The Research On The Income Contribution And Substitution Of Technology Capital

With the coming of new economic times, technology, information, knowledge and other emerging factors play more significant roles in the development of the enterprises. These production factors,which are through the process of property rights confirm and transaction after being produced, are converted into technology capital, information capital, knowledge capital and other emerging element capital. However, there is no doubt that technology capital has become the core capital of strategic emerging enterprises which makes them remain invincible in the fierce competition of the globalization. Nowadays, the evaluation of technology capital from a financial perspective, the measure of technology capital value creation and the research on the interaction system of technology capital and other element capital have been important problems to be solved urgently in corporate financial management.The first chapter is introduction, stating the reason of selecting topic and the research question. The second chapter is the literature review about discussion in the theoretical research. The third chapter is the research design, which a clear definition of variables and method of calculation are given. And the research selects the strategic emerging industry listed enterprises as research samples. In the fourth chapter, there is a preliminary estimate of technology capital stock, human capital stock, physical capital stock, monetary capital stock by the perpetual inventory method. And then, based on trans-log production function model, element capital output elasticity, income contribution rate, profit rate of capital, marginal rate of substitution and elasticity of substitution are measured to explore the relationship between the technology capital and enterprise income. And income contribution influencing factors and element capital substitution are also emphasized. The sixth chapter is the conclusion, and the feasible recommendations to optimize the element capital allocation are proposed.The research appears that technology capital stock level are positively related with the income of the enterprise, and the profit rate of technology capital is higher than the material capital and human capital, which reveals technology is the first productivity in the strategic emerging enterprises.However, the income contribution rate of technology capital is also influenced by enterprise scale, the nature of ownership etc. And element capital can substitute with each other and the substitution degree of technology capital to human capital is far greater than the degree of material capital to human capital. Generally speaking, the current level of technology capital allocation is lower, it is suggested that capital allocation should be optimized and the technology capital be the core element.