| Innovation is the source and driving force of economic value,economic strategic strength and economic growth.It is dominated by imagination and creativity,and it is known as "the most mysterious part of social wealth creation".Facing the new trend of innovation and development,Countries around the world have put innovation as the core of national strategy,and we hope to optimize the employment structure,drive sustainable development and enhance the competitiveness of the country through innovation.A series of strategic planning and initiatives were published:The United States emphasizes "American innovation strategy";Germany develops "the German high-tech Strategy 2020";South Korea launched "the nano fusion promotion strategy";India sees 2010-2020 as ten years of innovation and publishs,"science,technology and innovation policy" etc.At present,China’s economy goes into the new normal,and its most important features are national innovation,transformation and upgrading and enterprise innovation.From the outline of the national medium and long term scientific and technological development plan and the implementation of the pilot project of technological innovation and innovative enterprise to the eighteen report of the party in 2012 and the introduction of the "13th Five-Year" National Science and technology innovation planning in 2006,China always adheres to the " the core idea of innovation driven to enhance national strategy.",which leads the development of the first driving force.In recent years,under the guidance of the development strategy of the innovative country with Chinese characteristics and the increasing R&D fund investment.In 2015,China’s total investment in R&D exceeded 1 trillion and 400 billion yuan and increases 2.07%,which has reached the level of moderately developed countries.Enterprises are account for up to 77.4%.Enterprise is the basic unit of economic activity and the main body of innovation activities.With the improvement of the innovation ability of Chinese enterprises and the continuous increase of innovation investment,more and more enterprises are on the road of innovation driven development.Since 2008,the Ministry of science and technology,the state owned assets supervision and Administration Commission and the National Federation of trade unions of the three departments have identified the evaluation of the three batch of 356 national innovation enterprises is an important example of innovation.Innovative enterprise is to innovate to survive,and sustainable development of enterprises.Enterprise is the basic unit of economic activity and the main body of innovation activities,and innovative enterprise is the decisive force in building an innovative country.Innovative enterprises are innovative and sustainable development of enterprises.Innovation can help enterprises to achieve effective allocation of resources,good governance structure and high performance operating mechanism,so innovative enterprises are considered to be superior efficiency,quality and flexibility of the new enterprise.We can see the great power of the new era of change because of the innovation.The innovative enterprise,which is characterized by innovation driven,represents a new mode of enterprise operation and development.So,how to reflect the contribution of innovation in the enterprise value evaluation,is to promote scientific and technological achievements into the market value,the realization of enterprise capital and technology needs to solve the problem of the driving wheel.Rapid development of innovation economy increases the assessment of innovative enterprise value demand,but because of the innovative enterprise is a new organizational model,it makes the traditional asset evaluation theory is facing a huge challenge.Different from the traditional enterprise depending on the factors of production and the development of capital driven,innovative enterprises are the core power of innovation,which also created its unique characteristics of enterprise valuation.Innovative enterprises based on the development of innovation and a huge appreciation potention lead a new enterprise development,which has become a new issue.Since the late nineteenth Century to now,Adjustment of evaluation parameters and methods are the key of value evaluation theory.China’s asset evaluation industry also has a history of "localization" adjustment of traditional evaluation model in the past twenty years.All of these provide the ideas and basis for the research of innovative enterprise value evaluation.At the same time,it is the right time to carry out the theory and method of value evaluation of innovative enterprises,which not only helps to enrich and develop the theory of asset evaluation,but also provides a practical guide for the evaluation practice.The main purpose of this study is based on the full demonstration of the enterprise innovation ability is the decisive factor of the enterprise value,and it builds an innovative enterprise value evaluation model based on the innovation perspective.In this paper,we explore the value of innovative enterprises as the starting point to explore the value of innovative enterprise,which commits to solve the following problems:First,Is the innovation ability the key value driving factor of the innovation enterprise which is different from the traditional enterprise?Second,can the innovation ability enhance the value of innovative enterprises?Third,Is innovation ability the decisive factor of enterprise value?Fourth,How does innovation drive value? What is the mechanism and linkage mechanism?Fifth,how to assessment innovative enterprise value based on the view of innovation?Focusing on the above issues,the paper carries out a systematic study.Through the above five aspects,this paper concrudes the following aspects:(1)Mining the key driving factors of the value of innovative enterprises."The maximization of enterprise value" instead of "profit maximization" has become the goal pursued by enterprises,and finding and measuring the driving factors of enterprise value is the premise of management and evaluation of enterprise value.Innovative driven is not only different from the traditional enterprises,but also the core of the value evaluation of innovative enterprises.It is the starting point and key point of the enterprise value evaluation and the realization of innovation driven to trace the source of innovation and its strength.Based on the analysis of the characteristics and current situation of "innovation driven",this paper analyzes the basic driving factors of enterprise value and tries to dig out the innovation driving factors--innovation ability of the enterprise value of the key,and from the deeper construction of innovative driving factors of enterprise value system,provide the basis for innovative enterprise value assessment.(2)An empirical study on the impact of enterprise innovation capability on firm value.Based on theory,system theory and existing research results of the innovation ability of the enterprise theory,enterprise ability theory,innovation theory,enterprise value evaluation,this paper constructs the index system of innovation capability comprehensively from four dimensions of technology,manpower,and customer flow.Then,using factor analysis,regression analysis and analysis of the influence of the coupling coordination degree of innovation capital enterprises on the empirical method of innovative enterprise value,and further decomposition of innovation capital factor for innovative enterprise value contribution rate;Finally,through the cluster analysis and the industry difference analysis,the paper further examines the industrial differences in the impact of innovation capital on innovation value.