Research On The Impact Of Technology And Finance On The Value Enhancement Of High-Tech Enterprises

Under the background of innovation-driven development strategy,it is of great significance to study the impact of regional technology and finance policy on the value enhancement of high-tech enterprises in the park.Selecting Zhongguancun Park,which has the leading role in national demonstration,and China’s Optics Valley Park,which is still in the period of growth and development,using text mining method,factor analysis method and Max-Min standardized processing,respectively,to construct the technology and finance T-F index of the meso-level of the two parks from 2011 to 2021;The theoretical analysis shows that the technology and finance policy affects the value of high-tech enterprises through the dual path of influencing the capital end and the knowledge end of the enterprise.It sets the mediating factor of the capital end path as the research and development cost of the enterprise and the mediating factor of the knowledge end path as the patent authorization amount of the enterprise.It takes the enterprise data of 53 high-tech enterprises registered in A shares in China’s Optical Valley and 466 high-tech enterprises in Zhongguancun from2011 to 2021 as two sets of samples.Combined with the constructed technology and finance T-F index of each park,the fixed-effect panel regression analysis is carried out.Firstly,the impact of technology and finance T-F index on the two intermediate variables is analyzed,and then the impact of technology and finance T-F index and the two intermediate variables on the value of high-tech enterprises is analyzed.Finally,the regression results of the two parks are compared and analyzed.The results show that the development of technology and finance in the two parks is on a steady rise,but the development of China’s Optical Valley is always weaker than that of Zhongguancun,and the development trajectories of technology and finance in the two parks are quite different from 2014 to 2018.The development gap of technology and finance between the two parks gradually narrows after 2018.Technology and finance can positively affect the value of high-tech enterprises through the dual paths of capital and knowledge.Technology and finance has a significant and significant positive impact on research and development expenses and patent licensing volume,and China Optics Valley has a greater positive impact;Research and development expenses and the amount of patent licenses have a significant positive impact on the value of high-tech enterprises,but the impact of the amount of patent licenses is not significant,although compared with Zhongguancun,China Optics Valley’s patent licenses have a greater positive impact on the value of high-tech enterprises;High-tech enterprises in China’s Optics Valley are more dependent on the technology and finance policy.Based on the analysis results,the paper puts forward countermeasures and suggestions to improve the construction of science and technology financial platform,establish a shared database among enterprises,rationally apply enterprise knowledge,utilize patented technology to "realize",strengthen the development of human resources in the park,attach importance to incentives and subsidies,seize the opportunity of comprehensive registration system and boost financing confidence.