Design And Implementation Of Technological Innovation Capability Evaluation System For Listed Company

In China, listed companies construct a colony whose assets is relatively sound, corporate governance is comparatively advanced and financial system is transparent by and large. Furthermore, they are becoming the core force of promoting growth of the China's economy. The quality of listed-companies determines the stability of the security market. From a long-term point of view, the historical performance cannot clearly and properly illuminate the quality of the listed companies. Consequently, to find out the initial quality and investment value of the listed companies becomes a key problem. Nowadays, China's current valuation systems of listed companies mainly base on financial performance. In the tide of globalization and knowledge-based economy, the technological innovation capability is becoming the source of the firm's profit and development. Therefore evaluating the initial quality and investment value of the listed companies according to technological innovation capability will be more convincing rather than only evaluating their historical performance. This thesis puts forward a notion of establishing an evaluation system of technological innovation capability for listed-companies. It aims to promote China's listed companies'technological innovation capability, and complement the listed companies'evaluation system in China. This thesis probes into the implementation problem of the technological innovation capability evaluation system. Three radical problems are to be solved as follows: 1. The differences of technological-innovation-characteristics among industries Differences of technological-innovation-characteristics exist among different industries. The only approach to guarantee the effectiveness of evaluation is to measure by listed companies'industry division. 2. The information asymmetry from external measurement. This thesis discusses the necessity and feasibility of obtaining technological innovation information of listed companies through voluntary disclosure. Furthermore,...