The Effect of Major Public Emergencies on Technology-Based SMEs : Survival Crisis and Relief Paths

This paper explores the impact of major unexpected public event on the survivability of technology-based small and medium-sized enterprises and the role of external support policies and internal adjustment strategies in mitigating the shock. Using data on Growth Enterprise Market listed companies for 2018-2021, we find that COVID-19 outbreaks generate severe survival pressure on technology-based SMEs, which we see mainly in the reduction of development capacity, operation capacity, profitability, and debt servicing capacity. Additionally, we find that both external support policies and internal adjustment strategies can effectively mitigate the negative impact of COVID-19 on the viability of technology-based SMEs