Study On Factors Impacting Value Of High-technology Enterprises

This paper empirically studies the influencing factors of the market value and financial value of the high-technology enterprises,and collects the data from 2014 to 2016 with 59 high-technology enterprises of the manufacturing industry listed on GEM as the research samples.The results show that the market value of the manufacturing high-technology enterprises of listed on GEM is significantly positively correlated with the ownership concentration and the proportion of the employees with master degree or PHD.Improving the proportion of the employees with master degree or PHD can greatly improve the market value of high-technology enterprises,improving the ownership concentration can statistically significantly improve the market value of high-technology enterprises,but the increase rate is not great.The market value of high-technology enterprises is statistically significantly negatively correlated with the number of valid invention patents owned by enterprises,but the regression coefficient is relatively small,the market value of enterprises is slightly decrease as the number of invention patents increasing.The market value of high-technology enterprises is un-significantly positively related to the proportion of book intangible assets,current assets turnover and R&D investment intensity.There is no correlation between the market value of high-technology enterprises and the net profit margin of operating income,asset-liability ratio and net profit growth rate.The financial value of high-technology enterprises is significantly positively correlated with net profit margin of operating income and the current assets turnover.It is an effective way to improve the financial value of the high-technological enterprises by improving the profitability capability and operational capability of the enterprises.The financial value of high-technology enterprises is un-significantly positively related to the asset-liability ratio and R&D personal ratio,current assets turnover and R&D investment intensity,and is un-significantly negatively related to the R&D investment intensity.There is no correlation between the financial value of high-technology enterprises and net profit growth rate,proportion of book intangible assets,ownership concentration,proportion of the employees with master degree or PHD,number of invention patents.