The Empirical Research On The Drive Factors Of High-Tech Enterprises Value Based On Value Chain

After 80 years of the 20th century, with the rapid development of high-tech, such as the electronics, information, biological technology, high-tech enterprises have set up in large numbers, and the competition between them become increasingly fierce. Which factors of high-tech enterprise can increase competitiveness, enhance its value to stand invincible? Compared with traditional enterprises, high-tech enterprises with"high five"characteristics, such as high investment, high growth, high-risk, high-technology intensive and high-knowledge intensive. These characteristics make the high-tech enterprises, companies with traditional companies, have a greater difference. And their value factors are different too. From the perspective of the value chain, to a comprehensive, systematic analysis of high-tech enterprise value drivers for business value influencing factors, provides a new idea for high-tech enterprises, provide an effective way to enhance their competitiveness and corporate value.Based on enterprise value and the value chain theory, combined with the characteristics of high-tech enterprises, from the nine accepts of the value chain activities and support activities, analysed relevance of the value drivers and high-tech enterprises. In the empirical analysis of the process , it took 234 listed companies in the sample data, selected the internal logistics, production and management, external logistics, marketing, enterprise infrastructure, human resources management and R&D as the seven value drivers of latent variable , and selected the 22 indicators as observed variables, used of structural equation model methodology, studied the correlation between high-tech enterprises'value and seven value divers, the priorities of the value divers to high-tech enterprises and the interpretation capacity of each observed indexes to value divers. The research suggested that R&D is the biggest obvious negative factor relevanced to the high-tech enterprises'value. And human resource management is the biggest obvious factor, but internal logistics, external logistics and enterprise infrastructure have no obvious relevance to the high-tech enterprises'value. Finally, according to research findings, from the impact of the value of high-tech enterprise between factors, we made some policy recommendations. This can help high-tech enterprises better understand the value and the ways to improve it, and on this basis, design or modify their fiscal management, enterprise financial management objectives better able to achieve. It also had very important significance for the value of new and high-tech enterprises assessment studies, and the health promotion of China's high-tech enterprises.