The Impact of Technology Innovation Input on Firm Value of Technology Innovation SMEs in China

As a result of the continuous changes in the global economic market, technology innovation small and medium-sized enterprises (SMEs) face complex uncertainties. In addition, the rapidly changing economic environment in which enterprises operate makes the development of technology innovation SMEs unpredictable, and the return on their investment in technological innovation is also subject to great un certainty. This research the impact of technological innovation input on the firm value of technology innovation SMEs and considering the impact of different property rights (ownership and control of an asset or resource). this research the unique nature of Chinese enterprises which are categorized into state-owned enterprises (SOEs), where the nature of property rights implies that the state owns the asset and has control over it, and non-state-owned enterprises (NSOEs), where the property rights are owned by private, collective or foreign entities. This study is based on the data from 2019 to 2022 of the listed enterprises in China's Science and Technology Innovation Board (STAR MARKET), and regression analyses are conducted on R&D intensity and Proportion of R&D respectively. It was found the intensity of R&D inputs has a positive effect on firm value, while the percentage of R&D cost inputs has a negative effect on firm value. This effect has the same impact in non-state-owned enterprises, whiles none of the variables, are statistically significant for firm value in state-owned enterprises.