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Research On The Capital Operation Mode And Mechanism Of High And New Technology Enterprise

Posted on:2011-05-24Degree:DoctorType:Dissertation
Country:ChinaCandidate:Y D WangFull Text:PDF
GTID:1119330332471658Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
High and new technology enterprise, as the subject of science and technology innovation, has been the important power in the course of China's economic transformation from a big manufacturing country to a great creating nation. With the rapid development of science and technology, the shortened R&D cycle as well as the increased complexity and integration of high-tech products, the independent innovation of high and new technology enterprise has become more and more difficult. This has made it nearly impossible for a high-tech enterprise to meet the needs of global fiece competition only by its internal resources.But the rapid development of strategic alliances, supply-chain and enterprise clusters provide favorable conditions for enterprise's utilizing external resources, which presents enterprise a new and higher demand of capital allocation. Therefore, according to the characteristics of high and new technology enterprise and its development needs, taking various kinds of tangible and intangible assets as well as human resources as activated capital that may add value in the operation of the enterprise can serve the purpose of maxinizing enterprise's value under the condition of continuously optimizing capital allocation based on the changing environment, condition and strategy adjustment of the enterprise.Research on the capital management of high and new technology enterprise from a new angle has important theoretical and practical significance for enterprise's raising capital allocation level, making full use of internal and external resources, realising dynamic management of capital flow, optimizing resource allocation and promoting independent innovation as well as increasing core competence.Based on the systematic analysis of relevant theories, methods and operation environment concerning the capital operation of high and new technology enterprise both at home and abroad, this dessertation first defines capital operation conception, analyses the mechanism of capital operation and proposes theoratical thoughts on dynamic optimizing capital operation in view of the characteristics, investment and financing enviroment, and the need for enterprise strategy development of high and new technology enterprise. Secondly, combining with the demand of innovation capital allocation of high and new technology enterprise, it constructs the capital operation system of high and new technology enterprise in view of the process and ways of enterprise's capital accumulation. And third, the capital operation model of high and new technology enterprise has been established in this paper in line with enterprise's capital chain from capital obtaining, investing and utilizing to earnings distribution.On the basis of analysing capital need, financing channel and ways of China's high and new technology enterprise, by referring to international experiences and combining with innovation model, this dessertation not only designs financing mode and dynamic optimized capital structure model and route, but presents the capital allocation method. In addition, based on dividing main business unit of high and new technology enterprise's capital allocation, the dynamic optimizing capital allocation model has been established and the capital allocation method has been presented in this essay. Further, the dessertation proposes earnings distribution method in different development stages of enterprise and two-stage distribution mode for strategic alliance's earnings distribution.In the light of capital operation mode and based on the need for process management, the paper designs financing mechanism, capital use mechanism and dynamic mechanism of high and new technology enterprise repectively. Through analysing factors influancing on the effects of enterprise capital operation systematically, it designs the capital operation effects evaluation index system and gives a comprehensive evaluation method for capital operation effects. Besides, based on the analysis of capital operation evaluation effects and relevant index, the dessertation proposes the strategy for optimizing capital operation parameters.By means of evaluating capital operation effects and forecasting the need for capital of Harbin Pharmaceutical Group, this essay puts forward the Group's capital operation mode and strategy as well as countermeasures for improving the Group's investment and financing environment.The research of theoratic thoughts, model and mechanisim, management method and strategy of high and new technology enterprise's capital operation as well as the positive study on Harbin Pharmaceutical Group's capital operation can provide advanced theoratic guide and method support for scientific, normalized and dynamized management of high and new technology enterprise's capital operation in China.
Keywords/Search Tags:high and new technology enterprises, capital operation, operation mode, operation mechanism, capital operation effects evaluation
PDF Full Text Request
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