{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,3]],"date-time":"2026-04-03T01:19:18Z","timestamp":1775179158519,"version":"3.50.1"},"reference-count":48,"publisher":"Wiley","issue":"1","license":[{"start":{"date-parts":[[2019,10,30]],"date-time":"2019-10-30T00:00:00Z","timestamp":1572393600000},"content-version":"vor","delay-in-days":302,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Tianjin Planning Leading Group Office of Philosophy and Social Sciences","award":["TJYY17-017"],"award-info":[{"award-number":["TJYY17-017"]}]}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["Complexity"],"published-print":{"date-parts":[[2019,1]]},"abstract":"<jats:p>Financing difficulty is recognized as the main bottleneck in the technology innovation process of small\u2010 and medium\u2010sized enterprises (SMEs). The governments generally provide financial support for SMEs\u2019 innovation activities. Numerous research studies have been conducted on the role of the government in enterprises\u2019 innovation, while there is no consistent conclusion on whether government subsidies can improve stakeholder collaboration and effectively ease financing constraints of SMEs\u2019 innovation. Due to information asymmetry and the bounded rationality, the dynamic game among the government, external investors, and SMEs has the characteristics of complexity. This paper aims to explore the collective strategies of the major stakeholders in SMEs\u2019 innovation and investigate the effect of antecedents on innovation activities. We establish a trilateral evolutionary game model on the relationship among the government, external investors, and SMEs. The simulation results show that the evolutionary system converges quickly to the equilibrium; when the government subsidies decrease, the external investors\u2019 appraisal costs decrease and the investment amount and return rates of external investors increase. Furthermore, under the condition of government subsidies, external investors will not change their investment strategies even if the external investors\u2019 recognition costs have exceeded their return on SMEs\u2019 investment. The findings can provide good reference for the government to solve the financing problem of SMEs\u2019 innovation.<\/jats:p>","DOI":"10.1155\/2019\/9326489","type":"journal-article","created":{"date-parts":[[2019,10,30]],"date-time":"2019-10-30T23:32:32Z","timestamp":1572478352000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":7,"title":["The Evolution of Collective Strategies in SMEs\u2019 Innovation: A Tripartite Game Analysis and 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