| Today, with value based Management has gained more and more attention, it is an indisputable fact that maximizes enterprise value is a modern enterprise financial goal. If enterprises want to realize this financial goal, the most sensible option is the implementation of Value based Management. The first step in the process of Value based Management is the evaluation of enterprises'value. Through value evaluation, the value of enterprises can be described quantitatively, in accordance with movements in the value of enterprises, we can judge under which conditions the value of enterprises can maximize for enterprises to improve the management. Therefore, it is particularly necessary to redefine the meaning of high-tech Enterprises'value, analyze the value drivers of high-tech Enterprises'value, establish value appraisal measure system of high-tech enterprise based on value management and explore the assessment method of high-tech enterprises'value according to the characteristics of high-tech enterprises and the peculiarities of the evaluation of high-tech Enterprises'value.Based on the theory of value management and according to the characteristics of high-tech enterprises, this paper redefine the connotation of high-tech Enterprises'value and analyze the value sources of high-tech enterprises. Then, we study the formation of its value dimensions that are the value created by current profitability, the value created by high-tech enterprises potential profitability and the value created by high-tech industry development opportunities. Along the process of value management, key value drivers of high-tech enterprises have been discriminated. Starting from the financial latitude and according the characteristics of the value of high-tech enterprises to confirm the key value drivers. Then we got the conclusion of that the key drivers include not only financial factors but also non-financial factors, such as ability in technological innovation, human resources integrated efficiency, risk factors, the growth of the industry value and corporate governance structure, as a basis of value appraisal measure system of high-tech enterprise based on value management. Based on the analysis of high-tech enterprises'value drivers, this paper analyzes the motives and particularities of the evaluation of high-tech enterprises'value. Take thorough analysis to the existing enterprise value assessment system and the limitations of various methods, and then we construct the value appraisal measure system of high-tech enterprise based on value management. There is significant difference between this index system and the existing evaluation index system, mainly manifested in the following four aspects: (1) in order to achieve the goal of maximizing the value of enterprises; (2) reflects the formation characteristics of high-tech enterprises value, (3) the organic integration of financial and non-financial value drivers, (4) Evaluation Index System is operability. The indicator system constructs by the divers which reflect the financial value and non-financial value, it mainly contains: profitability, financial condition, operating ability, technical innovation ability, integrated effectiveness of human resources, risk factors, opportunities value of industry development and corporate governance structure etc. there are 24 assessment indicators in eight aspects. Basic can comprehensively reflect various essential value divers to the high-tech enterprise value. It creates the conditions for evaluate the high-tech enterprises'value objectively and accurately.One of the main researches in this paper is to use empirical analysis, namely use of structural equation modeling to conduct related research between non-financial value drivers with high-tech enterprises'value. This paper takes 215 companies'data which listed on Shanghai and Shenzhen as sample to study the correlation between high-tech enterprises'value and five non-financial value divers namely technical innovation ability, integrated effectiveness of human resources, risk factors, opportunities value of industry development and corporate governance structure, the priorities of the non-financial value divers to high-tech enterprises and the interpretation capacity of each observed indexes to non-financial value divers. The research suggested that five non-financial value drivers, with the exception of integrated human resources, the remaining four factors have obvious relevance to the high-tech enterprises'value. Moreover, among the five non-financial value drivers, the opportunity value of industrial development has the largest contribution to the high-tech enterprises'value but the result is opposite in the corporate governance structure. These conclusions provide empirical basis for establishment of the based on ANP model comprehensive evaluation method of high-tech enterprises'value.This article when explores the comprehensive method of high-tech enterprises'value, mainly has solved two problems: First, how to reflect the influences of financial and non-financial to high-tech enterprises'value in the evaluation model at the same time; Second, the approach not only to reflect the impact extent of value drivers to high-tech enterprises'value, it should also be able to reflect the value drivers of the mutual influence. Therefore, this article uses the principle of analytic network process, has established based on the ANP comprehensive assessment model of high-tech enterprises'value to solve the above two difficult problems well.Finally, we selected 24 manufacturing and 26 information technology industry listed companies, based on the use of based on ANP comprehensive evaluation model of high-tech enterprises'value to evaluate sample companies' value. And in article has carried on the comparative analysis to the appraisal result. The research show that: the results get from the based ANP comprehensive evaluation of the high-tech enterprises are more scientific, objectivity and reliability. For the effective implementation of the value management, to explore the new method of assessing the high-tech enterprises''value provide basis of theoretical analysis and empirical analysis.
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