The Impact of the SRDI policy on the Rate of Technology Commercialization: Empirical Evidence from China’s Listed SMEs

The Impact of the SRDI policy on the Rate of Technology Commercialization: Empirical Evidence from China’s Listed SMEs | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Article The Impact of the SRDI policy on the Rate of Technology Commercialization: Empirical Evidence from China’s Listed SMEs Yu Liu, Miaofen Chen This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7425057/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Against the backdrop of economic transformation and industrial upgrading, enhancing the commercialization of technological achievements is essential for fostering innovation-driven development. As a key policy initiative aimed at supporting technology-oriented small and medium-sized enterprises (SMEs), the SRDI policy warrants rigorous investigation regarding its impact on firms’ technology commercialization rate (TCR). This study utilizes panel data from listed companies on China’s SME Board, STAR Market, and ChiNext from 2016 to 2024. It adopts a propensity score matching difference-in-differences (PSM-DID) methodology is employed to identify the causal impact of the SRDI policy on TCR and to explore the underlying transmission mechanisms. The results indicate that the SRDI policy significantly enhances firms’ TCR, primarily through the optimization of human capital (HC) and the promotion of. Industry–Academia–Research (IAR) Collaboration. These findings provide empirical evidence and practical insights for improving resource allocation efficiency and refining support mechanisms under the SRDI framework. Business and commerce/Business and management Social science/Business and management Business and commerce/Economics Social science/Economics Business and commerce/Information systems and information technology SRDI policy technology Commercialization Rate R&D Manipulation Executives with academic backgrounds Industry–academia–research collaboration Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-7425057","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Article","associatedPublications":[],"authors":[{"id":505259274,"identity":"3045bdc5-48d8-4453-aaac-a5f6494a36ae","order_by":0,"name":"Yu Liu","email":"","orcid":"","institution":"Zhejiang University","correspondingAuthor":false,"prefix":"","firstName":"Yu","middleName":"","lastName":"Liu","suffix":""},{"id":505259277,"identity":"99c64640-3ebc-41f8-a4ec-54c2a085fac1","order_by":1,"name":"Miaofen Chen","email":"data:image/png;base64,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","orcid":"","institution":"Shenzhen University","correspondingAuthor":true,"prefix":"","firstName":"Miaofen","middleName":"","lastName":"Chen","suffix":""}],"badges":[],"createdAt":"2025-08-21 10:23:12","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-7425057/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-7425057/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":91002363,"identity":"7c2c1e36-cba2-4c29-8035-6a462c64cff7","added_by":"auto","created_at":"2025-09-10 13:54:00","extension":"pdf","order_by":1,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":630179,"visible":true,"origin":"","legend":"","description":"","filename":"ManuscriptAuthor.pdf","url":"https://assets-eu.researchsquare.com/files/rs-7425057/v1_covered_42220fde-d8e5-4fec-8d59-4c4ee5dc836f.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"\u003cp\u003e\u003cstrong\u003eThe Impact of the SRDI policy on the Rate of Technology Commercialization: Empirical Evidence from China’s Listed SMEs\u003c/strong\u003e\u003c/p\u003e","fulltext":[],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":false,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":true,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":true,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"SRDI policy, technology Commercialization Rate, R\u0026D Manipulation, Executives with academic backgrounds, Industry–academia–research collaboration","lastPublishedDoi":"10.21203/rs.3.rs-7425057/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7425057/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eAgainst the backdrop of economic transformation and industrial upgrading, enhancing the commercialization of technological achievements is essential for fostering innovation-driven development. As a key policy initiative aimed at supporting technology-oriented small and medium-sized enterprises (SMEs), the SRDI policy warrants rigorous investigation regarding its impact on firms\u0026rsquo; technology commercialization rate (TCR). This study utilizes panel data from listed companies on China\u0026rsquo;s SME Board, STAR Market, and ChiNext from 2016 to 2024. It adopts a propensity score matching difference-in-differences (PSM-DID) methodology is employed to identify the causal impact of the SRDI policy on TCR and to explore the underlying transmission mechanisms. The results indicate that the SRDI policy significantly enhances firms\u0026rsquo; TCR, primarily through the optimization of human capital (HC) and the promotion of. Industry\u0026ndash;Academia\u0026ndash;Research (IAR) Collaboration. 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