• Title/Summary/Keyword: encouraging industry

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Analysis of the Type of Policy Instruments on Higher Education Policy in Korea (우리나라 고등교육 정책의 정책수단(policy instrument) 유형 분석)

  • Song, Kyoung-oh
    • The Journal of the Korea Contents Association
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    • v.22 no.5
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    • pp.585-599
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    • 2022
  • This study examines the types and characteristics of the policy instruments of Korea's higher education policies since the Lee Myung-bak administration. To this end, McDonnell and Elmore (1987)'s types of policy instruments were adopted and the higher education policy tasks announced by the Ministry of Education were classified by sector and type. As a result of the analysis, Korea's higher education policy showed a tendency to gradually shift from 'mandates' to 'inducements' and 'capacity building'. Despite this trend, however, in policy tasks such as university evaluation, the Lee Myung-bak, Park Geun-hye, and Moon Jae-in administrations all maintained policy instruments that combine 'mandates' and 'inducements'. Third, the 'system change' based on a market-oriented mechanism was used only in the Lee Myung-bak administration, and was not adopted in the higher education policies of the Park Geun-hye and Moon Jae-in administrations. In the field of global and industry-university cooperation at universities, it is encouraging that the Lee Myung-bak administration to the Moon Jae-in administration have steadily introduced policy instrument of 'capacity building', but in the fields of specialization and competitiveness enhancement, policies centered on 'mandates' and 'inducements' was using the policy instrument.

The Use of Korean Traditional Liquors and Plan for Encouraging It (전통주 이용 실태 및 활성화 방안)

  • Kim, Young-Joo;Han, Young-Sil
    • Journal of the Korean Society of Food Culture
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    • v.21 no.1
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    • pp.31-41
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    • 2006
  • The purpose of this study was to examine the use of different sorts of Korean traditional liquor among male and female adults in Seoul and Gyeonggi province, their awareness of them and their preference in an effort to discuss what problems Korean traditional liquors were faced with and how they could gain popularity among people in general. First, It is investigated of drinking frequency by gender, 51.3 percent of the male adults drunk once or twice a week, and 33.2 percent of the female adults drunk once or twice a month. Thus, the men drunk more often than the women. By age, the adults who were in their 20s and 30s were far different from those who were in their 50s above in drinking frequency. Second, regarding what kind of liquor they enjoyed, the men enjoyed Soju the most, followed by beer and traditional liquors. The women enjoyed beer the most, followed by Soju and wine. The favorite liquor of the men was Soju, followed by beer and traditional liquor, and the women most liked for beer, followed by wine and Soju. The female adults preferred low-proof liquor more than the male adults. Third, concerning their awareness of traditional liquor, Andong-soju was most widely viewed as traditional liquor, which were followed by Munbaeju, Gyeongju-gyodongbeopju, Gyeongju-beopju, Gukhwaju, Ssal- makgeolri, and Geumsan-insamju. Overall, they were rarely aware what traditional liquor was. Fourth, as to purchase experience, the men and the older people had more experience to buy traditional drinks than the women and the younger ones. Fifth, as for anju (dishes for traditional drinks), they believed that panfried food and Kimchi should be served with coarse liquor. Panfried and streamed dishes were considered to be good complements to Takju (rice wine) and Cheongju (clear strained rice wine), and pot stew and soup were looked upon as good complements to distilled liquor. The above-mentioned findings illustrated that in order to step up the development of the traditional liquor industry, perpetual research efforts should be put into adding new tastes to unique traditional liquor drinks. And it's required to commercialize those drinks, and multiple P.R. and marketing strategies should be prepared to promote their sales.

A Study on the Outcome Analysis of the Local Cluster Based on the Animation Industry (지역 애니메이션 산업 클러스터의 진흥 성과 진단 연구)

  • Seo, Jeong-Soo
    • Cartoon and Animation Studies
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    • s.28
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    • pp.209-233
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    • 2012
  • The animation cluster in Korea has begun as a part of the local cultural cluster in the late 1990s with components of companies, local governments, educational institutions, and human resources, which were necessary to run the cluster. And, the animation cluster was initiated for the purpose of encouraging regional economies, but the basic unit was the local on a small scale. Because of this inherent weakness in the local cluster, it was needed to add some additional strategies that could expand the local animation industry into the formal leading industry. That is why the development policy was set up, and the local promotion agency based on this policy was established. It has been several years to manage the local promotion agency, and it is reported that there have been some visible effects. But, it is found out that analyzing the outcome of small unit cluster on the basis of existing criteria on a large scale is not reliable, which means it is not possible to evaluate the outcome of local cluster in a material way. Some examples of problems are as follows. First, the local cluster was made not autonomously but deliberately. Second, the animation cluster of each province has the same market as its target. Therefore, this research - on the basis of the diamond model - focuses on analyzing the existence and role of local promotion agencies rather than evaluating the outcome itself. Through the cases of two provincial cities, Chuncheon and Bucheon, this research examines if it is possible to evaluate the outcome of local clusters managed by promotion agencies.

