| Innovation is an inexhaustible driving force to push forward social economic development.High-tech enterprises being knowledge-intense and technology-intense economic entities,bear the main task of innovation.Innovation investment as the main means of improving innovation ability and enterprise values,is able to have a significant influence on technological innovation activities.However,the uncertainty and high risk of innovation activities of high-tech enterprises increases the difficulties of innovation investment.The reasonable investment in innovation can help high-tech enterprises save innovation cost,raise technology innovation output,and improve innovation performance and innovation investment efficiency.This paper introduces innovation investment and its characteristics,as well as the connotation of innovation investment efficiency and its evaluation standard,and analyses the sources of high-tech enterprise innovation funds,then expounds innovation investment from internal and external aspects.On the basis,the paper discusses influence factors of innovation investment efficiency from macro and micro dimensions,and distinguishes from main influence factors with the help of AHP.The paper designs the evaluation index system of efficiency evaluation on innovation investment of high-tech enterprises,and puts forward a method to evaluate high-tech enterprises innovation investment efficiency by the means of BCC model of Date Envelopment Analysis,then takes a typical hightech enterprise Harbin Pharmaceutical Group from Heilongjiang Pronvice as an example,through its financial data from 2004 to 2013,to compare its innovation investment efficiency.The results reveal that Harbin Pharmaceutical Group should raise innovation investment intensity and financing scale,technical personnel proportion and asset-liability ratio as well as liquidity ratio is slightly less,better to increase.On the final part,the paper comes up with strategies of optimization,including input support strategy of innovation investment,improving the governance structure of high-tech enterprises,strengthening cash flow ability of high-tech enterprises innovation funds and optimizing the mechanism and process of innovation investment decision-making. |
PDF Full Text Request