Research On The Influence Of Income Risk Management To Enterprise Technological Innovation Activities

The enterprise technological innovation system is the important and the core constituent of the national innovation system. In the innovation system construction, the enterprise should play the main body role, especially in the modern enterprise. The technological innovation has become the core power supply which the enterprise value grows. The fundamental reason in the main body function vacancy of the enterprise in the technological innovation system construction lies in the enterprise internal achievements calculation system. The enterprise operation uses financial cash flow commutation calculation system which takes pursuing the profit maximization as the central or uses income risk management calculation system which takes pursuing the property right value maximization as the central. This difference relates the technological innovation system's position and the function in enterprise and is the basic whether enterprise can become the technological innovation's main body. Therefore, that from cash management which takes pursuing the profit maximization as the central to income risk management is the core which the enterprise technological innovation's main body status realizes.Based on the technological innovation, the enterprise value and real options' elementary knowledge, we limit the cash flow management enterprise taking the profit as the central as the traditional enterprise. What traditional enterprise's calculation method uses is the traditional cash flow commutation mentality. The traditional enterprise also needs the technological innovation to cause the enterprise to be progressive. But because the majority traditional enterprises pay a attention to the short-term the investment behavior, as that the cash flow which in the short-term occurs, therefore the traditional enterprise's service only will often have the short-term continual cash flow. We decide the income risk management business community taking the property right value as the central as the high-tech enterprise. The high-tech enterprise's intangible asset accounts for the proportion to be big, but it does not reflect on enterprise's account surface. Moreover the current profit is indefinite, enterprise's rate of rise is quick, the risk is big, future cash flow and the income will have the very big uncertainty, the subjective risk regulation means will be no use in eliminating the cash flow calculation the error. More importantly, the high-tech enterprise future investment and the operating decisions have the very big uncertainty. The traditional method makes the determined investment as the supposition premise which in logic will be untenable. Moreover when NPV method in playing uncertainty (risk) generally uses raising the discount rate to reflect the project the high risk. So in the long-term future investment income because of the high uncertainty will be minimum, and we overemphasize the momentary interests of the day, neglect long-term benefits flaw. Therefore, the traditional cash flow commutation's method cannot calculate the correct calculation enterprise's value, and it is also unable in the traditional method to calculate the enterprise growth option's value which is created by the investment expansion as well as the technological innovation. Now, we will use the option method to calculate the value. The option method regards enterprise's each opportunities for investment as a buy-power. The buy-power value which calculates using the Black-Scholes model is what we must calculate.The majority traditional enterprises in making the investment decision mainly apply the NPV method, namely, if NPV is bigger than zero, then the investment is feasible; NPV is smaller than zero, then the investment is not feasible. Looking from the majority traditional enterprise's characteristic and the development model, they will not consider the enterprise's long-term development, but care about the enterprise's current cash flow. But regarding these traditional enterprise carrying on the technological innovation, this method will be not feasible. They should consider the investment's the option value. When high-tech enterprise choices opportunities for investment, it not only pays a attention to whether NPV is bigger than zero, but also the option value which the project investment brings. Making the investment decision in the option method will make the enterprise superintendents see the huge option which a project from now on will bring to the enterprise. This kind of value will cause the enterprise to grow fast and is advantageous to enterprise's long-term development. This kind of investment's risk is big but once succeeded the income is to be also big, which is also the income risk management essence. In the enterprise superintendent aspect, the traditional method has neglected the enterprise superintendent's existence and the function, and the superintendent only rejects and accepts some investment project passively, but is not use enterprise's property and the opportunity spontaneous.In the traditional accounting system taking the profit maximization as the central, the technological innovation system construction receives the very big restraint and the limit. The reason lies in that the enterprise growth option which the technological innovation creates is not entering to enterprise's cash flow calculation system. Thus, the agent of enterprise property rights has the technological innovation impulsion and the enthusiasm with difficulty. In the modern enterprise which taking the property right value as the operation center, its value's composition is not only enterprise's cash flow commutation, namely current value in the traditional technical economy analysis, but also includes the enterprise the growth option which is formed by the investment in the each kind of element of uncertainty. This kind of growth option already became the modern high-tech enterprise's most important value composition. Thus, in the income risk management enterprise, the technological innovation is the enterprise spontaneous and the main activity. The superintendent himself will form one kind of drive and carry on the technological innovation activities on own initiative.From above analysis it may obtain that for promoting enterprise's technological innovation we must realize the transformation from cash flow management to the income risk management. Through these two type enterprise's contrast, we research in the have-or-haven't value's inventor, forming process, increment process and appraisal process in the process of technological innovation activities in the income risk management enterprise, and analysis the question in the value increment process joining the request-proxy theory, and unifies the real options and the game theory to appraise the have-or-haven't value. Because the classical investment decision method like NPV method has not been able to consider a series of policy-making flexible value that the technological innovation investment has, it cannot make the scientific analysis and the estimate to the technological innovation investment. The real options method has considered the enterprise decision-making flexible value, but it actually has not considered the competitors'reflection. When enterprise faces the competitors'threat, it may change the investment strategy by losing oneself investment value. Therefore the real options method cannot appraise the technological innovation investment decision completely. Unifying the real options fixed price theory and the game theory well, the real options gambling analysis method considers the investment decision's flexibility and the competitor's response, thus it provides the more scientific investment decision analysis method and the estimate model for the enterprise technological innovation investment decision.