Research On Value Driving Factors Of High-tech Enterprises Based On The Value Based Management

In order to adapt to the advent of the knowledge economic era,China is facing the problem of transformation and upgrading of the industrial structure,trying to shift from a demographic dividend country to a country with capital,technology,and talent as its core competitiveness.High-tech enterprises play a vital role in this period due to their high-tech and highly-educated talents.How to promote the high-quality development of high-tech enterprises has become an urgent problem to be solved.By analyzing the driving factors that affect the value of high-tech enterprises,continuously strengthening the factors that have a positive driving effect on enterprise value in the course of business operations,rationally allocating resources to promote the value of enterprises and achieving high-quality development of high-tech enterprises is a practical and feasible way.Therefore,based on the theory of value management,this paper identifies the driving factors of high-tech enterprises' value and studies their driving effects on corporate value,with a view to providing references and guidelines for high-tech enterprises to realize value enhancement.This article uses a combination of qualitative analysis and Empirical analysis.First,based on the analysis of the characteristics of high-tech enterprises,the value structure and value characteristics of high-tech enterprises,based on value management theory,the financial and non-financial drivers that affect the value of high-tech enterprises are identified and qualitative analysis the path to drive enterprise value.Then on the basis of qualitative analysis,select the data of high-tech enterprises listed on GEM from2015 to 2018,and use multiple linear regression method to empirically study the driving role of high-tech enterprise value drivers.The empirical results show profitability and short-term compensation,debt ability,growth ability,operation ability,technological innovation ability,human capital and intellectual capital have a positive driving effect on the value of high-tech enterprises,and corporate governance efficiency has a negative driving effect on the value of high-tech enterprises.In addition,innovatively applied quantile regression method to study the change of each driving factor to the value driving level of high-tech enterprises at different value levels.The empirical results show that as the value of the enterprise increases,each the driving force of the driving factors has changed,which indicates that high-tech enterprises at different levels of value should each have their own emphasis when managing enterprise value drivers.Finally,according to the results of qualitativeanalysis and Empirical analysis,corresponding policy recommendations are made.