CAJ | 학술논문

针对高新技术企业投资的特点,进行高新技术企业投资决策方法选择,并最终选取托宾Q方法进行决策。在决策时,回避用股价计量企业价值的缺陷,而通过EVA与企业价值的内在联系,将EVA引入企业价值计量。根据高新技术企业特点,选取对EVA值影响较大的调整项目,通过项目调整,企业价值计量结果更加合理,并在此基础上进行托宾Q方法的投资决策。将EVA引入托宾Q投资决策,避免了股价易受多因素影响且存在一定的主观性的弊端,决策更加有效,且避免了企业的短期决策,利于企业可持续发展。
침대고신기술기업투자적특점,진행고신기술기업투자결책방법선택,병최종선취탁빈Q방법진행결책。재결책시,회피용고개계량기업개치적결함,이통과EVA여기업개치적내재련계,장EVA인입기업개치계량。근거고신기술기업특점,선취대EVA치영향교대적조정항목,통과항목조정,기업개치계량결과경가합리,병재차기출상진행탁빈Q방법적투자결책。장EVA인입탁빈Q투자결책,피면료고개역수다인소영향차존재일정적주관성적폐단,결책경가유효,차피면료기업적단기결책,리우기업가지속발전。
In view of the investment characters of high-tech enterprises,this article applies the basic principle of Tobin Q theory to the method selection of investment decision-making,and ultimately selects Tobin Q method to make investment decisions.In decision-making,it tries to avoid the shortcomings of measuring enterprise value with stock price,and to introduce EVA to the measurement of enterprise value based on the internal relationship between the two.According to the characters of high-tech enterprises,it selects the items that have great impacts on EVA value,and makes enterprise value measurement more reasonable.Based on the above,Tobin Q method is used for investment decision making.The introduction of EVA into Tobin Q investment decision-making averts the subjectivity of measuring enterprise value with stock price and the short-term decision-making,which makes decision-making more effective and favors the sustainable development of enterprise.