基于技术创新的公司财务战略研究
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摘要
国际经济危机影响深远,依靠技术创新创造新的经济增长点和新的发展方式,是摆脱危机和持续发展的根本出路,技术创新已成为中国转变经济增长方式过程中的重要战略议题。企业是技术创新的微观主体。技术创新是一个从产生新产品或新工艺的设想到研究、开发、商业化生产的一系列活动。技术资本作为技术创新在财务学中的应用,它通过技术创新活动产生并进一步在生产中作为生产性投入,在一定时期内产生一种租费流或收入流的耐用技术资产。技术资本是新经济时期增强企业核心竞争力的关键要素资本,技术资本战略已成为公司的重要竞争战略。如何有效融入技术资本、扩展和完善财务战略理论,为公司技术创新实践提供理论支撑,正是理论界所急需解决的问题。
本文在研究设计方而,融合竞争战略理论与公司财务理论,吸收技术创新理论,以规范分析为主,定性分析和定量分析相结合,辅助性地采取案例分析方法,以技术创新的总体思路为基础,将技术资本引入公司财务战略之中,探索财务战略管理的理论与实务。作为生产要素的技术,主要指生产过程中的技能、技巧和技艺以及其术用载体。论文的内在逻辑或思路在于,阐述技术创新与公司财务的内在联系,技术资产演变为技术资本,技术资本投入形成公司财务的核心战略,以及基于技术创新理论的公司财务战略规划实施研究。
按照研究设计,本文在内容和结构方面,以公司财务战略规划的一般模型为基础,基于技术资本与财务战略目标内在逻辑一致性的论证,构建嵌入技术资本的财务战略规划模型,描述了财务战略目标、内外部环境和技术资本投资战略、融资战略和收益分配战略之间的诸多动态相互关系。接下来,基于技术资本财务战略规划模型,本文进一步就技术资本视角的投资战略、筹资战略与收益分配战略问题进行分析和阐述。
其一,技术资本投资战略应以构筑公司持续竞争优势为目标,并以此作为技术资本项目投资的评价标准,而不能以单一项目的投资回收期及净现值等财务指标进行投资项目的筛选,并应根据技术资本的生命周期以及技术变革趋势前瞻性地布局技术资本战略,核心技术以自主研发为宜。目前我国技术资本投资的主要问题在于企业作为技术资本投资的主体地位尚未完全确立、技术资本投资动力缺乏、技术投资规模与强度偏小,导致多数公司缺乏核心竞争力。对此,本文认为,我国企业应转变竞争意识,将竞争从终端产品前移至核心技术的研发环节,加大技术资本投资规模和投资强度。转变项目投资和管理层业绩评价方法,避免短期投资行为,使中国公司由来自劳动力的比较优势向基于先进技术的核心竞争优势转移。
其二,技术资本视角的筹资战略要与投资战略相匹配,使资本来源与运用、风险与收益相匹配。技术创新风险较高要求企业以权益资本为主,而技术创新的长期性与积累性要求企业拥有充足的现金积累和畅通的融资渠道,并不断提升长期筹资能力。原创性自主研发活动的独立性和保密性要求其应在公司内部开展,相应地,其资金来源应以股权资本和内源资本为主。鉴于融资约束已经成为我国企业实施技术资本投资战略、增强企业持续竞争优势的重要制约瓶颈,本文认为,目前可供企业选择的技术资本融资渠道与方式有：国家对企业技术资本投资的财政支持、政策性银行以及商业银行等金融机构对企业技术资本投资的金融支持、风险投资对公司技术资本投资的融资支持等。
其三,技术资本视角的收益分配战略应符合技术资本投、融资特征。技术资本投资的长期性与不确定性要求收益分配既要依据结果,又要依据过程,以鼓励技术创新；收益分配需要考虑对自主研发技术创新的主体——技术创新人员的有效激励,如,研发人员以其知识产权参与相应的收益分配,或技术入股参与企业利润分配并享有剩余索取权；基于投资、筹资和收益分配活动存在互为因果、彼此制约的关系,技术资本投资的高风险性在融资上表现为获取债权资本的困难性,收益分配还应考虑为企业后续的技术资本投资准备充足的内源资本。目前,我国企业基于技术资本收益分配存在的主要问题是对技术人才不够重视、忽视企业技术创新活动的全员性且缺少必要的技术创新激励政策。对此,本文认为企业应必须转变观念,重视科研人员对企业发展的重要作用,加大和完善对技术创新的有效激励。
本文选取典型案例美国高科技公司——思科公司,对其财务战略进行分析,论证技术资本战略在现实企业可以很好应用和实施。其中,思科公司融资战略的特点是利用股票融资、保留盈余而不采用长期债务融资,降低财务风险以有效控制公司整体风险水平。思科公司的投资战略实质就是技术资本投资战略。思科公司采用技术并购和自主研发两种方式获取技术资本,并购正在研制新产品的新公司迅速获取技术与技术人才以及相应的市场,同时通过大力加强自身的研发,提高公司的技术整合能力和技术创新能力,增强公司的核心竞争力。思科公司收益分配特点是长期采用零现金股利政策、重视股东和员工利益。
本文研究结论表明,财务学引入技术创新理论可行有效,技术资本与公司财务资本等其他资本的优化配置,已成为公司财务战略的基础性内容。
International economic crisis has a far-reaching impact, only relying on technological innovation to create new economic growth point and new development way, we can get rid of the crisis and achieve sustainable development. Technical innovation has become strategic issues in the process of China's economic growth mode transformation. Enterprises is the main body of technical innovation.Technology, as factors of production, is the skills, techniques and their corresponding carrier in the process of production.Technology innovation is a series of activities, from the generation of new product or new technology vision to research, development, commercial production. Technology capital,as technical innovation in finance application, is produced from the technology innovation activities, and it can produce a stream of rent or income in a period of time as productive inputs in a further manufacturing process. Technology capital is the key factors contributing to the core competitiveness in a new economic era, Technology capital strategy has became the important competitive strategy.How to effectively integrate into the technology capital, to expand and perfect the theory of financial strategy, to provide theoretical support for technical innovation of enterprises, which is just the urgent problems of the theorists.This paper combines the theory of corporate finance and the theory of competitive advantage, absorbing the technology innovation theory, with normative analysis mainly, qualitative analysis and quantitative analysis, assist to take the case analysis method,based on the overall thought of the technological innovation, put the technology capital into the company financial strategy, carry out research.
