Study On The Performance Evaluation Of Financial Strategy Of Listed High-tech Enterprises In China

Since the 20 th century,with the booming development of science and technology,tons of high-tech enterprises have been enjoying an era of rapid developing.Currently,if we were to evaluate the comprehensive competitiveness and level of sustainable development of a nation,the development of its high-tech industries would without doubt be one of the main focuses.As we focus on the development of high-tech enterprises,a series of new problems have emerged.Due to the unique high level of capital and technological intensity,the performance evaluation of high-tech enterprises cannot be completely consistent with that of traditional ones.The traditional means in the performance evaluation used in high-tech enterprises leads to one-dimension results and hence cannot support the sustainable development of high-tech enterprises.Therefore,it is realistically significant for high-tech enterprises to build a set of practical,scientific system about the performance evaluation.Having analyzed the domestic and foreign experts and scholars on the research status of enterprise financial strategic performance evaluation,this paper determines the selection of factor analysis and entropy method of evaluation scoring method through the comparative analysis of enterprise financial strategic performance evaluation method.Based on the combination of the characteristics of listed high-tech enterprises in China and the influencing factors of financial strategic performance,this paper,from the perspective of financial activities of enterprises,links the process of product input and output,and constructs the index system of financial strategic performance evaluation of listed high-tech enterprises.Factor analysis was used to extract the main factors from the 15 indexes finally determined and calculate the score of the factors.Then entropy method was used to calculate the entropy weight of the main factors and the comprehensive score of the sample enterprises’ financial strategic performance.According to the score results,the financial strategic performance of listed high-tech enterprises was evaluated.Then,based on Tobin’s q,this paper conducts the validity test of financial performance evaluation,and verifies again whether the financial strategic performance evaluation index system designed in this paper is reasonable.Eventually,from the perspective of internal improvement and external guarantee,the paper puts forward policy suggestions to improve the financial strategic performance of listed high-tech enterprises in China.It is found that the product input of listed high-tech enterprises has a significant impact on the financial strategic performance,and the impact of talent management on the financial strategic performance is only second to the product input,which is equally important as the financial factors.The financial strategic performance of famous enterprises with large assets is better than those with small assets;enterprises with good financial performance lay more emphasis on investment in the research and development of products and focus on the growth of enterprises.