Research On The Value Affecting Factors Of High-Tech Enterprise In Our Country Based On VBM

With the development of modern enterprise management activities, value based management (VBM) has become the main activities of enterprise management.VBM is a course during which create enterprise value constantly with the goal of value maximization, it is based on value evaluation and carry on the strategic investment and strategic adjustment just in time through allocating resources reasonably according to the environment variation. The first step in the process of VBM is the evaluation of enterprise value, through value evaluation we can judge under which conditions the value of enterprises can maximize for enterprises to improve the management. In this condition enterprise need find various factors which influence enterprise value. So it is particularly necessary to analyze the value affecting factors of high-tech enterprise based on VBM process, and find the implement method of value-based management in the new economic time.Based on the perspective of VBM and taking high-tech listed company as example, this paper firstly analyze the high-tech enterprises value according to the characteristic of high-tech enterprises; secondly, the value affecting factors of high-tech enterprise was identified along the process of value based management and the characteristic of high-tech enterprise value. Then we got the conclusion that the value affecting factors of high-tech enterprise include not only financial factors but also non-financial factors, such as technology innovation ability, human resources integrated ability, risk factors, corporate governance structure, as a basis of which the value evaluation system of high-tech enterprise was established.On the basis of theoretical analysis, factor analysis method was used to conduct the empirical research of value affecting factors of high-tech enterprise. 380 high-tech listed companies'data from 2007 to 2009 was selected, eight common factors were concentrated from twenty-six indicators, which are earning ability, solvency ability, operation ability, grown ability, technology innovation ability, human resources integrated ability, risk factors, corporate governance structure. Then regression analysis was conducted to study the correlation between the high-tech enterprise value and the eight common factors. Finally, the paper provides some recommendations on how to promotion the value of high-tech enterprise according to previous theoretical analysis and empirical research findings. The conclusions are drawn as follows: the financial factors which influence the value creation of high-tech enterprise include earning ability, solvency ability, operating ability, grown ability. The non-financial factors which influence the value creation of high-tech enterprise include technology innovation ability, human resources integrated ability, risk factors, corporate governance structure. The relationship between technology innovation ability and high-tech enterprise value is the reverse. The influence of human resources integrated ability to high-tech enterprise value is not significant. The R&D input of high-tech listed companies of our country is inadequate seriously. Corporate governance structure of high-tech listed company is not perfect,the board has not fully played its supervision role to some extent.