The Research On High-tech Listed Company's Financial Drivers Of Value Creation

With the rapid development of science and technology and increasing enterprise competition is a high and new technology enterprise constantly emerge. Compared with traditional high and new technology enterprise has the characteristic such as high investment, high risk, high income. These characteristics make high-tech enterprises and traditional enterprises has great differences between their value creation drivers is also different. Value creation drivers affect the decision-making variable of enterprise value creation, is in the process of enterprise production, management and decision making have important value and significance. Combined with the characteristics of high and new technology enterprises for the analysis of high and new technology enterprise value creation is necessary.Paper based on the related theories of value creation, combining with the characteristics of hi-tech listed companies, high-tech listed company financial value creation drivers confirmed, driving factors driving factors including profitability, growth ability, cash flow driver driving factors driving factors, operation ability, debt paying ability, risk capacity driving factors in six aspects, and the EVA return rate and the adjusted MVA growth rate as a measure of financial value creativity and market value of creativity index, an analysis of the status quo of value creation. In the process of empirical analysis, with 670 high and new technology listed companies as samples, selected 26 financial indicators as independent variables, EVA return rate, after adjusting MVA growth rate as the dependent variable step by step analysis, it is concluded that drive financial value creativity factors include profitability, solvency, cash flow, operation ability; Drive the market value of creativity factors include:profitability, cash flow, growth ability. According to the result of empirical analysis, this paper puts forward the improving high-tech listed company value creation ability of several Suggestions, in order to promote high-tech listed company healthy and rapid development.