Research Into Working Capital Management Of High/New-tech Enterprises

Since 1950s, the substantial breakthrough and rapid development in high/new technology—typically in the areas of electrical information, biology, new material, new energy and aerospace—has affected the adjustment and promotion to the world industries. It has propelled the development of the world's economy and brighten the deep reform in people's producing form and consuming structure, and then people went into the knowledge-economic time. At the end of 1970s, all west developed countries turned developing centre to the high/new-tech industry. The high/new-tech industry or knowledge industry which based on knowledge-concentrated technology has become the core of all industries of a country. It has also been the main power for a country to gain the long-term competitive advantage, which can promote the persistent development of a country. Nowadays, the level and original capability of the high/new technology and the high/new-tech enterprises is an important sign of a country's economic competitive power.The research into management of high/new-tech enterprises has become the focus of academic theory, and business practice as well. But as to the previous researches, the special and systematic research into working capital management of high/new-tech enterprises has not carried out. According to the feature of high/new-tech industry, the flotation risk, method and management tactics of working capital in the high/new-tech enterprises' different developing periods are studied in this paper, based on related theories of working capital. It has been advantage not only to improvement of collocating financial resources in high/new-tech enterprises, but also to the basis of decisions of interest-relative people. It also has theoretical sense and practical significance to the healthy development of the high/new-tech enterprises to some extent, which are supported by our government.The main study method of this paper is normative approach. Based on the literature review of the previous related studies, the theoretical and practical sense of research into working capital management of high/new-tech enterprises is definite firstly. In the main body of this paper, first, the define, developing periods and modes of high/new-tech enterprises are deep-going explained, then the effective elements and characteristics of the high/new-tech enterprises' working capital are emphatically analyzed. Second, the core of this paper is to discuss the flotation method and risk of high/new-tech enterprises' working capital by normative approach, based on which the scientific flotation and holding tactics of working capital is put forward, according to different features in seed period, creation period, rapid-developing period and mature period of the high/new-tech enterprises. Additionally, the management tactics of the high/new-tech enterprises' working capital in recession period is theoretical explored to some extent. Third, an important example is analyzed to corroborate with the conclusions of the above content. The end of this paper is the summary, which sums up the main viewpoints. And the limitations and insufficiency of this paper are also pointed out in this part.