Research On The Influence Of Internal And External Factors On The Value Of High-tech Enterprises

As the core force to maintain the comprehensive competitiveness of the country,high & new technology enterprises represent the future development direction of the whole industry and have always been the focus of all countries.In recent years,China's continuous policies have made the high & new technology enterprises develop rapidly and also highlight its important position in China's innovation-driven strategy.As an intuitive manifestation of the risk of bankruptcy and a primary basis to attract the external funds the enterprise value is particularly important for high & new technology enterprises.But the value of high and new technology enterprise is limited by the traditional enterprise valuation method using conditions combined with high and new technology enterprise valuation influenced by many factors that lead to there are many problems in enterprise value confirmed.Based on this background this paper constructs the value valuation model and comprehensive analyzes the internal and external factors that influence enterprise value with the possible interplay of factors,finally put forward some suggestions according with the actual requirement of the high and new technology industry development of our country.Based on the resource dependence theory combined with Tobin Q theory,technological innovation theory and signal transmission theory this paper considers the enterprise factors as strategic resources which enterprises possess and allot,choose the internal factors(R&D Investment & Advertisement Expenditure)and external factors(Environmental Dynamism & Government Grants)to analyze its influence on high & new technology enterprise value with the sample of high & new technology listed companies from 2014 to 2015,and discusses the possible interconnection between factors.Results shows that R&D investment has significant positive effect on the two lag phase of enterprise value with a significant " U-shaped " relationship and advertisement expenditure has significant positive effect on enterprise value but the patents have no significant correlation.Environmental dynamism has positive effect on the improvement of enterprise value but government grants have not played a significantly positive role on the relationship between the internal and external factors,the R&D investment performs better in lower advertising investment and lower subsidy intensity;government subsidies do better when markets are more active.The conclusion of the research provides possible suggestions and reference for the future business decision and the government to increase the regulatory efficiency of high & new technology industries.