The Research On Financial Strategy Selection About High-tech Enterprise Based On The View Of Value Creation And Sustainable Growth

Under the background of "Mass Entrepreneurship,Mass Innovation",high-tech enterprises,as the main force of "innovation-driven development strategy" in China,are gradually becoming the leading force to promote the development of social economy.The development of high-tech enterprises can not only help our country to obtain excess profits in the international market competition,but also promote the continuous progress of cutting-edge science and technology in various fields of our country,and play an important role in the promotion of our country's comprehensive competitiveness on the world stage.In recent years,the development of high-tech enterprises in our country has shown a rapid development momentum,but from the individual level,its development process is still in danger.On the one hand,high-tech enterprises have the common characteristics of large R & D investment and slow capital recovery,which can easily lead to cash flow breakage in the process of rapid development.On the other hand,the under-investment will lead to the idle capital of the enterprise and the lag of scientific and technological innovation,which will miss the opportunity in the fierce competition.Therefore,how to choose the financial strategy in a targeted manner has become an important matter of survival for high-tech enterprises.The theory of combining enterprise value creation with sustainable growth accurately grasps the essence of the financial strategy choice problem of high-tech enterprises,which can be introduced into the Boston matrix to establish a new matrix model.If the matrix model is applied in case analysis,it will be helpful to the development of high-tech enterprises in the future.At present,the research is usually limited to a single perspective,while the two-dimensional perspective based on value creation and sustainable growth is rare.Based on this two-dimensional perspective,this paper analyzes and discusses the choice of financial strategy for high-tech enterprises in order to achieve the best degree of sustainable growth.It also promotes enterprises to make some breakthroughs in dealing with the problems of full utilization of existing resources and maximization of value creation.This paper mainly uses the methods of literature research,logic analysis and case analysis in the process of writing.In the aspect of literature research,the domestic and foreign literature are summarized on the basis of three aspects: the financial strategy of high-tech enterprises,the theory of value creation and sustainable growth and the theory of choice matrix of financial strategy.The application of logical analysis method is mainly reflected in the introduction of measurement index and the establishment of matrix model.In the aspect of case analysis,this paper proves that theoretical research and matrix model are scientific and effective.This paper is divided into six parts.The first part is the introduction,including the research background and research significance of the thesis,literature review,writing ideas and methods,and the framework of the paper four contents.The second part is a theoretical overview of the choice of financial strategy for high-tech enterprises,which includes the connotation,formation mechanism,types and characteristics of the financial strategy of high-tech enterprises.And consciously expounded the high-tech enterprise financial strategy choice goal and the measurement index.The third part describes the construction process of the matrix model and the detailed selection of the financial strategy of each quadrant in the matrix model.The fourth part is the practical application of the financial strategy choice matrix model constructed in the first part,including the company's background introduction,the calculation of the measurement index,the matrix distribution map and the actual choice of each quadrant financial strategy.In the fifth part,the application effect of the case study is evaluated,and the difference between the theoretical research and the practical application and the application prospect are analyzed.The sixth part introduces the conclusion and deficiency of this paper.This paper holds that high-tech enterprises should fully combine the value creation and sustainable growth in the choice of financial strategy,which can be measured by economic added value(EVA)and sustainable growth rate respectively.A new matrix model can be formed by introducing these two metrics based on Boston matrix method.According to the matrix model,high-tech enterprises can adopt the corresponding financial strategy to adjust their financial strategies,so that the enterprise resources can be effectively allocated,and the sustainable development of high-tech enterprises in the market competition can be guaranteed while creating value efficiently.This paper selects the typical high-tech enterprise Hangzhou Hikvision Digital Technology Co.,Ltd.as the case study object to extract its financial data from 2011 to 2016.Combined with the newly constructed matrix model of financial strategy and the selection of financial strategy of the company in recent years,the paper draws a conclusion and finds out the differences.Through a series of comparative analysis and development,the actual choice of financial strategy of Hikvision Company is basically in line with the theoretical choice of matrix model,which further confirms the feasibility and effectiveness of the theoretical research in practice and application.