高新技术企业财务管理的创新研究

【作者】 周鹏举；

【导师】 王明万；

【作者基本信息】 西南财经大学 ， 会计学， 2001， 硕士

【摘要】 高新技术企业是知识经济化的产物。它既是知识经济的入口，又是知识经济的支柱企业。它拥有的创新性技术不但能使人们用极少的资源耗费就可以创造出巨大的社会财富，而且还能够迅速扩散到传统的工农业中，引起产品质量和档次的提高，从而提高产品的竞争力、改善人们的生活质量。所以，世界各国都十分重视发展高新技术企业，以减少传统企业对有限资源的掠夺式消耗，提高产品的附加值和竞争力，增强本国的综合国力，保证国民经济的持续、快速和健康发展。正是在这种背景下，高新技术企业得到了快速发展，对经济增长的贡献越来越大，并逐渐取代传统企业而成为社会经济发展的核心。然而，与高新技术企业飞速发展不相适应的现状是，高新技术企业财务管理的理论和实践都很滞后。现行财务管理模式是建立在传统工业企业基础上的，以货币、实物等物质资本的筹集、运用为核心内容；强调的是从价值角度如何实施对财务资本的管理和运用，以实现资本的增值。这种财务管理模式忽视了知识资本对企业发展的重要作用，与高新技术企业以知识资本为主要经济资源的客观现实不相适应，不能满足其发展的需要。基于这种认识，笔者认为有必要对高新技术企业的财务管理加以研究，以构建适合其发展需要的财务管理新模式。本文共分三部分，按照先理论后实践的逻辑顺序，从分析高新技术企业的特点入手，引出高新技术企业对财务管理的新要求。再从理论角度阐述财务管理目标、财务管理对象的新发展。最后从理论与实践相结合的角度对高新技术企业的融资困境、企业资源（包括研究与开发投资、无形资产和人力资源）管理的新变化展开分析，提出相应的解决办法。现将各部分内容摘要如下：第一部分（第一章）论述了高新技术企业的界定、特点及对财务管理的新要求。高新技术企业是一个动态的、相对的概念，它是从事一种或多种高新技术研究与开发及其商品化转化和生产的经济实体。在不同的时代、不同的国家或地区有不同的内涵和相应的认定标准，<WP=3>准确把握高新技术企业的内涵和认定标准对促进其发展非常重要。与传统企业相比，高新技术企业将知识密集型、技术密集型融为一体，是典型的知识型企业。在这种企业，知识和技术在总资产中所占的比重上升、作用显著提高，成为决定企业生存和发展的根基。高新技术企业这种以知识资本为主的特点，客观上要求变革传统财务管理以财务资本（货币和实物资产）为主的管理模式，构建知识资本和财务资本并重的新型财务管理模式。第二部分（第二章）从理论角度论述了高新技术企业对财务管理基本概念的新发展。从财务管理目标看，传统财务管理以“股东财富最大化”为目标，这种目标就是要使股东投入企业资本的增值达到最大化，强调“财务资本至上”、“资本雇佣劳动”。它突出了股东的利益，满足了股东对投入资本保值增值的愿望，因而被广泛推崇。但这种仅仅局限于股东（所有者）的理财目标对高新技术企业却过于狭隘。与传统企业不同，高新技术企业是资金和技术的结合体，它的发展一方面离不开资金的支持，另一方面更需要技术的支撑。支撑高新技术企业发展的这种技术不是静止的、凝固的，而是动态的、发展的，需要企业高素质员工的不断开拓与创造。可见，员工在高新技术企业发展中所起的作用已较传统企业显著上升，员工加入企业后实际上给企业注入了人力资本。从资本具有增值性的角度看，员工应该拥有企业税后利润的分享权。因此，笔者认为，高新技术企业的财务管理目标在考虑股东（财务资本的所有者）的同时，应该考虑员工（人力资本的所有者）等企业相关者的利益，把企业的理财目标定位为“相关者利益最大化”。实施相关者利益最大化，有利于调动员工的积极性和创新性，充分发挥他们的主观能动作用，满足企业发展的需要。从财务管理对象看，既然高新技术企业是资金与技术的结合，知识、技术等知识资本已成为企业最重要的经济资源，那么企业财务管理的对象就不应该仅仅局限在财务资本上，而应该把知识资本纳入财务管理的对象，就是要对知识资本的构成、知识资本的特点、知识资本的培育、筹措、运营及效益评价等加以研究。这既要求企业把知识<WP=4>资本的运作当成企业理财工作的内生性要素来看待，又需要企业把培育和发展知识资本作为重要的理财战略。第三部分（第三、四章）从理论和实务相结合的角度探讨了高新技术企业如何开展融资、投资、资产管理、净利润分配等财务管理工作。在融资方面，成熟的高新技术企业不但可以通过银行信贷融资，而且可以通过资本市场融资，可利用的资金渠道较宽畅。而处于初创期的高新技术企业所拥有的主要是先进的技术成果，既缺少资金，又缺乏经验，融资非常困难。所以，本文主要对初期高新技术企业的融资问题加以探讨。笔者首先对初创期高新技术企业的融资困境展开分析：从资金需求上看，初创期高新技术企业表现出巨大的资金需求；从资金供给来看，由于初期高新技术企业无形资产在企业总资产中所占比重大，融资的杠杆率高，风险程度很大。因此，银行信贷等传统资金渠道往往不愿意为其提供资金服务；同时企业因尚未获得社会公众的认可也很难通过上市融通资更多还原