A Study on the Relationship between the Tax Evasion Factors and the Tax Evasion Inclination of Value Added Tax in Korea (부가가치세 포탈요인과 포탈성향에 관한 실증적 연구)

  • Kim, Beom-Jin;Ham, Young-Bok
    • Korean Business Review
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    • v.14
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    • pp.1-30
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    • 2001
  • To prevent the VAT evasion and to form a sound VAT paying culture, we can draw the policy directions for government as follows: First, it is necessary to strengthen the tax supervision of small business and the administration of tax sources of cash-income industry. Second, the tax-deductible rate of the received tax invoices should be increased in a short-term base, and a simplified taxation system should be abolished in a long-term base. Third, in cases a trader has not received a tax invoice, an additional tax should be applied. Forth, to issue the tax invoice faster and conveniently, it is requested to introduce a new system which issues electronic card of registration when a businessman applies for his/her business registration. Fifth, to make tax standard transparent, it is desirable to punish the violator, relating to credit card regulations, stricter than present and to enforce the electronic bookkeeping. Sixth, for the reduction of noncompliance rate and creating a climate for autonomous, faithful tax return, it is necessary to expand and intensify tax investigation. And also it is necessary to make the level of penalty tax higher up and the level of criminal punishment less down, to keep up tax audit coverage. Seventh, a trader who is eligible for simplified taxation, whose tax base is under 12,000 thousand won, should not be required to pay the value added tax. But it is desirable to cut down them for the fairness of tax burden. Eighth, the effective date of the revised tax law should be fixed. Ninth, it is necessary to reinforce publicity and to educate on tax system and administration, for reducing tax evasion or tax avoidance and encouraging faithful tax return. Tenth, as the tendency of VAT evasion of distribution industry turns out to be the highest, it is requested not only to intensify tax administration on them but also to establish system and incentives, for introducing information system in distribution industry(introducing POS system, computerization of transaction record, establishing EDI between traders).

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The Standard of Judgement on Plagiarism in Research Ethics and the Guideline of Global Journals for KODISA (KODISA 연구윤리의 표절 판단기준과 글로벌 학술지 가이드라인)

  • Hwang, Hee-Joong;Kim, Dong-Ho;Youn, Myoung-Kil;Lee, Jung-Wan;Lee, Jong-Ho
    • Journal of Distribution Science
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    • v.12 no.6
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    • pp.15-20
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    • 2014
  • Purpose - In general, researchers try to abide by the code of research ethics, but many of them are not fully aware of plagiarism, unintentionally committing the research misconduct when they write a research paper. This research aims to introduce researchers a clear and easy guideline at a conference, which helps researchers avoid accidental plagiarism by addressing the issue. This research is expected to contribute building a climate and encouraging creative research among scholars. Research design, data, methodology & Results - Plagiarism is considered a sort of research misconduct along with fabrication and falsification. It is defined as an improper usage of another author's ideas, language, process, or results without giving appropriate credit. Plagiarism has nothing to do with examining the truth or accessing value of research data, process, or results. Plagiarism is determined based on whether a research corresponds to widely-used research ethics, containing proper citations. Within academia, plagiarism goes beyond the legal boundary, encompassing any kind of intentional wrongful appropriation of a research, which was created by another researchers. In summary, the definition of plagiarism is to steal other people's creative idea, research model, hypotheses, methods, definition, variables, images, tables and graphs, and use them without reasonable attribution to their true sources. There are various types of plagiarism. Some people assort plagiarism into idea plagiarism, text plagiarism, mosaic plagiarism, and idea distortion. Others view that plagiarism includes uncredited usage of another person's work without appropriate citations, self-plagiarism (using a part of a researcher's own previous research without proper citations), duplicate publication (publishing a researcher's own previous work with a different title), unethical citation (using quoted parts of another person's research without proper citations as if the parts are being cited by the current author). When an author wants to cite a part that was previously drawn from another source the author is supposed to reveal that the part is re-cited. If it is hard to state all the sources the author is allowed to mention the original source only. Today, various disciplines are developing their own measures to address these plagiarism issues, especially duplicate publications, by requiring researchers to clearly reveal true sources when they refer to any other research. Conclusions - Research misconducts including plagiarism have broad and unclear boundaries which allow ambiguous definitions and diverse interpretations. It seems difficult for researchers to have clear understandings of ways to avoid plagiarism and how to cite other's works properly. However, if guidelines are developed to detect and avoid plagiarism considering characteristics of each discipline (For example, social science and natural sciences might be able to have different standards on plagiarism.) and shared among researchers they will likely have a consensus and understanding regarding the issue. Particularly, since duplicate publications has frequently appeared more than plagiarism, academic institutions will need to provide pre-warning and screening in evaluation processes in order to reduce mistakes of researchers and to prevent duplicate publications. What is critical for researchers is to clearly reveal the true sources based on the common citation rules and to only borrow necessary amounts of others' research.

