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Mengxue Li et al. / IJOCTA, Vol.15, No.4, pp.686-705 (2025)
            Table 1. List of SNEs in Zhejiang

                            Security codes                Security abbreviations
                            002006.SZ          Zhejiang Jinggong Integration Technology Co., Ltd.
                            002112.SZ               San Bian Science & Technology Co., Ltd.
                            002214.SZ                 Zhejiang Dali Technology Co., Ltd.
                            002522.SZ            Zhejiang Zhongcheng Packing Material Co., Ltd
                            002686.SZ                 Zhejiang Yilida Ventilator Co., Ltd.
                            002849.SZ            Zhejiang Viewshine Intelligent Meter Co., Ltd.
                            002860.SZ          Hangzhou Star Shuaier Electric Appliance Co., Ltd.
                            002915.SZ            Zhejiang Zhongxin Fluoride Materials Co., Ltd.
                            003017.SZ              Zhejiang Dayang Biotech Group Co., Ltd.
                            300076.SZ          Ningbo Gqy Video & Telecom Joint-stock Co., Ltd.
                            300587.SZ                 Zhejiang Tiantie Industry Co., Ltd.
                            300604.SZ             Hangzhou Changchuan Technology Co., Ltd.
                            300611.SZ              Zhejiang Meili High Technology Co., Ltd.
                            300643.SZ              Hamaton Automotive Technology Co., Ltd.
                            688611.SH                 Hangzhou Kelin Electric Co., Ltd.
                            300718.SZ            Zhejiang Changsheng Sliding Bearings Co., Ltd.
                            300853.SZ               Hangzhou Shenhao Technology Co., Ltd.
                            300582.SZ                   Inventronics (Hangzhou), Inc.
                            603040.SH                   Hangzhou XZB Tech Co., Ltd.
                            603089.SH                 ADD Industry (Zhejiang) Co., Ltd.
                            300234.SZ               Zhejiang Kaier New Materials Co., Ltd.
                            300283.SZ             Wenzhou Hongfeng Electrical Alloy Co., Ltd.
                            300306.SZ              Hangzhou Everfine Photo-E-Info Co., Ltd.
                            300351.SZ            Zhejiang Yonggui Electric Equipment Co., Ltd.
                            300357.SZ             Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd.
                            300401.SZ             Zhejiang Garden Biopharmaceutical Co., Ltd.
                            300412.SZ                Zhejiang Canaan Technology Limited
                            300488.SZ                        Est Tools Co., Ltd.
                            300548.SZ         Broadex Technologreen Innovation Efficiency Co., Ltd.
                            300553.SZ                Hangzhou Jizhi Mechatronic Co., Ltd.
                            603321.SH                 Zhejiang Meilun Elevator Co., Ltd.
                            603520.SH              Zhejiang Starry Pharmaceutical Co., Ltd.
                            603607.SH             Zhejiang Jinghua Laser Technology Co., Ltd.
                            603657.SH               Jinhua Chunguang Technology Co., Ltd.
                            603701.SH      Zhejiang Dehong Automotive Electronic & Electrical Co., Ltd.
                            603757.SH              Zhejiang Dayuan Pumps Industry Co., Ltd.
                            688039.SH                Zhejiang Goldensea Hi-Tech Co., Ltd.
                            603311.SH           Hangzhou IECHO Science & Technology Co., Ltd.
                            688296.SH                 Zhejiang Heda Technology Co., Ltd.
                            300163.SZ               Ningbo Xianfeng New Material Co., Ltd.


            data for some enterprises, the final determination  the overall industry structure and diversified char-
            includes only 40 companies. The specific company  acteristics of SNEs in Zhejiang Province. Sec-
            samples are listed in Table 1.                    ond, we paid special attention to the diversity of
                                                              sizes in selecting these 40 sample firms to ensure
                First of all, in terms of industry represen-  that the sample truly reflected the size distribu-
            tation, SNEs in Zhejiang cover a wide range       tion of the entire group. For example, there were
            of key industrial fields, including auto parts,   medium-sized enterprises, such as Dehong Auto-
            the electrical industry, and equipment manu-      motive Electronic & Electrical (603701.SH) and
            facturing.   Among the 40 enterprises we se-
                                                              Jinghua Laser Technology (603607.SH), as well
            lected, for example, the automobile parts indus-
                                                              as small or start-up enterprises, including Wen-
            try included Meilun Elevator (603321.SH) and
                                                              zhou Hongfeng Electrical Alloy (300283.SZ) and
            Hamaton Automotive Technology (300643.SZ);
                                                              Hangzhou Everfine Photo-E-Info (300306.SZ).
            the electrical industry included Jinggong Inte-
                                                              There were also large-scale enterprises, such as
            gration Technology (002006.SZ) and Kaier New
                                                              Starry Pharmaceutical (603520.SH) and Chang-
            Materials (300234.SZ); and the equipment manu-
                                                              sheng Sliding Bearings (300718.SZ). In addition
            facturing industry included Danyuan Pump In-
                                                              to industry and size, we also carefully consid-
            dustry (603757.SH) and Hangzhou XZB Tech
                                                              ered other key characteristics, such as a com-
            (603040.SH). These enterprises were distributed
                                                              pany’s innovation capability, R&D investment,
            in different industrial fields, fully demonstrating
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