Based On The Company's Financial Strategy Research Of Technology Innovation

International economic crisis has a far-reaching impact, only relying on technological innovation to create new economic growth point and new development way, we can get rid of the crisis and achieve sustainable development. Technical innovation has become strategic issues in the process of China’s economic growth mode transformation. Enterprises is the main body of technical innovation.Technology, as factors of production, is the skills, techniques and their corresponding carrier in the process of production.Technology innovation is a series of activities, from the generation of new product or new technology vision to research, development, commercial production. Technology capital,as technical innovation in finance application, is produced from the technology innovation activities, and it can produce a stream of rent or income in a period of time as productive inputs in a further manufacturing process. Technology capital is the key factors contributing to the core competitiveness in a new economic era, Technology capital strategy has became the important competitive strategy.How to effectively integrate into the technology capital, to expand and perfect the theory of financial strategy, to provide theoretical support for technical innovation of enterprises, which is just the urgent problems of the theorists.This paper combines the theory of corporate finance and the theory of competitive advantage, absorbing the technology innovation theory, with normative analysis mainly, qualitative analysis and quantitative analysis, assist to take the case analysis method,based on the overall thought of the technological innovation, put the technology capital into the company financial strategy, carry out research.This thesis base on the general model of corporate financial strategy planning, and the argument of technology capital and financial strategic objectives internal logical consistency,constructes financial strategic planning model from the perspective of technology capital,which describe many dynamic correlation between the financial strategic objectives, internal and external environment and the specific investment, financing and profit allocation strategies and, demonstrate the interaction between key variables which support for financial strategic target.Base on technology capital financial strategic planning model,this article launches the research on investment strategy, financing strategy and income distribution strategyfrom the angle of technology capitalOne, technical capital investment strategy should be to build the company sustainable competitive advantage for the target,which is as screening evaluation criteria of the investment plan, rather than investment recovery period, net present value. According to the life cycle of technology capital, layout technology strategy prospectively, core technology to independent research and development for the appropriate.At present,the main problem of our country enterprise technology capital investment is that enterprise as the technology capital investment main body status has not yet been fully established, lack motivation of technology capital investment, technology investment scale and strength is little, these factors led to most companies lack the core competitiveness. To this, this paper thinks, Chinese enterprises should change the sense of competition, take the competition from the terminal product forward to the core technology R&D technology, increase the scale of technology capital investment and investment intensity. Change project investment and management performance evaluation methods, avoid short-term investment behavior, make Chinese companies from labor cost comparative advantage to the core competitive advantage based on the advanced technique transfer.Second,Financing strategy should be based on the fund demand of technology capital investment strategy, in order to match the capital source and apply, as well as risk and revenue. Because technology innovation risk is higher, company should be based on equity capital mainly.and because independent research and development time is longer, the enterprise should have long-term financing ability. Independent research and development activities has independent and confidentiality. The original research and development will be carried out in the company, the company should be based on equity capital and endogenous capital as the main source of funds. In view of financing constraints have become China’s enterprises in the implementation of technology capital investment strategy, strengthens the enterprise sustainable competitive advantage important bottleneck, the article thinks, currently available for enterprises to choose the technology capital financing channel and way:the state financial support of enterprise technology capital investment, the enterprises technology capital investment financial support which come from state-owned policy banks, commercial banks and other financial institutions, risk investment on corporate technology capital investment financing support, as well as risk investment on technology capital investment financing support.Third, technology capital income distribution strategy should conform to the technical capital investment, financing characteristics. Due to the long term and uncertainty of technology innovation, income distribution shoule base both the result and the process.in order to encourage technical innovation. Income distribution should be able to incentive technology innovation personnel effectively,such as, R&D personnel can use his intellectual property involve in the distribution of income, or share the profits of enterprises and enjoy the right of residual claim in the form of technology shares. In addition, due to the investment, financing and distribution activities are reciprocal causation, restricts each other, technology capital investment hash high risk, which leads to the difficulty in obtaining credit capital, so income distribution should considere adequate endogenous capital for technical capital investment plan of enterprise.At present, the main problem our country enterprise based on technology capital gains distribution is pay enough attention to technical personnel, neglect of the enterprise technology innovation comprehensive characteristics, lack of necessary policy of technical innovation drive and so on. To this, this paper argues that the enterprises must change the idea, pay attention to scientific research personnel are important for the development of enterprises, increase and improve the technology innovation incentive.Finally, this paper adopts the method of typical case, take the United States high-tech companies--Cisco company as an example, analyzed and elaborated the Cisco company’s investment strategy, financing strategy and distribution strategy. Cisco company financing strategy is characterized by the use of equity financing, retained earnings rather than a long-term debt financing, which can more reduce financial risk, in order to balance the high-tech company technology capital investment risk, effectively control the company’s overall risk level. Cisco company’s technical capital investment strategy is the most important and most crucial investment strategy. Cisco company obtained technology capital by the way of technology M&A and R&D, purchased the new company, rapidly accessed to technology and then get technical innovation talent. At the same time, through great efforts to strengthen independent research and development, improve the company’s ability to integrate technology and technological innovation capability, enhance the company’s core competitiveness. Cisco’s income distribution is characterized by long-term zero-cash dividend policy and attach great importance to the interests of shareholders and employees.The research results show that Introducing the theory of technology innovation in Finance is feasible and effective, technology capital and financial capital and other capital optimize configuration, has become the basic content of financial strategy.