This thesis base on the general model of corporate financial strategy planning, and the argument of technology capital and financial strategic objectives internal logical consistency,constructes financial strategic planning model from the perspective of technology capital,which describe many dynamic correlation between the financial strategic objectives, internal and external environment and the specific investment, financing and profit allocation strategies and, demonstrate the interaction between key variables which support for financial strategic target.
Base on technology capital financial strategic planning model,this article launches the research on investment strategy, financing strategy and income distribution strategyfrom the angle of technology capital
One, technical capital investment strategy should be to build the company sustainable competitive advantage for the target,which is as screening evaluation criteria of the investment plan, rather than investment recovery period, net present value. According to the life cycle of technology capital, layout technology strategy prospectively, core technology to independent research and development for the appropriate.At present,the main problem of our country enterprise technology capital investment is that enterprise as the technology capital investment main body status has not yet been fully established, lack motivation of technology capital investment, technology investment scale and strength is little, these factors led to most companies lack the core competitiveness. To this, this paper thinks, Chinese enterprises should change the sense of competition, take the competition from the terminal product forward to the core technology R&D technology, increase the scale of technology capital investment and investment intensity. Change project investment and management performance evaluation methods, avoid short-term investment behavior, make Chinese companies from labor cost comparative advantage to the core competitive advantage based on the advanced technique transfer.
Second,Financing strategy should be based on the fund demand of technology capital investment strategy, in order to match the capital source and apply, as well as risk and revenue. Because technology innovation risk is higher, company should be based on equity capital mainly.and because independent research and development time is longer, the enterprise should have long-term financing ability. Independent research and development activities has independent and confidentiality. The original research and development will be carried out in the company, the company should be based on equity capital and endogenous capital as the main source of funds. In view of financing constraints have become China's enterprises in the implementation of technology capital investment strategy, strengthens the enterprise sustainable competitive advantage important bottleneck, the article thinks, currently available for enterprises to choose the technology capital financing channel and way:the state financial support of enterprise technology capital investment, the enterprises technology capital investment financial support which come from state-owned policy banks, commercial banks and other financial institutions, risk investment on corporate technology capital investment financing support, as well as risk investment on technology capital investment financing support.
