Research On The Relationship Between Technological Innovation Ability And The Value Of High-tech Enterprises

The world economy has changed from the industrial economy to knowledge economy since human society entered the 21 st century.A new round of technological revolution and industrial revolution is booming,the global science and technology present a new development trend and characteristics.Under the background of economic globalization and information network,Chinese economy has developed into a new stage of transformation and upgrading,the core element of transformation and upgrading is the development of power conversion,which transforms from mainly relying on factors and investment-driven to innovation-driven.The government puts forward innovation driven development strategy,is actually to promotes scientific and technological innovation as the core of the comprehensive innovation and insists enterprises as dominant role in the process of innovation.Nowadays,in the era of knowledge economy,enterprises are facing more fierce competition which is actually the competition of science and technology as well as innovation competition in survival and development.In recent years,high-tech enterprises that play an increasingly important role in the national economy are becoming the main force of scientific and technological innovation.In the fierce market competition,in order to realize the sustainable development,high-tech enterprises not only need to carry on the system and technology innovation and improve their technological innovation ability continuously,but also need to grasp the influence mechanism between hightech enterprises and technological innovation ability correctly.Therefore,it is very meaningful in studying the relationship between technological innovation ability and the value of enterprises.Based on domestic and foreign literature,this thesis uses the method of theoretical research and empirical analysis to select the high-tech enterprises on shenzhen SMEs and GEM board from 2007 to 2015 as the research object,making a full analysis about the relationship between technological innovation ability and the value of high-tech enterprises from three angles of corporate fundamentals,capital market evaluation and investors respectively.According to previous literature,this thesis divides technological innovation ability into technological innovation input which is measured by density of R&D and technological innovation output which is measured by the logarithm of applied patents.Through theoretical research and empirical analysis,this thesis draws the following conclusions.Firstly,from the perspective of corporate fundamentals,this thesis discusses the influence mechanism between technological innovation ability and operational performance which is measured by return on total assets and return on net assets of high-tech enterprises,founding that technological innovation ability is significantly correlated with operational performance of high-tech enterprises.It indicates that technological innovation ability can enhance the operational performance of high-tech enterprise.The conclusion affirms the positive role of technological innovation ability in improving operational performance of enterprises,which is helpful for enterprises to improve their ability of technological innovation,so as to improve the enterprises' operational performance.Secondly,from the perspective of capital market evaluation,this thesis discusses the influence mechanism between technological innovation ability and the value of high-tech enterprises which is measured by Tobin Q,founding that technological innovation ability is significantly correlated with the value of hightech enterprises.It indicates that technological innovation ability can enhance the value of the enterprises.The conclusion affirms the positive role of technological innovation ability in improving the value of the enterprises,which is helpful for enterprises to lower the cost of financing,reduce operating costs,increase profit space and further improve the value of the enterprises.Finally,from the perspective of investors,this thesis discusses the influence mechanism between technological innovation ability and stock return.By the regression of Fama-Macbeth,we found that the stronger technological innovation ability,the higher return on equity.It suggests that the market investors agree with the technological innovation ability of enterprises,and investors are able to recognize the value of technological innovation,giving its premium.This conclusion not only can help investors choose right valuable investment targets to obtain excess return,but also can reduce the enterprises' financing costs,further enhance the value of the enterprises.The structure of this paper is divided into five chapters.The first chapter is introduction,mainly introduces the research background and significance of this thesis,summarizes domestic and foreign literature,and points out the innovation and insufficiency of this thesis.The second chapter gives the definition of high-tech enterprises and technological innovation ability,and describes the characteristics of high-tech enterprises,gives the measures of science and technology innovation ability.The third chapter puts forward the research hypothesis according to related theories.The fourth chapter analyzes the impact of technological innovation ability of high-tech enterprises on the value of enterprises from empirical perspective.The fifth chapter is the research conclusions and policy suggestion section.