Research on Flexibility of Financial Management of High-tech Enterprises

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1 Inernonl Journl o Bune nd Socl Scence Vol. 4 No. 7 [Specl Iue Decemer ] Reerch on Flexly o Fnncl Mngemen o Hgh-ech Enerpre Huje u Fn ng Jun Mngemen School Shngh Unvery o Engneerng nd Scence Chn Arc Hgh-ech enerpre re chrcerzed y hgh rk, rdonl nncl mngemen cnno ully dp o he developmen o hgh-ech enerpre. Th pper concerned wh hgh-ech enerpre lexle nncl mngemen, reducng he mpc o nncl envronmen uncerny nd nncl need uncerny, lowerng nncl rk. Th pper nlyze he chrcerc o he hgh-ech enerpre nncl mngemen nd he envronmenl o mplemenng lexle nncl mngemen nd he operly nd nroduce he mehod o he merc o he level o nncl mngemen lexly. Through he ove nly, he mplemenon o lexle nncl mngemen n hgh-ech enerpre condered ele. Key Word: Hgh-ech enerpre, Fnncl mngemen, Flexle mngemen Inroducon The reerch on lexly nd lexle mngemen rod hd red rom 9. Seer,R.M. (975) r nroduce he concep o lexly o he mngemen re. Slck,N(98) condered lexly he ly o chnge wh chnge, he me me, he eleved h lexly cn e repreened y cope, me nd co. Wng Hucheng(99) pu orwrd h n nncl mngemen mu comply wh he prncple o elcy nd h prncple conducve o enhnce he lexly o nncl mngemen. Deng Mngrn() dened nncl yem lexly he ly o del wh he envronmenl chnge or he uncerny cued y he chnge rom me o me. Th ly con o he uerng cpcy, dply nd nnovon ly. They regrded lexly dpve repone o he envronmen uncerny, he ly o hndle he chnge nd uncerny. The lexly oen ex long wh he uncerny. In hor, he lexly he relence o envronmenl chnge. Flexle nncl mngemen he ly h he nncl yem dp o he nncl envronmenl chnge quckly nd eecvely nd o del wh he uncerny cued y he envronmen. Speclly pekng, he ly o mke nncl decon ccordng o he vron o nner nd ouer envronmen quckly nd correcly nd o hndle he uncerny n he nncl mngemen connued nd yemclly hrough chevng he nncl decon mely nd co-eecvely. When compred wh he rdonl nncl mngemen, he lexle nncl mngemen emphze lexly nd ke nonprogrmmed mehod n he nncl mngemen mehod, ocue on dvercon regy nd mrkeledng regy o rc nd ren cuomer n he domnn regy nd preer l rucure o vercl rucure o mke he corpore orgnzonl rucure lexle nd he enerpre ey o e mnged n he orgnzonl rucure when compred wh he rdonl nncl mngemen.. The Feure o Hgh-ech Enerpre Fnncl Mngemen. The Grdul Incree n he Proporon o Inngle Ae In he knowledge-ed economy, he ngle e uch equpmen, pln nd nvenory no longer occupy mjor poon n hgh-ech enerpre. Ined, he nngle e uch pen, rdemrk nd goodwll ply n mporn role n he exence nd developmen o he enerpre. Thereore he nngle e wll ecome he mn nvemen ojec n he er o knowledge economy. 6

