. International Review of Financial Analysis, 66, 101370. https://doi.org/10.1016/j.irfa.2019.06.009.
Winton A., Yerramilli V., (2008). Entrepreneurial finance: Banks versus venture capital. Journal of Financial Economics, 88(1), 51–79. https://doi.org/10.2139/ssrn.952037.
- Wu L., Xu L., (2020). Venture capital certification of small and medium-sized enterprises towards banks: Evidence from China. Accounting & Finance, 60(2), 1601–1633. https://doi.org/10.1111/acfi.12489.
Paper not yet in RePEc: Add citation now
Xu B., Yang J., Dasi-Rodriguez S., (2020). Determinants of credit availability for high-tech start-ups. International Entrepreneurship and Management Journal, 16(4), 1483–1501. https://doi.org/10.1007/s11365-020-00679-6.
- Xu Y., (2021). Experimenting with entrepreneurship: Government, globalization, and the rise of tech startups in China. The University of Chicago.
Paper not yet in RePEc: Add citation now
- Yan B, Liang M.-R., (2023). Alleviation effect of supply chain finance on financing constraints of high-tech small- and medium-sized enterprises. Managerial and Decision Economics, 44(3), 1634–1641. https://doi.org/10.1002/mde.3771.
Paper not yet in RePEc: Add citation now
Yang X., Zhang H., Hu D., Wu B., (2023). The timing dilemma: Understanding the determinants of innovative startups’ patent collateralization for loans. Small Business Economics, 60(1), 371–403. https://doi.org/10.1007/s11187-022-00682-x.
- Zhang Z., Zhao H., Wang X., (2021). Financial decentralization, financing constraints, and total-factor productivity: Evidence from China. Transformations in Business & Economics, 20(3C), 483–504.
Paper not yet in RePEc: Add citation now
- Zhao K., (2022). Influence mechanism of R&D subsidy, non-R&D subsidy and their combination on enterprise innovation. Technology Analysis & Strategic Management, 36(2), 319–335. https://doi.org/10.1080/09537325.2022.2033717.
Paper not yet in RePEc: Add citation now
- Zhao L., Zhang D., Zhu T., Zhang T., Wu F., (2021). Influences of venture capital on enterprise financing constraints and sustainable growth abilities from the perspective of the lifecycle. Transformations in Business & Economics, 20(1), 69–92.
Paper not yet in RePEc: Add citation now
- Zhu Z., Liao H., (2019). Do subsidies improve the financial performance of renewable energy companies? Evidence from China. Natural Hazards, 95(1–2), 241–256. https://doi.org/10.1007/s11069-018-3423-8.
Paper not yet in RePEc: Add citation now