Third, technology capital income distribution strategy should conform to the technical capital investment, financing characteristics. Due to the long term and uncertainty of technology innovation, income distribution shoule base both the result and the process.in order to encourage technical innovation. Income distribution should be able to incentive technology innovation personnel effectively,such as, R&D personnel can use his intellectual property involve in the distribution of income, or share the profits of enterprises and enjoy the right of residual claim in the form of technology shares. In addition, due to the investment, financing and distribution activities are reciprocal causation, restricts each other, technology capital investment hash high risk, which leads to the difficulty in obtaining credit capital, so income distribution should considere adequate endogenous capital for technical capital investment plan of enterprise.At present, the main problem our country enterprise based on technology capital gains distribution is pay enough attention to technical personnel, neglect of the enterprise technology innovation comprehensive characteristics, lack of necessary policy of technical innovation drive and so on. To this, this paper argues that the enterprises must change the idea, pay attention to scientific research personnel are important for the development of enterprises, increase and improve the technology innovation incentive.
Finally, this paper adopts the method of typical case, take the United States high-tech companies--Cisco company as an example, analyzed and elaborated the Cisco company's investment strategy, financing strategy and distribution strategy. Cisco company financing strategy is characterized by the use of equity financing, retained earnings rather than a long-term debt financing, which can more reduce financial risk, in order to balance the high-tech company technology capital investment risk, effectively control the company's overall risk level. Cisco company's technical capital investment strategy is the most important and most crucial investment strategy. Cisco company obtained technology capital by the way of technology M&A and R&D, purchased the new company, rapidly accessed to technology and then get technical innovation talent. At the same time, through great efforts to strengthen independent research and development, improve the company's ability to integrate technology and technological innovation capability, enhance the company's core competitiveness. Cisco's income distribution is characterized by long-term zero-cash dividend policy and attach great importance to the interests of shareholders and employees.
The research results show that Introducing the theory of technology innovation in Finance is feasible and effective, technology capital and financial capital and other capital optimize configuration, has become the basic content of financial strategy.
本文在研究设计方而,融合竞争战略理论与公司财务理论,吸收技术创新理论,以规范分析为主,定性分析和定量分析相结合,辅助性地采取案例分析方法,以技术创新的总体思路为基础,将技术资本引入公司财务战略之中,探索财务战略管理的理论与实务。作为生产要素的技术,主要指生产过程中的技能、技巧和技艺以及其术用载体。论文的内在逻辑或思路在于,阐述技术创新与公司财务的内在联系,技术资产演变为技术资本,技术资本投入形成公司财务的核心战略,以及基于技术创新理论的公司财务战略规划实施研究。
按照研究设计,本文在内容和结构方面,以公司财务战略规划的一般模型为基础,基于技术资本与财务战略目标内在逻辑一致性的论证,构建嵌入技术资本的财务战略规划模型,描述了财务战略目标、内外部环境和技术资本投资战略、融资战略和收益分配战略之间的诸多动态相互关系。接下来,基于技术资本财务战略规划模型,本文进一步就技术资本视角的投资战略、筹资战略与收益分配战略问题进行分析和阐述。