2 The Specl Iue on Bune, Humne nd Socl Scence Cener or Promong Ide, USA Wh he ncree n he R&D expene o nngle e, he corporon hould dju own nvemen decon ccordng o own nvemen uon. The corporon hould enhnce he ly o he collecon, rckng nd eedck o he normon o nngle e. The hgh-ech enerpre hould elh her own compeve dvnge hrough he ndependen reerch nd developmen o he nngle e nd echnologcl nnovon.. The Ch Flow Mngemen Become n Imporn Elemen n Corpore Fnncl Mngemen The ch low volly o he hgh-ech hgh. The lexly o he ch nvemen mng nd he numer o he ch nvemen re hgh due o he R&D cve requen. I mu redju he ch udge or he reon h he compny h o cope wh he emergency uon nd eze new opporune. The chrcerc o hgh-rk my led o he lure o he new produc, h men h here no gurnee when o recover he ch nd how much ch cn e recovered. The compny ce he rk h he ch low wll e cu o ny me. And due o he low proporon o ngle e vlle or ecured n he hgh-ech enerpre, whch deermne he exernl nncng ecome more dcul, he compny h o ue he nernl nncng, h men he compny mu ren ucen ch low.. Hgh-ech Enerpre Should Srenghen he Rk Mngemen The mn rk ced y he hgh-ech enerpre re n hree repec. The r repec he uncerny o he echnology developmen. The cornerone o he urvvl nd developmen o he hgh-ech enerpre he echnologcl nnovon nd developmen. The nvemen, he cle nd he perod n he echnologcl nnovon nd developmen re unprecedened. And hrd o predc he progrm ucce or lure nd he economc ene. Once he mrke doe no ccep h new produc, he une wll e everely eced. The hrd repec he melne o he cenc nd echncl knowledge. The hgh-yeld o he hgh-ech enerpre oen ueled y he monopoly nd excluvy conned n he corpore good..4 Humn Cpl Prcpe n he Aer-x Pro Druon The hgh-ech enerpre mu conder he queon h how o move he cenc nd echncl or he reon h hee grp he core echnology o he corporon. In order o ren he len, he enerpre gve he employee more ene nd lo o he hgh-ech enerpre even drue he redul pro mong he employee.. The Envronmen B nd he Operly n he Implemenon o he Flexle Mngemen n he Hgh-ech Enerpre. The Envronmen B n he Implemenon o he Flexle Mngemen There mu e cern envronmen n he mplemenon o he lexle nncl mngemen n he hghech enerpre. In he legl envronmen, he ncome x re or he hgh-ech enerpre he preerenl x re o 5%. Th more nclned o he hgh-ech enerpre nd more conducve o he mplemenon o he lexle nncl mngemen. In he nncl mrke envronmen, he commercl nk re oen relucn o provde lon o he hgh-ech enerpre n he eed ge due o lckng o ngle e cn e ecured. The enerpre cn or he rk cpl grdully rn o he r-up perod nd he pulc nncng lo n mporn wy o re und. The nncl mrke provde vrey o und-rng wy or he developmen o he hgh-ech enerpre. The corporon hould elec he ppropre nncng mehod on he o he nnce o el. The mplemenon o he lexle nncl mngemen cn re he lexly o he nncng. In he echnologcl envronmen, he hgh-ech enerpre develop rpdly wh he dvncemen o echnology n Chn.. The Operly o he Implemenon o he Flexle Mngemen Fnncl mngemen nclude he udge mngemen, nncng mngemen, nvemen mngemen, workng cpl mngemen nd ncome druon mngemen n generl.in erm o udge mngemen, he nncl udge hould e n lne wh mrke rend nd e gudle developmen o he enerpre, nd cn e le o mke djumen o mke he udge more lexle ccordng o he chngng mrke envronmen. I cn dju n ccordnce wh he peccon proce ed on he chnge n he mrke envronmen n he udge mplemenon proce. In he udge evluon, hould ke he rk nd chnge no ccoun o evlue he udge. In hor, cn mplemen he lexle mngemen n he vrou ep o he nncl udge. 7

