This study focuses on analyzing China's SRDI “Little Giant” enterprises (hereafter referred to as “Little Giants”) and their financial performance. Data on asset status, financial operations, and other metrics were selected and collected from enterprises listed in the 2018-2024 “Little Giant” roster. A benchmark regression method was applied to empirically examine the impact of the “Little Giant” policy on the financial performance of SRDI enterprises. The benchmark regression analysis reveals: (1) middle and small-sized enterprises designated as “Little Giants” exhibit positive effects on their asset-based financial metrics, indicating that such recognition significantly enhances their financial performance. (2) By categorizing “Little Giant” enterprises into listed and non-listed groups, heterogeneity analysis reveals that designation significantly boosts financial performance for non-listed firms, whereas no significant impact is observed among listed firms. Overall, the “Little Giant” designation assists certain middle and small-sized enterprises—particularly non-listed entities—in effectively enhancing financial performance, thereby providing robust support for achieving high-quality development.

Haochen Xie, Zixian Bai, Jinnan Chen, Xinyu Feng, Shuolin Wang, Lihao Yang. Research on the Impact of the SRDI “Little Giant” Policy on the Financial Performance of Enterprises. Academic Journal of Business & Management (2025), Vol. 7, Issue 8: 126-136. https://doi.org/10.25236/AJBM.2025.070815.

[1] Liu Wei, Zhang Meng, Wang Xinpei, Research on the Impact of the Specialized, Refined, Unique and Innovative "Little Giant" Enterprise Recognition Policy on Enterprise Innovation[J], Science Research Management, 2025.

[2] Tang Xiaowen, Yao Xincen, Yu Lanting, Research on the innovation path of "Little Giant" eenterprises in thecontext of digitization[J], Science Research Management, 2023, 44(12), 10-20.

[3] Wang Heqian, Chen Kaiyang, The Impact of Innovation Support Policies on Enterprises' R & D Investment and Business Performance: Micro - evidence from SRDI"Little Giants" Enterprises[J], South China Finance, 2023, 22-35.

[4] Cao Qilin, Wang Tianyun, Wen shiyu, Zhou Lingyue, Zhen weili, The Influence Mechanism of Government Venture Capital on theInnovation of Specialized and Special New "Little Giant" Enterprises[J], SYSTEM, 2025, 13(7).

[5] Zhu Huilin, The Impact of Digital Finance on the Innovation Performance of "SRDI" Small and Medium-sized Enterprises: Based on Data from China's New Third Board Companies[J], China Management Informationization, 2024, 27(6), 84-86.

[6] Ge Baoshan, Zhao Liyi, How does entrepreneurial orientation affect the performance of SRDI enterprises? The chain mediating effect of entrepreneurial bricolage and organizational resilience[J], Studies in Science of Science, 2023, 42(4), 805-816. 

[7] Zhou Kexuan, Chen Zhi, Yu Linhui, Research on the Impact Mechanism of the Identification of National Specialized and Special “Little Giant” on the New Quality Productivity of Small and Medium-Sized Enterprises[J], modern management science, 2025, 26-43.

[8] Jiao Hao, Li Wangrong, Qualification Accreditation and the Number of Corporate Supply Chain Partners— A Quasi-natural Experiment on Specialized and Sophisticated "Little Giant" Enterprises [J],Economic Perspectives, 2023: 109-113. 

[9] Han Hongling, Peng Yao, Liu Qiang, Jin Ying, "Little Giants" with Great Effect: SRDI Identification, Supply Chain Spillover Effect and Enterprise Productivity[J]. Quantitative & Technical Economics, 2024, 41(12), 177-198. 

[10] Wang Bo, Shi Yuqing, Yang Baojun, Policy Support and the High-Quality Development of Small and Medium-sized Enterprises— A Quasi-Natural Experiment Based on the "SRDI" Recognition Policy[J], Modern Management Science, 2025, 139-149. 

[11] Zhang Yuqian, Can the "Little Giant" label enhance firms' supply chain positions?[J], ECONOMICS LETTERS JAN Economics Letters, Volume 246, January 2025, 11206.

[12] Hongling, Peng Yao, Liu Qiang, Technological progress and job creation:Evidence from little giants' identification policy 2024 Studies in Science of Science[J], Energy, Volume 247, 2022, 123386

[13] Wang Yuping, Financing Support Policies and Optimization Suggestions for "Specialized, Refined, Unique and Innovative" Listed Companies Finance and Accounting[J], Accounting Friend, Issue 14, 2023.

[14] Liu Chen, Cui Peng, Research on the Growth Path of Domestic Small and Medium-sized Enterprises from "Specialized, Refined, Different and Innovative" to "Hidden Champions"[J], SOUTHWEST FINANCE, Issue 11, 2022.

[15] Wang Dingxiang, Du Yutong & Deng Linyu. Opportunity or Challenge: The Impact of Digital Transformation on the Operating Performance of Agricultural Enterprises[J], Journal of Agrotechnical Economics, (02), 2025, 129-144.