Management and Supporting System on the Occupational Health Nursing Services Provided in Group Occupational Health Agencies of Korea (소규모 사업장 보건관리대행기관의 간호업무 운영관리 지원체계)

  • Yoo, Kyung-Hae
    • Korean Journal of Occupational Health Nursing
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    • v.8 no.2
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    • pp.193-211
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    • 1999
  • This study was carried out to investigate the management and support system affecting to the occupational health nursing services(OHNS) provided in group occupational health agencies(GOHA). Questionnaire was developed and distributed to 82 nurses who were working in GOHA and who agreed to participate in the survey. The results were as follow: 1. OH nurses responded were mostly in the age of twenty to thirties(89%), married(73.7%), technical college graduates(88.9%), worked in hospital(85.4%) and participated more than 1 year in group occupational health services (96.3%). 2. Fifty eight point four percent of the OH nurses worked in number of workplace more than 30 to less than 60 in the OHNS form. The figure of workplaces undertaken by nurses was ranged greatly from 9 to more than 100. Number of employees who cared by nurses were mostly under 5,000 peoples in 93.3%. The types of industry was mostly manufacturing and located in the order of factory complex area, suburban, urban and others. 3. Most OH nurses(87.8%) were fully involved in the OHNS for the SSE. Their working days to visit SSE was 5 days per week(77.8%) and one day in the GOHA at 41.3%. 4. The OH documents using by nurses were found in more than 23 different types. However, they were largely summarized in the types of 'Workplace Health Management Card', 'Personal Health Counselling Card', 'Daily Health Management Report', 'Visiting List of Workplace' and 'Sick Employee List'. 5. The items of laboratory test provided by GOHA were mostly achieved in the purpose of basic health examination. They were used to be the blood pressure check(98.8%), blood sugar test (98.8%), urine sugar and protein(91.4%), SGOT and SGPT(85.3% each), cholesterol (82.9%), hepa vaccine immunization(82.9%), r-GPT(81.7%), hemoglobin(79.3%) and triglyceride(75.5%). 6. The OH nurses(92.7%) followed the work pattern to visit the GOHA before and after small-scale enterprises(SSE) visit by car driven by nurses in 74.3%. They were payed by GOHA for transportation fees in certain amounts. However, nurse is the main person(75.0%) who covers up in case of traffic accident. If the GOHA has no transportation regulation for the formal workplace visit, data showed that nurses had been responsible to take charge(31.7%). 7. The personnel manager who takes in charge for nursing services was 'nurse' in 61.7% and 41.2% worked as the final decision maker related to nursing work. The OH nurses' opinions about factors affecting to the management were classified in the four areas such as 'Nature(Quality) of health professional'. 'Content of OHNS', 'Delivery system of the GOHS', and 'Others'. The factors were indicated highly in 'Authority as health professional', 'Level of perception of director on the OH' and 'Physical work condition for OHNS'. The things that this study suggests in the recommendation would be summarized in such as the management and supporting system working for SSE in the OHNS is necessary to reform thoroughly. The reconsidered aspects might be in the matters of number of workplaces undertaken by nurses, development of effectively practical health documents, preparation for guideline of the laboratory test in the workpleces, establishment of convenient and encouraging support system and cooperation between other health professionals with respect and skill.

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A Study on the Framework of Customer Orientation, Interest Rate Sensitivity, and Customer Loyalty in the Banking Services: The Moderating Roles of Deposit Interest and Loan Interest Rates (은행서비스에서 고객지향성, 금리민감도, 고객애호도의 구조에 관한 연구: 예금이자율과 대출이자율의 조절효과)

