Research On Corporation Governance Evaluation Of High-tech Enterprise

The separation of ownership and management in the modern enterprise results in the principal-agent problem, which is the essential cause of corporate governance issues. Corporate governance is the basis of correct decision-making and effective management. Company will face a deep crisis without reasonable governance structure and effective governance mechanism. Therefore, both the theory circle and practice circle have paid much attention to corporate governance. Reasonable and effective evaluation of corporate governance can help find the problems of the enterprise and improve its governance. Corporate governance evaluation is one of the main contents of research on corporate governance.Under the macro background of building innovation-oriented country and developing strategic emerging industries, the high-tech industry has received close attention from all walks of life. In recent years, high-tech industries develop very fast and has become new growth point of national economy. Compared with the traditional enterprise, high-tech enterprises have many differences, such as knowledge and technology-concentrated, innovation, high profitability and high risk exist together,etc. Similarly, corporate governance of high-tech enterprise has its unique characteristics compared with that of traditional enterprise. For example, high-tech enterprise governance is the common governance of human capital and non-human capital; and enterprise growth depends on technology innovation. Therefore, the evaluation of corporate governance of high-tech enterprises should also be different from the traditional enterprise. At present, the company governance evaluation system has been mainly for the listing corporation or state-owned enterprises, lacking specialized high-tech enterprises evaluation system.This paper designs specialized governance evaluation system for the high-tech enterprise based on a large number of literature research on corporate governance and high-tech enterprise and its corporate governance. The evaluation system refers some general index of domestic and international corporate governance evaluation system, including the ownership structure, the rights of shareholders and general shareholder meeting, structure and operation of the board of directors and board of supervisors, managers incentives and constraints, and information disclosure. In addition, considering the importance of technology and innovation and technical talents for the high-tech companies, and its high risk, the paper designs three industry index, that is technical personnel incentive and constraint, technology and innovation and risk management.Specifically, the key personnel in high-tech enterprises is divided into management personnel (managers) and technical personnel in this paper. Technical personnel incentive and constraint is one indicator of incentive and constraint of key talent index. It mainly includes the long-term incentive compensation, employee training and occupation planning, appointment and removal mechanism and stability of technical personnel. Technology and innovation determines the competitiveness of high-tech enterprises. This index consists of core technology and innovative research, with the core technology index mainly inspecting whether the enterprise has exclusive core technology, in particular the independent research and development, as well as the transfer behavior of the corporate. Technology transfer, including technical buying and selling, is conducive to the development of enterprises. Innovation research index evaluates the enterprise’s R&D investment, training of scientific research personnel, building of scientific research departments, as well as the number of patent applications and new product contribution to revenue. Risk management index consists of risk management organization, risk management activities and information communication. Risk management organization inspects whether department of risk management is complete; risk management includes a series of activities, including risk identification, assessment, monitoring, early warning mechanism and risk control. This index mainly inspects the implementation of the activities. Information communication plays a very important role in enterprise risk management. Good risk management requires timely and effective information communication.As to evaluation method, researchers usually use the corporate governance index(CGI) for rating. There is large number of evaluation indicators of corporate governance, with both quantitative indicators and qualitative indicators, which are fuzzy and uncertain. The fuzzy comprehensive evaluation method, which is based on fuzzy mathematics, and according to fuzzy relationship synthetic principle, can make some qualitative factors whose boundary are not clear to quantitative. And evaluate comprehensively the level of the target from a number of factors. As a result, not only the evaluation object is evaluated and sorted according to the comprehensive score, but also its grade is assessed based on the value on fuzzy evaluation set according to the maximum membership degree principle. Therefore, this paper adopts the fuzzy comprehensive evaluation model to evaluate the high-tech enterprise governance, while the weight of each indicator is calculated by AHP, index degree is rated by Delphi Method. These methods are relatively scientific. On the selection of assessment method, the paper avoids following the same pattern of the situation, and considers corporate governance rating from a new angle, which has certain innovation.Finally, the paper uses the evaluation system to rate corporation governance of the WN company, which is a high-tech enterprise and summarizes its problems and put forward suggestions for improvement.