On Value Growth Of Enterprise Caused By Technique Innovation And The Measuring Of This Growth

The enterprise is the special merchandise of the capital market. Its value and market price are core problems of each contractual body of enterprise. So maximizing the enterprise value creation becomes a strategic ultimate target of enterprise. The enterprise value and valuation becomes the important tool of the enterprise management. The technique innovation is the source of mankind's wealth, also is the basic motive of the development of enterprise. From Microsoft, Intel, Cisco in American to Lianxiang, Haier in China, the development process of the success enterprise shows that the technique innovation is only way to enhance the value of enterprise in a long time.For the purpose of pushing growth of value of enterprise through technique innovation, firstly this thesis argue the appearance and mechanism of value growth of enterprise which is caused by technique innovation through the method of substantial evidence analysis, norm analysis, qualitative analysis and quantitative analysis. Secondly, this thesis tests the function of technique innovation in system of enterprise value growth in china and finds that there are some problems. Finally, the author put forward that measuring value growth reasonably is a way to solve these problems.According to the above-mentioned idea, this thesis includes seven chapters.Chapter one is an introduction and introduces the background of research, the present condition of study, the thinking idea and method of study ,the innovation of this thesis.Chapter two is the theory foundation of this thesis which mainly analysis the basic theories which includes valuation theories, technique innovation theories and knowledge management theories. As a result, the author definitely point out that the enterprise value in this thesis is inside value of enterprise.Chapter three and chapter four are core parts of this thesis and mainly establish theory frame of value growth of enterprise caused by technique innovation.In chapter three, the author analyses the appearance of value growth of enterprise caused by technique innovation and think that there are two kinds of value growth caused by technique innovation. One is value growth of enterprise in quantity which includes value growth of real asset and value growth of opportunity of development. The other is value growth of enterprise in quality which includes growth of ability of enterprise. Furthermore, the author argues that value growth in quantity and value growth in quality is different appearance of the same thing.In chapter four, the author analyses the system of value growth of enterprise caused by technique innovation and think that on the condition of knowledge-based economy, the technique innovation can make barracks of knowledge and technique between enterprise through change quantity of intelligence capital such as human capital, organizational capital and relational capital. Further those barracks form different value expectation on the same risk and enhance the value of enterprise. As a Circulation, the innovated enterprise will input more to technique innovation. Theoretically, we can use the multiple of technique innovation to measure the degree of effect of technique innovation in enterprise.Chapter five is a chapter of substantial evidence analysis and mainly tests the effect of value growth caused by technique innovation in enterprise. The result of substantial evidence analysis supports the theories assumption above-mentioned. Pass the econometrics analysis, we find that there have just relations between the technique innovation and value growth of enterprise, human capital, organizational capital in agricultural listed company in China. But the relational capital has no growth. So we can say that the technique innovation in our country has no full effect. Furthermore, the author thinks that unreasonable measuring of value growth caused by technique innovation in enterprise is the main cause for phenomenon above-mentioned. This unreasonable measuring of value growth includes unreasonable measuring of value growth of real asset, having no measuring of value growth of opportunity of development, unreasonable measuring of growth of ability in enterprise. As a conclusion, the author argues that reasonable measuring of value growth caused by technique innovation in enterprise is required.In order to have full effect to enhance value growth caused by technique innovation in enterprise, chapter six mainly talk about the problem of reasonable measuring of value growth caused by technique innovation in enterprise. In chapter six, the author thinks that we should use the model of Free Cash Flow to measure the value growth of real asset, use the model of option to measure the value growth of opportunity of development, use the model of"3A"put forward by author to measure the growth of ability of enterprise. In this way, we can measure the value growth of enterprise caused by technique innovation both in quantity and in quality. So we can not only have a total judge of value growth but also have a dynamic know of the system of value growth caused by technique innovation in enterprise.In fact, measuring the value growth of enterprise caused by technique innovation both in quantity and in quality is a good idea which can not only enhance the object management of value creation of technique innovation but also enhance the process management of value creation of technique innovation.As the conclusion of this thesis, chapter seven makes a summary and put forward the outlook of study.Of course, the value growth of enterprise caused by technique innovation is a complicated system. This thesis only has a study on entry-level. But, we can predict that the study of this problem will be a hot topic as the development of technique innovation in enterprise.