Dynamic Investment Decision And Application Of Intellectual Capital In High-tech Start-up Enterprises

The GDP growth of 2015 for the first time fell to less than 7%,in such a not optimistic macroeconomic background,the high-tech industry has led the growth rate of 10.2%,the contribution of the high-tech industry for the entire national economic development is self-evident.In order to change the mode of the traditional high energy consumption of the extensive economic growth,the state proposed that we should walk the road of development of innovation driven and public entrepreneurship,innovation and peoples' slogan,strongly encourage people business and provide a relaxed environment for entrepreneurship.Therefore,in such context,growing high-tech start-ups are becoming the focus of our attention and research,in order to manage the high-tech start-ups,we need to understand the development of its intellectual capital and intellectual capital that plays an important role in creating value.This article first theoretically clarify the intellectual capital of the evolution of high-tech start-ups by collecting literature on the evolution of intellectual capital at home and abroad.Secondly,the growth of high-tech start-ups depends on the growing intellectual capital,which requires intellectual capital investment.However,the conventional static discounted cash flow method which represent the investment decision has been difficult to cope with the intellectual capital investment process of high uncertainty and dynamic multi-stage.Therefore,in order to solve this problem,this paper in-depth exploration of the evolution of intellectual capital basis by introduction of real options thinking,to build dynamic investment model of high-tech start-ups intellectual capital,they are dynamic investment model of evolution from human capital to organizational capital and organization capital to the relationship capital.Such a method of investment decision on one hand taking into account the complexity of the situation of intellectual capital investment during the high uncertainty and dynamic multi-stage hand,on the other hand,give full consideration to the strategic flexibility to choose the right dynamic process of investment companies owned by.In this way,it can really help entrepreneurs to make reasonable intellectual capital investment decisions in the complicated and changeable fierce competition.In this paper,theoretical analysis and mathematical model are used to construct a combination of methods.Through the study of the growth and development of the listed companies,we can identify the real options(the giving up option?the expansion option?the contraction option and so on)in the process of enterprise development,and the change option in the process of change of product technology in the organization and the change of the relationship capital investment.,and the dynamic investment model of intellectual capital is used to calculate the whole process.Finally,it is found that the real option model is more objective and reasonable to describe and consider the complexity of dynamic multi stage in the process of investment.Option itself is of value,in the process of investment should be fully consider the right to choose this strategy.Finally,the applicability and operability of the theory and model are verified by the case.In this paper,we start from the theory of logic to build real options model,the main conclusions are as follows:(1)the research object of this paper is the high-tech enterprise,firstly,based on the dynamic development of knowledge,we modified the SECI model of Nonaka's intellectual capital formation,making up the single knowledge generated form of SECI model that is conform the type of "knowledge spiral rise",then we add the perspective of high-tech enterprise and the evolution of knowledge(intellectual capital),and reveals that the investment of intellectual capital is the essence of intellectual capital.(2)This paper clarifies the new ventures and multi stage evolutionary logic in the transformation of entrepreneur human capital into organizational capital,and the organizational capital to relational capital.With the growth of entrepreneurial enterprises,the higher level of intellectual capital evolution,the greater the value of intellectual capital to create value.This is also the mechanism of intellectual capital to create value which can guide the knowledge management of entrepreneurial entrepreneurs to high-tech start-ups.(3)The investment of knowledge is highly uncertain,and the investment of intellectual capital may play a positive effect on the organizational learning effect,as well as the rigidity of intellectual capital investment due to the existence of organizational routines.Therefore,it is needed to develop the investment strategy in a dynamic perspective.(4)In the complex and volatile environment,there are many limitations of the traditional investment decision method,on the one hand,the idea of real options with multiple flexible options fit the dynamic evolution process of knowledge,according to this,we can explore the general path of multi stage dynamic investment of intellectual capital.On the other hand,the value of the option value is the same as the value of the asset.We can at a glance to draw the value of the project owned by investors at various points in time.This multi stage dynamic investment mechanism,as a guiding analysis framework,can not only help managers to deeply understand the relationship between project uncertainty and risk return,but also benefit for the financial subject to make reasonable management decisions in the process of the evolution of organizational capital and relational capital,which has strong operability and practical significance.The innovation of this paper is based on the positive effect(organizational learning effect)and the negative effect(organizational practice),call and put options in real options,based on the idea of real options,in the case of full consideration of the flexibility of the investment process in the different stages of the dynamic investment of intellectual capital to explore the general path,and build strong operability of real options binomial model guidance of high-tech entrepreneurial practice in specific investment decision problem.