An Empritical Research On The Relationship Between The Value Of High-Tech Enterprises And Non-Financial Factors

The new economy is based on high technology, particularly computer network technology, bio-engineering, new materials technology, Aerospace technology-based trigger a new model of economic growth and new economic changes. The facts show the generalized enterprise resources are invisible in today's society to promote the development of the new economy. Companies with market value of the gap between the book value are also growing.In the new economic situation; the factors of creating enterprise value have changed a lot. The key role -- high-tech enterprises learn how to grasp this opportunity to enhance its value meaning a lot.Based on the background above and corporate value theory ,we made In-depth and detailed research on the correlation between the value of high-tech enterprises and non-financial factors .we also choused five important non-financial factors which influence high-tech enterprises from the present stage of technological innovation, risk factors, the opportunities for value, integrated human resources effectiveness and efficiency of corporate governance. At the same time we selected for the 2006 electronic manufacturing, non-ferrous metals, the biopharmaceutical industry Chemical processes and the information technology industry and other high-tech industries five listed companies for sample, using structural equation model of empirical research methods, analysis the relationship between the value of high-tech enterprises and the non-financial factors.Empirical Analysis of the results validate the original assumptions ,we came to the conclusion that the research literature with the same conclusions, but also found some welcome new conclusion that the Technological innovation, opportunity value, integrated human resources efficiency, corporate governance and efficiency is related to enterprise value. Risk factors had negative correlation of the value of enterprises ,while technological innovation capability affect the value of enterprises most, followed by risk factors .Finally, according to research findings ,from the impact of the value of high-tech enterprise between non-financial 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.