其一,技术资本投资战略应以构筑公司持续竞争优势为目标,并以此作为技术资本项目投资的评价标准,而不能以单一项目的投资回收期及净现值等财务指标进行投资项目的筛选,并应根据技术资本的生命周期以及技术变革趋势前瞻性地布局技术资本战略,核心技术以自主研发为宜。目前我国技术资本投资的主要问题在于企业作为技术资本投资的主体地位尚未完全确立、技术资本投资动力缺乏、技术投资规模与强度偏小,导致多数公司缺乏核心竞争力。对此,本文认为,我国企业应转变竞争意识,将竞争从终端产品前移至核心技术的研发环节,加大技术资本投资规模和投资强度。转变项目投资和管理层业绩评价方法,避免短期投资行为,使中国公司由来自劳动力的比较优势向基于先进技术的核心竞争优势转移。
其二,技术资本视角的筹资战略要与投资战略相匹配,使资本来源与运用、风险与收益相匹配。技术创新风险较高要求企业以权益资本为主,而技术创新的长期性与积累性要求企业拥有充足的现金积累和畅通的融资渠道,并不断提升长期筹资能力。原创性自主研发活动的独立性和保密性要求其应在公司内部开展,相应地,其资金来源应以股权资本和内源资本为主。鉴于融资约束已经成为我国企业实施技术资本投资战略、增强企业持续竞争优势的重要制约瓶颈,本文认为,目前可供企业选择的技术资本融资渠道与方式有：国家对企业技术资本投资的财政支持、政策性银行以及商业银行等金融机构对企业技术资本投资的金融支持、风险投资对公司技术资本投资的融资支持等。
其三,技术资本视角的收益分配战略应符合技术资本投、融资特征。技术资本投资的长期性与不确定性要求收益分配既要依据结果,又要依据过程,以鼓励技术创新；收益分配需要考虑对自主研发技术创新的主体——技术创新人员的有效激励,如,研发人员以其知识产权参与相应的收益分配,或技术入股参与企业利润分配并享有剩余索取权；基于投资、筹资和收益分配活动存在互为因果、彼此制约的关系,技术资本投资的高风险性在融资上表现为获取债权资本的困难性,收益分配还应考虑为企业后续的技术资本投资准备充足的内源资本。目前,我国企业基于技术资本收益分配存在的主要问题是对技术人才不够重视、忽视企业技术创新活动的全员性且缺少必要的技术创新激励政策。对此,本文认为企业应必须转变观念,重视科研人员对企业发展的重要作用,加大和完善对技术创新的有效激励。
本文选取典型案例美国高科技公司——思科公司,对其财务战略进行分析,论证技术资本战略在现实企业可以很好应用和实施。其中,思科公司融资战略的特点是利用股票融资、保留盈余而不采用长期债务融资,降低财务风险以有效控制公司整体风险水平。思科公司的投资战略实质就是技术资本投资战略。思科公司采用技术并购和自主研发两种方式获取技术资本,并购正在研制新产品的新公司迅速获取技术与技术人才以及相应的市场,同时通过大力加强自身的研发,提高公司的技术整合能力和技术创新能力,增强公司的核心竞争力。思科公司收益分配特点是长期采用零现金股利政策、重视股东和员工利益。
本文研究结论表明,财务学引入技术创新理论可行有效,技术资本与公司财务资本等其他资本的优化配置,已成为公司财务战略的基础性内容。
International economic crisis has a far-reaching impact, only relying on technological innovation to create new economic growth point and new development way, we can get rid of the crisis and achieve sustainable development. Technical innovation has become strategic issues in the process of China's economic growth mode transformation. Enterprises is the main body of technical innovation.Technology, as factors of production, is the skills, techniques and their corresponding carrier in the process of production.Technology innovation is a series of activities, from the generation of new product or new technology vision to research, development, commercial production. Technology capital,as technical innovation in finance application, is produced from the technology innovation activities, and it can produce a stream of rent or income in a period of time as productive inputs in a further manufacturing process. Technology capital is the key factors contributing to the core competitiveness in a new economic era, Technology capital strategy has became the important competitive strategy.How to effectively integrate into the technology capital, to expand and perfect the theory of financial strategy, to provide theoretical support for technical innovation of enterprises, which is just the urgent problems of the theorists.This paper combines the theory of corporate finance and the theory of competitive advantage, absorbing the technology innovation theory, with normative analysis mainly, qualitative analysis and quantitative analysis, assist to take the case analysis method,based on the overall thought of the technological innovation, put the technology capital into the company financial strategy, carry out research.
This thesis base on the general model of corporate financial strategy planning, and the argument of technology capital and financial strategic objectives internal logical consistency,constructes financial strategic planning model from the perspective of technology capital,which describe many dynamic correlation between the financial strategic objectives, internal and external environment and the specific investment, financing and profit allocation strategies and, demonstrate the interaction between key variables which support for financial strategic target.
