Study On Factors Of The Future Growth Value Of High-tech Enterprise With Consideration On Information Technology Industry

High-tech industry take up an increasingly important position in the national economy, its development has become a powerful anchor of economic development. Due to the important position, people maintain a high level attention to how to assess its value. Considering the high growth characteristics, we intend to study the assessment of valuation of high-tech enterprises from future growth of enterprise.The paper focus the relationship of enterprises'future growth value with the factors of enterprises scale, capital structure, profitability, RDS, sale growth and macro-economic on the base of extending EVA to the current operating value and future growth value.The paper reviews the related literature and theory about the enterprises'growth and evaluation domestic and abroad. The paper selects 26 enterprises that belongs High-tech industry as the study sample, and does empirical study by multiple regressions and causal relationship used the 2000-2007 years dates of sample. Importantly, analyzes the impact of factors to the FGV. Finally, based on the empirical research, the paper further studies the reasons for these results:(1)Enterprise scale and FGV have significant positive relationship in the current period, FGV lead of scale in different period;(2)Capital structure and FGV have no significant inverse relatonship in the current period, capital structure lead of FGV in different period;(3) RDS and FGV have no significant relationship in the current period, in different period they have significant interaction relationship;(4)Sale growth and FGV have significant positive relationship in the current period, in different period sale growth lead of FGV;(5) Macro-economic and FGV have significant positive relationship in the current period;(6) Profitability and FGV have significant inverse relationship in the current period, and FGV lead of profitability in different period.