(3)Research on the influence of enterprise innovation ability on the formation of enterprise value difference.First of all,from the technical capital and human capital is the main reason for the growth of the value of innovative enterprises.This paper analyzes the impact of innovation on the value of innovative enterprises by putting the three major technologies,the human capital and the material,which are the most influential to the value of innovative enterprises into the same analytical model.Secondly,from the "technology capital investment companies are often not the most enterprises to maximize the value of enterprises" objective reality,further using the Shapley value the paper decomposes method of each factor in the formation of innovative value differences from enterprises contribution rate.The results show that technology and human capital are the main driving force to improve the value of innovative enterprises.However,human,material,industry and other factors can enlarge or reduce the imbalance of value distribution among enterprises in different degrees.Therefore,the collaborative innovation of various elements is of great significance to enhance the value of enterprises.(4)The impact of collaborative innovation on the value of innovative enterprises.In this study,based on the innovation driven development of China’s demonstration enterprises-innovative companies in the public data of listed companies,this paper analyzes the internal mechanism of strategic innovation capital in the new normal economy of China,and puts forward some policy suggestions in order to guide the enterprises to realize the effective innovation driven development.Collaborative innovation and linkage mechanism of enterprise technology,human resources and industry is an effective way to deal with the imbalance of R &D intensity,the difference of enterprise value and maximize the role of technology capital in the development of enterprises.(5)Discussion on the value evaluation index,method and application of innovative enterprises.On the basis of fully understanding the innovation ability is the decisive factor of enterprise value.Based on the analysis of three levels of innovation driven theory,the innovation capability index is included in the evaluation model.From the six dimensions of scale,operation ability,debt paying ability,profitability,growth ability and innovation ability,this paper constructs differential power compound fuzzy matter-element to choose comparable enterprises,determine the index weight by AHP and entropy method,and the empirical analysis is carried out by using the data of Listed Companies in pharmaceutical industry in 2015.Through the above five aspects,this paper draws the following conclusions:(1)Innovation capital and its factors are driving the value of innovative enterprises.Among them,the most significant innovation capital factor is technology capital and human capitall.(2)At the present stage,the innovative enterprises in China show the particularity of innovation driving,the diversification of innovation sources and the difference of industry.(3)The evolution has the trend of innovation capital.Among them,technology and human capital are instead of material capital,and it is the main driving force to enhance the value of innovative enterprises,and human capital on the value differences of innovative enterprises forms a more important role than the technology capital,which is more easy to cause the imbalance of enterprise value.(4)The driving force of technological capital to the enterprise value of innovative enterprise follows the inverted "U" type growth trajectory.Innovative enterprises need to adjust the effect to make full use of human capital,industry competition and other factors on the technology capital investment activities,which plays a positive role in technology capital investment on the enterprise value promotion stably and effectively.(5)According to the characteristics of innovative enterprises,it is necessary to establish a set of basic theory and application system of value evaluation of innovative enterprises.The innovation of this research lies in:First,it enriches the academic research in the field of enterprise value drivers.The driving factor of enterprise value is the starting point of enterprise value.The existing research is mainly carried out with the help of the economic model,the management model,the financial model and the expansion mode represented by intellectual capital.Although researchers have long recognized that innovation is the key resource of modern enterprise value creation and the determinants of enterprise value.However,it is still rare to consider the factors of innovation ability in the enterprise value evaluation.The "avoidance" of the research on the innovation ability in the research of enterprise value driving makes the perspective of enterprise value evaluation not complete.Through the study of this study,we recognize that innovation capability is a key component of the enterprise value driver system,which can not be omitted,and thus contribute to the research of enterprise value drivers.Secondly,it expands the research area of enterprise value evaluation methods.Based on the traditional market evaluation model,this paper takes the "innovation driven" characteristics of innovative enterprises as the basis and the key value drivers as the starting point,The theoretical analysis is based on three levels of innovation driven by constructing difference power compound fuzzy matter-element can choose than business,determine the index weight by AHP and entropy method from the three aspects of theory,index and method,the value evaluation model of innovative enterprise is constructed.By using this evaluation model,it can not only evaluate the value of innovative enterprises comprehensively and scientifically,but also can be applied to other enterprises which carry out innovation activities.Tirdly,focusing on the evaluation of innovative enterprises.Innovative enterprise represents a new mode of enterprise operation and development.Different from the existing literature,the main research areas are the concept characteristics,the development model,the influencing factors and the evaluation system,this paper studies the value of innovative enterprises from the perspective of enterprise value evaluation.It not only meets the practical needs of theoretical guidance,but also needs to follow up the practical needs of the assessment,and it is of great practical significance for innovative enterprises to better clarify the relationship between innovation and enterprise value,optimize the path of innovation activities and realize the maximization of enterprise value.It also provides a more comprehensive,scientific and reasonable basis for the effective supervision and management of the capital market and the investors to make the right investment decisions.Of course,can reflect the contribution of innovation in the enterprise value evaluation,to promote scientific and technological achievements into the market value and the realization of enterprise capital and technology driven and promote the construction of innovation oriented enterprises has played a positive role.The deficiency of this research lies in:A mature enterprise value evaluation model,not only to be scientific and rigorous in theory,but also in practice has a strong practical.Therefore,how to target the specific region,industry or the nature of innovative enterprises(or to carry out innovative activities of enterprises)and other different evaluation objects.As well as the evaluation of the value of the enterprise services listed in the enterprise,asset replacement,equity transfer,mergers and acquisitions and debt restructuring and other different evaluation purposes.How to proceed from the actual situation,the specific analysis,and further improve the applicability of the value evaluation model of innovative enterprises,is not only the difficulty and deficiency of this study,but also the direction of further research and improvement. |