  • Ha, Hong-Youl;Choi, Chang-bok
    • Asia Marketing Journal
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    • v.12 no.3
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    • pp.43-62
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    • 2010
  • The notion of customer orientation is now importantly considered in the context of banking industries. Despite customer-oriented organizational cultures, there are few studies addressing the relationship between customer orientation and its outcomes. In particular, this study aims at testing the effect of customer orientation as a key marketing effort designed by a bank. This is because interest rate sensitivity is critical for evaluating banking services after raising the base rate. In so doing, first, this study investigates the relationships among customer orientation, interest rate sensitivity, and customer loyalty. Second, this paper examines how the moderating effects of both deposit interest and loan interest rates influence the linkages of customer orientation-interest rate sensitivity and customer orientation-customer loyalty. To test the proposed model, research data are collected from 304 subjects who use banking services(e.g., Shin-Han, Kookmin, the First Bank, Hana, and Woori banks). Each construct was measured by published items and the psychometric properties of the three constructs, excluding two constructs of the moderators, were evaluated by employing the method of confirmatory factor analysis via the use of AMOS. The model fit was also evaluated using the CFI, TLI, and RMSEA fit indices that are recommended based on their relative stability and insensitivity to sample size. The findings show that the relationship between customer orientation and customer loyalty is significant, whereas the relationships between customer orientation and interest rate sensitivity and between interest rate sensitivity and customer loyalty are not supported. Although customer orientation is highly evaluated, customers' interest rate sensitivity that results in the comparison of interest rates plays an important role in reducing the effect of customer orientation. As a consequence, interest rate sensitivity does not influence customer loyalty. First of all, one of interesting results in this study is that the moderating effect of loan interest rate is quite different from deposit interest rate. In the case of deposit interest rate, the linkages both customer orientation-interest rate sensitivity and customer orientation-customer loyalty are insignificant. In the case of loan interest rate, however, the two proposed linkages are supported. As our proposed relationships are still in its infancy in the context of banking industry, our study contributes to enhance scholars' knowledge of bank services and provides insights for practitioners when their marketing strategies, particularly both deposit and interest rates, have to be established. Finally, this research also illuminates the need for further research that considers the influence of customer orientation on consumer's decision-making and bank profits. More specifically, the results are encouraging and will lead us to further investigate this key outcome of the banking deposit/interest rates.

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The change of designation and release of Hapcheon (Gyeongsangnam-do) Swan Sanctuary as Natural Monument (천연기념물 합천 백조도래지의 지정과 해제과정)

  • SIM Keunjeong
    • Korean Journal of Heritage: History & Science
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    • v.57 no.1
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    • pp.162-178
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    • 2024
  • Swans are representative migratory birds that spend winter in East Asia, and have long been considered rare birds. In particular, they were regarded as king of Japan. The process of designating a natural monument in Hapcheon Swan Sanctuary is an interesting story. In this study, the designation and release process of Hapcheon Swan Sancturay ((Bakgok-ji, Yongju-myeon 龍州面 朴谷池), (Jeongyang-ji, Daeyang-myeon 大陽面 正陽池), Gaho, Cheongdeok-myeon 淸德面 嘉湖)) Natural Monument, was examined. These places were designated as a natural monument on August 27, 1934, during the Japanese colonial period, and was lifted on August 14, 1973, after the Cultural Protection Act was enacted after liberation. From the beginning of the new year in 1929, the Japanese Government-General of Korea (朝鮮總督府) decided to capture swans alive to give to the king of Japan. An official of the Japanese Government-General of Korea (統監) decided to offer swans to the king during his New Year's greeting visit. The department in charge of capturing swans was the Gyeongsangnam-do Provincial Police Department, and the execution was the police station of each county (郡). The reason is believed to be that it is easy to forcibly mobilize, control, or urge people, and the capture activity had to be completed as soon as possible. A total of three swans were captured in Hapcheon-gun from January 12 to 14, 1929. At that time, various newspapers published related information. Based on these facts and experiences, it is estimated that the Hapcheon area was selected when designating a natural monument in 1934. Hapcheon Swan Sancturay, Natural Monument lost its function due to excessive human interference of various developments, illegal capture, and use of poison to catch swans. Their number has also significantly decreased. It was thus removed from the natural monument in 1973. One of the three swan sanctuaries (Gaho 嘉湖) has been completely reclaimed, one (Bakgok-ji 朴谷池) has almost no migratory birds due to the conversion of wetlands, and one (Jeongyang-ji 正陽池) has swans flying back. In the case of Jeongyangji (正陽池), It is an encouraging sign that many swans fly as the surrounding environment and growing conditions change. This phenomenon is interpreted to mean that nature and climate are recovering and healing.

The Relations between Financial Constraints and Dividend Smoothing of Innovative Small and Medium Sized Enterprises (혁신형 중소기업의 재무적 제약과 배당스무딩간의 관계)

  • Shin, Min-Shik;Kim, Soo-Eun
    • Korean small business review
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    • v.31 no.4
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    • pp.67-93
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    • 2009
  • The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPSt), and independent variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt). We hypothesized that firms adjust partially the gap between the current dividend per share(DPSt) and the target payout ratio(Ω) each year, when the past dividend per share(DPSt-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPSt), explanatory variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt), and control variables are the current capital expenditure ratio(CEAt), the current leverage ratio(LEVt), the current operating return on assets(ROAt), the current business risk(RISKt), the current trading volume turnover ratio(TURNt), and the current dividend premium(DPREMt). In these control variables, CEAt, LEVt, and ROAt are the determinants suggested by the residual dividend theory and the agency theory, ROAt and RISKt are the determinants suggested by the dividend signaling theory, TURNt is the determinant suggested by the transactions cost theory, and DPREMt is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.