Research Of The Advantage And Value Creation For The Capital Of A Corporation's Technology

With the development of a corporation, technical elements are playing a greater role in corporate value and wealth growth than traditional elements of production and thus becoming the key factors for the corporation development. However, most of the core technologies that our companies relied on are owned by foreign companies, so we have to purchase these cores we need in high prices, which in turn makes our profit margin lower and the existing space of the corporation smaller. Facing to the severe reality, both Chinese government and corporations have created a good environment to encourage the development of technology and made a series of policies to support such a development. With such an economic background, my thesis puts forward the proposition that technique capital can create value of a corporation. The issue of this research is the characteristic, function and the rule of value creation of the corporation's technique capital.This paper uses research results of foreign experts and successful experience of foreign companies. On the basis of the history of more than 50 years in which Chinese enterprises have formed their technologies and the economic background they are currently facing, the thesis points out that the advantage of technical capital is the underlying factor for a company to realize its continuous value increase and establish its competitive advantage. My paper takes the experience analysis to study as its dominant way meanwhile considering the norm research and the substantial evidence research together side by side, especially paying more attention to analyze the experience that the foreign well-known enterprises have collected technique capital, and linking the experience of the overseas with the home practice..The thesis is composed of five sections, the first section is an introduction, the second is literature comment, the third is research method, the fourth is the characteristic and the management rules of the technique capital and the last is conclusion and suggestion of this article. The main contents of this thesis include: (1) Management of technical capital collections. The paper emphasizes on the four approaches of the collection of technical capital: independent research and development, technology introduction, cooperation alliances and acquisitions. Thepaper asserts that the digestive absorption of technology introduction can quickly help a company improve its competing power and thus shorten the distance between the company and its competitors; with the independent research and development, a company can exceed its competitors and maintain the leadership position in its industry; technical cooperation and alliances can help a company better overcome the difficulties in the process of the accumulation of technical capital, which reflects in the reduction of investment risks due to the cooperation among companies, the increase of speed in the capital accumulation due to the diverse cooperation between manufacturing and research parties, and the huge fund acquired by the cooperation with the government department. Merger with the others that have their own core technologies can make a company have these technologies quickly, and thus gain the technical initiatives and realize the economic effects of 1+1>2. However, because of the different ability of research and development and capital power, each company needs to consider all the confinement factors to make decisions in its practical operations. (2) Management of technical capital investment and its use. In this part, the paper mainly discusses how the operation of the technical capital can help a company realize its value creation. On the one hand, the company maximizes its profit by focusing on the products that can mostly satisfy customers. On the other hand, the company can earn high revenue by the export of its technical capital. In this area, the gross margin index is the best standard to assess how the technical capital creates corporate values. (3) A scientific index system should be established to assess technical capital's effectiveness and efficiency in the value creation.Though there are still a lot of non-researched problems based on the financial research of the technique capital, that it changes the technique resources into the technique capital will activize the corporation to re-know the technique factor, and develop a new financial research field. So it is much of significance in reality and of academic value.