Institutional transition and the financing of high-tech SMEs in China: a longitudinal perspective

Li, Xiao and North, David J. (2012) Institutional transition and the financing of high-tech SMEs in China: a longitudinal perspective. Venture Capital: an International Journal of Entrepreneurial Finance, 14 (4). pp. 269-287. ISSN 1369-1066

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Abstract

This article examines changes in Chinese high-tech SMEs’ access to both bank and informal finance in response to the institutional changes relating to the private sector and financial transactions. It draws upon two rounds of face-to-face interviews with the owners of high-tech SMEs and finance providers in the Chinese provinces of Guangdong and Guangxi covering two consecutive time periods: from 1998 to 2004 and then from 2004 to 2009. The findings show that the effects of the changes in institutional regulations on the availability of finance to high-tech SMEs vary according to the type of finance provider. Access to informal sources of finance grew, including to longer-term equity finance, whereas that to bank finance did not significantly improve.

Item Type: Article
Keywords (uncontrolled): institutional transition, access to finance, high-tech SMEs, China
Research Areas: A. > Business School
Item ID: 10032
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Depositing User: Pamela Macaulay
Date Deposited: 11 Feb 2013 08:21
Last Modified: 13 Oct 2016 14:26
URI: https://eprints.mdx.ac.uk/id/eprint/10032

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