Base on technology capital financial strategic planning model,this article launches the research on investment strategy, financing strategy and income distribution strategyfrom the angle of technology capital
One, technical capital investment strategy should be to build the company sustainable competitive advantage for the target,which is as screening evaluation criteria of the investment plan, rather than investment recovery period, net present value. According to the life cycle of technology capital, layout technology strategy prospectively, core technology to independent research and development for the appropriate.At present,the main problem of our country enterprise technology capital investment is that enterprise as the technology capital investment main body status has not yet been fully established, lack motivation of technology capital investment, technology investment scale and strength is little, these factors led to most companies lack the core competitiveness. To this, this paper thinks, Chinese enterprises should change the sense of competition, take the competition from the terminal product forward to the core technology R&D technology, increase the scale of technology capital investment and investment intensity. Change project investment and management performance evaluation methods, avoid short-term investment behavior, make Chinese companies from labor cost comparative advantage to the core competitive advantage based on the advanced technique transfer.
Second,Financing strategy should be based on the fund demand of technology capital investment strategy, in order to match the capital source and apply, as well as risk and revenue. Because technology innovation risk is higher, company should be based on equity capital mainly.and because independent research and development time is longer, the enterprise should have long-term financing ability. Independent research and development activities has independent and confidentiality. The original research and development will be carried out in the company, the company should be based on equity capital and endogenous capital as the main source of funds. In view of financing constraints have become China's enterprises in the implementation of technology capital investment strategy, strengthens the enterprise sustainable competitive advantage important bottleneck, the article thinks, currently available for enterprises to choose the technology capital financing channel and way:the state financial support of enterprise technology capital investment, the enterprises technology capital investment financial support which come from state-owned policy banks, commercial banks and other financial institutions, risk investment on corporate technology capital investment financing support, as well as risk investment on technology capital investment financing support.
Third, technology capital income distribution strategy should conform to the technical capital investment, financing characteristics. Due to the long term and uncertainty of technology innovation, income distribution shoule base both the result and the process.in order to encourage technical innovation. Income distribution should be able to incentive technology innovation personnel effectively,such as, R&D personnel can use his intellectual property involve in the distribution of income, or share the profits of enterprises and enjoy the right of residual claim in the form of technology shares. In addition, due to the investment, financing and distribution activities are reciprocal causation, restricts each other, technology capital investment hash high risk, which leads to the difficulty in obtaining credit capital, so income distribution should considere adequate endogenous capital for technical capital investment plan of enterprise.At present, the main problem our country enterprise based on technology capital gains distribution is pay enough attention to technical personnel, neglect of the enterprise technology innovation comprehensive characteristics, lack of necessary policy of technical innovation drive and so on. To this, this paper argues that the enterprises must change the idea, pay attention to scientific research personnel are important for the development of enterprises, increase and improve the technology innovation incentive.
Finally, this paper adopts the method of typical case, take the United States high-tech companies--Cisco company as an example, analyzed and elaborated the Cisco company's investment strategy, financing strategy and distribution strategy. Cisco company financing strategy is characterized by the use of equity financing, retained earnings rather than a long-term debt financing, which can more reduce financial risk, in order to balance the high-tech company technology capital investment risk, effectively control the company's overall risk level. Cisco company's technical capital investment strategy is the most important and most crucial investment strategy. Cisco company obtained technology capital by the way of technology M&A and R&D, purchased the new company, rapidly accessed to technology and then get technical innovation talent. At the same time, through great efforts to strengthen independent research and development, improve the company's ability to integrate technology and technological innovation capability, enhance the company's core competitiveness. Cisco's income distribution is characterized by long-term zero-cash dividend policy and attach great importance to the interests of shareholders and employees.
The research results show that Introducing the theory of technology innovation in Finance is feasible and effective, technology capital and financial capital and other capital optimize configuration, has become the basic content of financial strategy.
引文
①国务院总理温家宝于2010年3月5日在第十一届全国人民代表大会第三次会议上所作的政府工作报告
②对话路甬祥：中国不能再与科技跟名失之交臂.人民日报.2009.9.8
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1王燕梅.高技术产业化中的融资问题研究.中国工业经济.2000年第9期：71页
1吴世农,吴育辉.财务分析与决策.北京大学出版社.2008.3：278页
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②对话路甬祥：中国不能再与科技跟名失之交臂.人民日报.2009.9.8
1 Thomas A.Stewart and Tom Stewart,Intelleetual Capital:TheNew Wealth of organizations,double day,1997
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[1]Tom Copelnad, Tim Koller, Jack Murrin.Valuation:Maesuring and Managing the value of ComPanies(3rd Edition)[M]北京：电子工业出版社,2002(7)：1-5，101-234.
