Research On Investment And Financing Decision-Making Management Of Enterprise's Technical Innovation

Since China joined WTO in the year of 2001, the condition of enterprise's technical innovation have been changed greatly. The competition of market will be more and more severity, and improvement of technical will be the most important goal of enterprises. The enterprise of China should adapt to new appeal of market economic mechanism and new features of economical current domestic and abroad. So that we discuss the way and method of investment and financing management of technical innovation for Chinese enterprise to improve their investment benefit. It is important for Chinese enterprise to make correct decision for investment and financing management of technical innovation, to avoid failure of decision-making, to promote technical level completely, to construct international-technique-ahead enterprise, to generally improve the competence of Chinese enterprise in the world market. In this dissertation, the history of Chinese enterprise's technical innovation is reviewed completely to summarize the experience and failure during the twenty years, so we can draw the conclusion that, the national investment of technical innovation is correlated with general technical level. Then the method of antithesis is used to analyze the difference between China and developed countries, so as to bring forward the key questions of technical innovation to be solved in the socialism market economy.The best way of technical development after technical usage and improvement is technical innovation, the innovation combine usage with improvement, so as to usually generate imitate innovation and gradual innovation. In this dissertation, the theory and method of invesment and technical innovation are introducted, and the gross method for economic appraisal of technical innovation project is brought forward to construct corresponding calculation model, which tentatively improves the prevalent appraisal method.Modest investment scale is nearly related with investment benefit. In this dissertation, we combine Delphi method with economic metrology method, so as to bring forward model of investment benefit and investment quantity. On the model above, we could make certain the best technical innovation investment scale which should be the reference for the manager of enterprise to make decision when technical innovation project is on. Then, In this dissertation, the method of financing framework and the problems that optimizing financing framework and achieving maximum value on basis of minimum comprehensive capital cost are discussed. The financing way of Chinese enterprise's technical innovation and the problems enterprises should settle in their financing scheme, then the concrete decision-making program to seek optimal capital framework is promoted and the function model of optimal financing cost is constructed. Aim at the theory of technical innovation investment project after-appraisal is not very advance in the world, in this dissertation, On the base of investment project after-appraisal theory, using experience of domestic and abroad investment project after-appraisal for reference, and combining with features of technical innovation investment project and Chinese reality, this dissertation for the first time discusses the main problems of investment project after-appraisal which includes appraisal system, appraisal content, appraisal method and so on, then puts forward the fundamental framework for Chinese technical innovation investment project after-appraisal. In this dissertation, the assumption of construction of technical innovation after-appraisal mechanism for enterprise is expatiated, so as the function that the government should take in hand in the after-appraisal system.In this dissertation, the economical appraisal indexes system of technical innovation investment project after-appraisal is put forward, which is made up of profitability indexes and load compensation indexes. On the base of the indexes system, the model of sum grade is built to calculate comprehensive benefit of technical innovation project.