【Abstract】 The high and new-technology corporation is the result of knowledge economy. It is not only the entry of knowledge economy, but the underpinning corporation as well. Its holding of innovative technology, on one hand, produces great social fortunes from little consumption of resources; on the other hand, by spreading quickly to the traditional industry or agriculture, increases the quality and level of product, which are beneficial to increase its competitiveness and improve living standard of people. As the result, countries all over the world put great importance on the developing of the high and new-technology corporation, because it is beneficial to decrease the bad consumption of limited resources by the traditional industries, to increase the additional value and competitiveness of the products, to boost up the GDP of the country and to ensure the sustaining, fast and healthy development of national economy. The high and new-technology corporation, under such background, achieved great improvement, contributed more and more to the economy growth, and became the core of social and economic development in place of the traditional industries. However, the theory and practice of the high and new-technology corporation’s financial management lags behind, which is not in coincidence with the reality. Nowadays, financial management model, which was made on the basis of traditional industry, is cored by the raising and using of money and physical goods etc. From the respective of increment, it puts importance on the increment of money by the managing and using of financial capital. This model dismisses the importance of knowledge capital, not in coincidence with the objective reality of the high and new-technology corporation, which regards knowledge capital as the main economic resources. it can not meet the demand of improvement. Therefore, the author of this essay think it is essential to research the high and new-technology corporation’s financial management, in order to found a new financial management model suitable to development. This essay consists of three parts, in the logistic order of the theory to the practices. It is begun from the analysis of the characteristics of the high and new-technology, which lead to the new demand for the high and <WP=7>new-technology corporation’s financial management. Secondly, it explains the new progress of the goal and object of the high and new-technology corporation’s financial management from the point of theory. Lastly, in combination of theory and practices, it analyzes the new changes of the high and new-technology corporation’s financing dilemma and the high and new-technology corporation’s resources management, which include the research and exploit investment, intangible capital and human resources. It also provides some solvent ways. The following is the abstract of each part:Part 1(chapter 1) describes the definition and characteristics of the high and new-technology corporation, and the new demand for the high and new-technology corporation’s financial management. The high and new-technology corporation is a mobile and relative definition, it means the corporation engaged in the research and exploit of one or more high and new-technology, as well as the transition and production of the commodity. Since it has different definition and its recognizing standard in different times and different countries or areas, it is of great importance to get well known of its definition and standard. In contrast to the traditional industry, the high and new-technology corporation is the combination of knowledge-tensed and technology-tensed, a typical knowledge corporation. The knowledge and technology, which have a bigger part of the total capital and have more important role, are the basis of the high and new-technology corporation’s exist and develop. Therefore, the high and new-technology corporation calls for the change of financial management from the traditional financial capital-cored model to the new model cored by the knowledge and finance capital. Part 2(更多还原