Study On The Decision Of R&d Investment Based On The Value Chain Of High-tech Enterprises

Along with the progress of technology and globalization of market, research and development (R&D) has become the main factor that affects the competitiveness of high-tech enterprises. It has also become an important component of high-tech enterprises' long strategy, and is the beginning and core of high-tech enterprises' value chain. The decision of R&D project relates to the subsequent commercial effect. So the decision should be made based on the whole value chain in order to maximize the value of the enterprise.This text made a thorough analysis of the value chain of high-tech enterprises, the traditional methods of R&D investment decision, and the theory and application of real option. On the basis of existing research results, we put the thought of value chain into the decision of R&D investment, and build a framework of R&D investment decision based on the high-tech enterprises' value chain. Then this text elaborated its realization mechanism through three aspects: R&D project's consistency with the strategy, assistant conditions' sufficiency and the evaluation of R&D investment project. What's more, the evaluation model of R&D investment project not only analyzed the value changing through the whole value chain, but also divided R&D activity into four stages and calculated the increasing value of every stage. It incorporated the thought of value chain to make the best decision. Finally, we gave a case, discoursing the application of R&D investment decision based on the high-tech enterprises' value chain.Decision of R&D investment based on the value chain of high-tech enterprises solved many problems of the traditional methods, such as lack of the direction of strategy and disjoint with other value activity. The application of it will lead the company to invest on the best R&D project, promote the competitiveness and maximize the value of of high-tech enterprises.