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[3]Harold Bierman Jr.,Corporate Financial Strategy and Decision and Making to Increase Shareholder Value.New Hope,Pennsylvania:Frank J Fabozzi Associates,1999,pp.16-18
[4]罗福凯.论公司财务的价值创造功能.财会通讯(学术版).2004(2).第4页。
[5]罗福凯.论要素资本——从一则故事谈起.财经理论与实践.2009.1：P8
[6]罗福凯.要素资本平衡表：一种新的内部资产负债表.中国工业经济.2010.2：90-94
[7]Berg,B.L..& Lawrence,B.2001.Qualitative research methods for the social sciences(Fourth edition):Allyn and bacon Boston,A Pearson Education Company.
[8]项保华,张建东.案例研究方法和战略管理研究.自然辩证法通讯.2005.5：P63
[9]武页军等.中国企业战略：现状、问题及建议.管理世界.2010.6：91-93
[10]Joe Tidd. Innovation management in context:environ-ment, organization and performance. International Journal of Management Reviews,2001,Vol.3,No.3,pp.169-183
[11]Pratibha Malaviya. Innovation Management in Organiza-tional Context:An Empirical Study. Global Journal of Flexible Systems Management,2005,Vol.6, No.2,pp.1-14
[12]王方华,吕巍.公司战略管理[M].复旦大学出版社.1999：238.
[13]Prahalad,C.K.,Hamel and Gary" The Core Competence of the Corporation",Harvard Business Review68(May/June 1990),pp.79-91
[14]J.A.Schumpeter,Capitalism,Socialism and Democracy,3rd edition,Harper&Row,New York,1950.
[15]J.Friar and M.Horwitch, "The Emergence of Technology Strategy:A New Dimension of Strategic Management," Technology in Society 7(1985),pp.78-143.
[16]K B. Clark. What strategy can do for technology, Harvard Business Review, Nov-Dec.1989, PP94-98
[17]Michael E. Poter. Competitive Advantage,FreePress.New York,1980,中译本参见：《竞争优势》,陈小悦译,华夏出版社.1997年
[18]M.E.Porter, " The Technological Dimension of Competitive Strategy," Research on Technological Innovation, Management,and Policy 1(1983),pp.1-33.
[19]陈红兵一，练吕曙.关于“技术是什么”的对话.自然辩证法研究.2001.4：P7
[20]罗福凯,李鹏.论要素资本理论中的技术、信息和知识[J].东方论坛,2008(5)：76-82.
[21]罗福凯.要素资本平衡表：一种新的内部资产负债表.中国工业经济.2010.2：P90
[22]保罗·萨缪尔森,威廉·诺德豪斯著.萧琛主译.经济学(第17版)人民邮电出版社，2004.1：219-221页
[23]罗福凯.要素资本平衡表：一种新的内部资产负债表.中国工业经济.2010.2：90-94
[24]Von Clausewitz K..On War Volume I,London:Kegan Paul,1976.p.177.
[25]毛泽东.毛泽东选集.第1卷,北京：人民出版社.1978：172页.
[26]《辞海》,上海：辞书出版社,1980：1351页.
[27]阎达五、陆正飞.论财务战略的相对独立性.会计研究.2000(9)：21-24页。
[28]刘志远.公司财务战略.大连：东北财经大学出版社.1997：25页。
[29]吉全贵.现代财务战略与策略.北京：中国轻工业出版社.2001：36页。
[30]郭复初领著.财务专论.立信会计出版社.1998.
[31]罗福凯.战略财务管理.青岛海洋大学出版社,2000年：3页
[32]魏明海.财务战略一一着重周期性因素影响的分析.北京：中国财政经济出版社.2000：7页。
[33]周朝琦.公司财务战略管理.北京：经济管理出版社.2001：16页。
[34]胡国柳.公司财务战略与财务控制.北京：清华大学出版社.2004：8页。
[35]阎达五、路正飞.论财务战略的相对独立性—兼论财务战略及财务战略管理的基本特征.会计研究.2000.9：7页
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