The Correlation Analysis Between Technical Capital Investment And Enterprise Value Per Capita

With the expanding of capital s scope, the capital becomesnatural, intelligent and humanization. The forms of capital evolvefrom the traditional human capital, money capital, material equipmentcapital to the technical capital, knowledge capital and informationcapital. According to the theory of capital value, these differentforms of capital are the source of enterprise value. For the newhigh-tech enterprise, the competitiveness and development of theenterprise depend on its investment of technology and the stock oftechnical capital.Sales, market share, profit, profit per capita and enterprisevalue per capita can be used to measure the performance of theenterprise. And the profit per capita and enterprise value percapita can also be used to measure the enterprise’s productionefficiency. This paper mainly discusses the technical capital sinfluence on enterprise value per capita with the method of empiricalresearch, selecting new high-tech enterprises listed companies from2008to2012as the research object. We select new high-techenterprises as the research object for the reason that thisenterprise group pays great importance to technology and can reflectthe production efficiency of capital investment. In addition, wealso want to know the stock of technical capital and overall level ofenterprise value per capita by analyzing the new high-techenterprises.This paper selects the technical capital investment as theindependent variables, and defines its scope of patents, theproprietary technology and software. This paper carries on theregression analysis of enterprise value, the number of employees andenterprise value per capita by building different models, alsodiscusses the lag influence of technical capital. It was found thatthe new high-tech enterprises have an overall low level of enterprisevalue per capita and there is still a large gap comparing withdeveloped countries enterprises. The current technical capitalinvestment has significantly positive effect on corporate value whichis different from R&D s lag influence of enterprise value. Whereasthe first-lagged technical capital investment has no significantimpact on enterprise value, it shows that the first-lagged technicalcapital investment is not the important factor that affects theenterprise value. The current technical capital investment isnegatively related to the number of employees in short terms, and the first-lagged technical capital investment has significant effect onthe number of employees. Thus we can confirm that there is adifferent mechanism between technology’s influence on the enterprisevalue and the number of employees. The current and first-laggedtechnical capital investment both have significant effect onenterprise value per capita in short terms. The technical capitalinvestment s influence on enterprise value per capita depends on thetechnology s combinational effect on enterprise value and the numberof employees. Our main purpose of analyzing technology s influenceon enterprise value per capita is to find new paths to improveenterprise value.This paper contends that the production efficiency of ourcountry s new high-tech enterprise is relatively lower thandeveloped country s new high-tech enterprise. But the high returnof technical capital investment of new high-tech enterprise providesa good example of the future development path. The good policyenvironment provided by the government and the enterprise sattention on technology will promote the reasonable configuration oftechnical capital among enterprises.