3 Inernonl Journl o Bune nd Socl Scence Vol. 4 No. 7 [Specl Iue Decemer ] In he nncng mngemen, he hgh-ech enerpre re n lrge demnd o und-rng nd need he uppor o vrou ocl ecor. Thereore, he corporon hould elec he ppropre mode o nncng ccordng o he corporon ge o mprove he lexly o he undng mngemen. In he nvemen mngemen, he hgh-ech enerpre conduc he lexle mngemen o he nvemen rucure mnly ed on he ge o he enerpre. In erm o he R&D nvemen cn elec he nvemen progrm y nlyzng he nvemen opporuny nd he nvemen vlue o enure he R&D nvemen n lne wh he mrke rend nd he cul uon o he enerpre n erm o he R&D nvemen. In he workng cpl mngemen, he hgh-ech enerpre hould elec he workng cpl mngemen progrm ed on le cycle chrcerc. In he eed ge, he corporon no nvolved n he mngemen o nvenory or ccoun recevle. In he r-up ge, he corporon ren pr o lqudy nd mll pr o nvenory need o mnge. The ch mngemen nd he recevle mngemen re mnly reled o he growh ge. In he ncome druon mngemen, he hgh-ech enerpre hould elec ppropre dvdend druon polcy ccordng he corporon nncl uon. The corporon cn ren he key echncl peronnel y llowng he employee o prcpe n he druon due o he hgh-ech enerpre re len-nenve enerpre. I cn cheve he eec o ncenve y llowng he employee o hold compny ock o mprove he employee ujec concoune or le he employee prcpe n he ncome druon y he vrul ock. 4. The Meuremen o Fnncl Mngemen Flexly The rpd developmen o cence nd echnology one o he reon or he nererence ource o hgh-ech enerpre. I wll no produce nncl nererence when he ource occur, u occur wh nnce or he med o normon. There proce o evoluon o nerere n corpore nnce rom he occurrence o nererence ource. The nererence neny curve n Fgure : p d g( ) d g( ) Fgure: The Inererence Ineny curve The rengh wek when he nererence ju occur, he neny ncree er he nererence ncree. The neny egn lowly when he curve ner he mxmum nererence neny me nd declne er, he nererence neny curve convex n h perod. e: e he ource o nererence, he me o he occurrence o he nererence ource, he me o he nererence, he mxmum me o he nererence neny, () uncon o he proly o occurrence o nererence, d=g() he nererence neny, e=e() he nncl decon, n eme o g(), he q( ) he proly o he mplemenon o he decon, d he me rom o mkng decon, he me o chevng decon, = d + he decon recon me, v he re o he recon, hen: v g ( g ( ) d ) d () 8

4 The Specl Iue on Bune, Humne nd Socl Scence Cener or Promong Ide, USA In Fgure, v= he voded nererence/ he ol nererence pror o when < <. g ( ) d he ol nererence pror o, g( ) d he voded nererence due o chevng decon. The proly o correc decon p. p= he voded lo/ he ol lo= e ( ) d g ( ) d. () The decon-mkng uncerny u ( ). () log d The degree o he uncerny o mkng decon, he proly o mkng correc decon, he proly o chevng decon nd he re o he recon relec he nncl ly o del wh he uncerny. u(he lexly)= up q( ) v ( p, q( ), v ).(4) A p, q( ), v, nd u +, n order o ndce he equl mpornce o hee our, lmng u n [,].Selecng crcl vlue o he occurrence proly ccordng o he cul uon, he even h he proly lower o he vlue h cn e gnored, he correpondng uncerny u, wh u/u uung u,nd u/u u. 5. The Meuremen o Ne Bene o Fnncl Mngemen Flexly nd he Monorng o Flexly evel 5. The Economc Prncple o Fnncl Mngemen Flexly The lexle ene o hgh-ech enerpre nncl mngemen re he ne ene nd he voded lo wh he ppropre lexly o he dpon o he chnge o nernl nd exernl chnge. The ne ene o nncl mngemen lexly he derence eween he lexly ene nd he correpondng lexly co, whch no n ndependen economc ene. The lexly oer he poly o on huge pro nd developmen opporune. The nncl lexly o hgh-ech enerpre hould e n cern rnge. I knd o we he lexly oo hgh due o cern level o lexly need o py. I wll reul n he unnecery lo o opporuny he lower lexly nucen o del wh he nncl uncerny. Accordng o he prncple o he lexle economy, he lexly h he prncple o he dmnhng mrgnl moun o vng nd ncremenl mrgnl co. e he level o lexly, he vng rough y he lexly, here ex (). When ncree, he moun o vng ncree, h o y he mrgnl vng o he lexly nonnegve ( d ( ) d ). Bu he mrgnl moun o vng dmnhng wh he mprovemen o he level o he lexly, nmely: d d ( ). I hould enhnce he lexly when he nncng lexly, nvemen lexly nd llocon lexly rech cern level. The mrgnl co cendng nd he mrgnl co uncon monoonclly concve curve. e lexly expene (), when ncree, he mrgnl co o he lexly cendng( d d ( ), d d ( ) ). Clerly, here ex economc zone n he nncl mngemen lexly. 5. The meuremen o he ne ene o he nncl mngemen lexly e he ol co curve o he lexly ( ), he lexle vng ( ).,, nd,, re undeermned coecen n he ormul. Thee coecen re deermned y he ollowng ormul n 4 (5) 9

