Research On Value Driven Of High-tech Enterprise

With the rapid growth of economy,China's industrial structure has been implemented self upgrade.In the era of knowledge economy,the high-tech enterprise is roling as a mainstay to support the development,while facing the extremely fierce market competition at the same time.The fierce market competition requires that high-tech enterprise can give full play to its own drive,realizing the continuous increase of enterprise value,so that they can take a place in the competition.It is necessary to the study value drivers of the high-tech enterprises because the it has its characteristics different from general enterprise.Based on the enterprise value driver related theory and the characteristics of the high-tech enterprise,the paper respectively study the driving forces of business value drivers and financial value drivers,in order to offer reference guide to for high-tech enterprise to maximize the enterprise value in the fierce competition more comprehensively and objectively.The paper adopt the method of combining normative research and empirical research,to summary the related theories of enterprise value,enterprise value,and value drivers related concept,the definition of high-tech enterprise and its characteristics.On this basis,the paper analysis the source and the characteristic of high-tech enterprise value.Furthermore,it studies driving forces of financial and business value drivers of high-tech enterprise.On the basis of theoretical analysis,the paper put forward relevant assumptions,with the data of year 2014—2016 of all new-tech enterprises on the ShenZhen stock market as the research object,performing descriptive statistics,correlation analysis and multiple linear regression empirical analysis in terms of the business value drivers and financial value drivers.Through research,the paper concludes that both business and financial value drivers for high-tech enterprises have the positive role of driving.Technology innovation,human and intellectual capital,which belongs to business value drivers,have greater effect on high-tech enterprise.Profitability and operation ability,which belongs to financial value drivers,have greater effect to the value driven.These characteristics are key factors to improve high-tech enterprise value.The driving force is more obvious for the high-tech enterprises which have greater R&D investment intensity,which hire more highly-educated employees,and for which have greater profitability and operation ability.