Research On The Investment Value Of High-tech Industries In China

For high-tech industries can accelerate the transformation of economic development and foster economic development, the governments give a lot of supports to high-tech industries. Because of this reason, the stock market has set off a boom wave of the investment in high-tech sectors, investors irrational investments in high-tech industries have made the phenomenon that overvaluing of high-tech enterprises, which is not conducive to the healthy development of the securities market and high-tech industries. How to make high-tech industries in the capital market to raise funds at a reasonable cost? How to make investors invest reasonable in the high-tech sectors? A reasonable measure of the investment value of science and technology enterprises can solve the problems above.To find reasonable measure of the investment value of science and technology enterprises, this paper firstly describes the background and significance of this topic and summarize the main factors influenced high-tech enterprise value of investments and the main research method of the relevant literature.On the basis of the summary, this paper proposes the main contents and methods of this study. Chapter II is the theoretical basis of this paper, this part systemically describes the influential factors which notably affect the investment value of high-tech enterprises and the transmission mechanism of those factors. On that basis, this paper explains the theory of dynamic multi-factors model for high-tech enterprise value measurement.This paper selects data of listed companies in high-tech industries from 2007 to 2014, by building multi-factor dynamic model which considerate the life-cycle theory, chapter III measures the investment value of science and technology enterprises in different life-cycle. Meanwhile, the paper also screens the main factors affecting the investment value of high-tech enterprises. Chapter IV based on the conclusions of Chapter III, analyzes the risk characteristics of various high-tech industries and their risk level. Besides, this paper also estimates the optimal portfolio by variation coefficient method. Chapter V is the conclusion of this article, this section summarizes the main conclusions of this study and gives the suggestions for investors and the government.Results of this study prove:Firstly, dynamic multi-factor model is more suitable for measurement of high-tech industries investment value. Secondly, through the dynamic multi-factor model, we can distinguish characteristics of science and technology enterprises in different industries, and the different risk characteristics of the portfolio of industry, which is in the technology industry asset allocation is reasonable reference. Thirdly, in the study of science and technology enterprises industry characteristics at the same time, we find that the high-tech industry and capital market have the effect of mutual promotion. Conclusions of this study can give the advice for investors to make reasonable investment in the high-tech industries and provide some policy recommendations for cultivating independent brands and core technologies of high-tech industries.