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Based on 122 listed SMEs in Shenzhen Securities,this study evaluates the current situation of SMEsR&D investment and estimates R&D rate of return by using Cobb-Douglas production function as econometric studies of the contribution of R&D.The main findings are that the science-based sectors with the highest R&D intensity have a relatively low rate of return to R&D,the very traditional industries have the lowest return.Finally,we give some explanations to these findings.
Based on 122 listed SMEs in Shenzhen Securities, this study evaluates the current situation of SMEsR & D investment and estimates R & D rate of return by using Cobb-Douglas production function as econometric studies of the contribution of R & D. The main findings are that the science- based sectors with the highest R & D intensity have a relatively low rate of return to R & D, the very traditional industries have the lowest return. Finally, we give some explanations to these findings.