【作者】 王瑞芳；

【导师】 王晓巍；

【作者基本信息】 哈尔滨工业大学 ， 会计学， 2010， 硕士

【摘要】 20世纪80年代以后,随着科学技术的迅猛发展和风险投资的兴起,高新技术企业大量涌现、它们之间的竞争也日趋激烈。高新技术企业的哪些因素能够增强其竞争力、提升自身价值使其立于败之地?高新技术企业相对于传统企业具有“五高”的特点:高投入、高成长、高风险、高技术密集以及高知识密集。这些特点使得高新技术企业与传统企业之间具有较大的差异,它们的价值驱动因素也有所不同。从价值链的视角,能够全面、系统地分析高新技术企业价值驱动因素,为企业价值影响因素的研究提供了新思路,为高新技术企业增强竞争力、提升企业价值提供有效的途径。本文基于企业价值与价值链理论,结合高新技术企业的特点,从价值链的基础活动和辅助活动的九个方面对高新技术企业价值驱动因素进行了理论分析,在此基础上,对价值驱动因素与高新技术企业价值的相关性进行了实证分析。在实证分析过程中,以我国沪深两市234家上市公司的数据为样本,选取内部后勤、生产经营、外部后勤、市场营销、企业基础设施、人力资源管理和技术开发等七大价值驱动因素作为实证分析的潜变量,并选择了22个指标作为观测变量,运用结构方程模型的研究方法,分析了价值驱动因素与高新技术企业价值的相关性、价值驱动因素对高新技术企业价值的贡献度、及观测变量对价值驱动因素的解释力。结果表明:技术开发与高新技术企业价值呈显著的负相关;在正相关的因素中,人力资源管理对高新技术企业的价值影响最大;外部后勤、内部后勤、企业基础设施对高新技术企业价值的影响不显著。文章最后根据研究结果,从影响高新技术企业价值的因素出发,对提升我国高新技术企业价值提出了相关政策建议,这可以帮助高新技术企业更好的认识自身的价值及其提升途径,并以此为根据设计或修正自己的理财行为,使企业财务管理目标得以更好地实现,同时对高新技术企业价值评估研究,以及促进我国高新技术企业健康、快速发展具有非常重要的意义。更多还原

【Abstract】 After 80 years of the 20th century, with the rapid development of high-tech, such as the electronics, information, biological technology, high-tech enterprises have set up in large numbers, and the competition between them become increasingly fierce. Which factors of high-tech enterprise can increase competitiveness, enhance its value to stand invincible? Compared with traditional enterprises, high-tech enterprises with“high five”characteristics, such as high investment, high growth, high-risk, high-technology intensive and high-knowledge intensive. These characteristics make the high-tech enterprises, companies with traditional companies, have a greater difference. And their value factors are different too. From the perspective of the value chain, to a comprehensive, systematic analysis of high-tech enterprise value drivers for business value influencing factors, provides a new idea for high-tech enterprises, provide an effective way to enhance their competitiveness and corporate value.Based on enterprise value and the value chain theory, combined with the characteristics of high-tech enterprises, from the nine accepts of the value chain activities and support activities, analysed relevance of the value drivers and high-tech enterprises. In the empirical analysis of the process , it took 234 listed companies in the sample data, selected the internal logistics, production and management, external logistics, marketing, enterprise infrastructure, human resources management and R&D as the seven value drivers of latent variable , and selected the 22 indicators as observed variables, used of structural equation model methodology, studied the correlation between high-tech enterprises’value and seven value divers, the priorities of the value divers to high-tech enterprises and the interpretation capacity of each observed indexes to value divers. The research suggested that R&D is the biggest obvious negative factor relevanced to the high-tech enterprises’value. And human resource management is the biggest obvious factor, but internal logistics, external logistics and enterprise infrastructure have no obvious relevance to the high-tech enterprises’value. Finally, according to research findings, from the impact of the value of high-tech enterprise between factors, we made some policy recommendations. This can help high-tech enterprises better understand the value and the ways to improve it, and on this basis, design or modify their fiscal management, enterprise financial management objectives better able to achieve. It also had very important significance for the value of new and high-tech enterprises assessment studies, and the health promotion of China’s high-tech enterprises.更多还原