| Current economic society,continuous and effective research and development is the only way for high-tech enterprises to obtain dynamic core competitiveness.The effectiveness of R&D investment is firstly limited by the scientific nature of their investment decisions.Therefore,the research information of high-tech companies is not complete due to incomplete research information.It has important theoretical and practical significance for the rapid and healthy development of high-tech enterprises.Based on a review of relevant literature,this article combines the methods and characteristics of R&D investment decisions of high-tech enterprises,and at the same time defines the concept of incomplete information,that is,incomplete information here refers to uncertainty and information asymmetry.The case analysis method is used to optimize HD companies' R&D investment decision-making status and existing problems,and optimize from two aspects.The first is to scientifically estimate the relevant elements of R&D investment decisions based on historical experience data and other factors.Including determining the project calculation period(including the research and development period and the benefit period)according to the complexity of the research and development project and the development trend of the technology;determining the research and development risk(discount rate)according to the probability of risk factors and the cost of capital;according to the relevant sales of the research and development project Historical data and parameters such as revenue and costs estimate the project's expected cash flow.The second is to choose a scientific and reasonable decision-making method for R&D investment.Through the analysis of the advantages and disadvantages of the main methods,the NPV method and the internal rate of return method were selected as the R &D investment decision-making methods.After evaluation by third-party experts,they were submitted to the board of directors and the shareholders' general meeting to make investment decisions.The following conclusions are drawn: HD's two R&D investment projects are completely financially feasible,the net present value is positive and the internal rate of return is high.After the project is put into production,it will bring stable returns and considerable economic benefits to the company;Under incomplete information,the R&D investment of high-tech enterprises has high uncertainty,subjective judgments often cause inaccurate data investment failures,and scientific and reasonable investment decision-making methods should be selected based on historical experience data combined with socioeconomic levels. |
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