5 Inernonl Journl o Bune nd Socl Scence Vol. 4 No. 7 [Specl Iue Decemer ] n 4 (6) e he ne ene o he lexly c. c ( ) ( ) ( ) ( ) ( ) (7) When he derence eween he lexly vng nd he lexly co zero, here re wo nerecon eween he curve nd he curve, he nerecon re he urnround pon nd ncur loe pon. e C, B, A, he correpondng lexly o he pon d nd e re,. B B 4 AC A (8) B B 4 AC A ~ he economc regon o he lexly-level chnge, here ex opml level ( ) n ~.The necery condon o cheve he opml level d ( ) d ( ). The economc mplcon h he level o he lexly cheve he e when he mrgnl co equl o he mrgnl vng. I econd-order condon d ( ) d ( ) d ( ) c Snce d ( ) nd d ( ), long here pon h mee he r order o condon, he pon wll mee he econd-order condon. The opml pon o he nncl mngemen lexly (9) ( ) The gree ne ene or he lexly h pon Mx ( ) ( ) ( c C ) The nly o economc re o he nncl mngemen lexly hown n Fgure. () ( he ol co ) d ( he vng) ( he xed co o he lexly) Fgure : The Anly Chr o Economc Regon o Fnncl Mngemen Flexly In Fgure, he curve c he compoe eween curve nd curve. ( ) ( ) repreen he ne ene o he lexly. In he rnge eween nd, c negve, h no he economc zone o he lexly. In he rnge eween nd, c pove, h economc epeclly n, Mx, h he opml level or he nncl mngemen eng. And repreen he c mo economcl vlue o he lexly. When he vlue exceed, repreen he eng exceve nd wll cue unnecery we, uneconomcl. c c

6 The Specl Iue on Bune, Humne nd Socl Scence Cener or Promong Ide, USA 5. The monorng o he level o he nncl mngemen lexly The mplemenon o he nncl mngemen lexly cn del wh he chnge o he mrke clmly. The nncl mngemen wll ecome choc nd uneconomcl he lexly exceve. I helpul o monor he level o he lexly, o keep whn reonle lm. The hgh-enerpre cn do he monorng o he lexly o nncl mngemen y he pre-conrol chr. The enerpre mke judgmen o he level o he lexly y oervng he chnge rend. Accordng o he economc zone nly chr o he lexly, he lexle nncl mngemen uneconomc n he rnge eween nd, n he rnge eween nd economc nd wll e uneconomcl when exceed. Thereore, denng he economc zone eween nd he Green Zone nd he wo uneconomc zone he ellow Zone n he pre-conrol chr. Fgure: The Pre-conrol Chr o Fnncl Mngemen Flexly 6 The pplcon exmple Accordng o he mrke reerch reul, hgh-ech enerpre nend o nve n he developmen o new produc n Jnury 9 nd he nererence ource pper. The compleon o he developmen o he produc lne ke ou yer nd hl; he enerpre normed here noher compny h nveed n he developmen o he produc. The produc pper n Decemer 9 nd pu no producon n he mrke n Decemer nd h men he nererence. The produc orm ndurl n Decemer nd he cle lrger, he nererence greer. The new produc expnd he cle nd replce he rdonl produc, he nererence he mxmum. The recen nncl mngemen lexly, he lexly co nd he lexly vng re hown n Tle. Tle: Flexly, The Tol Co o Flexly nd The Svng o Flexly Flexly( ) The ol co o lexly( ) The vng o lexly( ) When he enerpre pln o nve he developmen o he produc n Jnury 9, he ue condered re A - wheher o nve he developmen o he produc, A -wheher o develop ucceully, A -wheher o hve he mrke o he produc, A 4 - wheher o orm n ndury nd gurnee he und, A 5 -wheher o recover he nvemen nd rng huge pro. Accordng o Fgure, ey o on he nererence neny curve: d / 4( 4), he decon or nererence e / 5( 4) 4 / 5. The purpoe o h decon o eme he nererence neny curve o he nererence ource.

7 Inernonl Journl o Bune nd Socl Scence Vol. 4 No. 7 [Specl Iue Decemer ] The correc decon proly p=.8. I you develop hee nncl polce n June 9, he proly o he nererence p(.5)=/6, u=4.. Tke -5 he crcl vlue, he uncerny u=4./5=.8. Aume he me o mplemenng decon, he proly q / I ung.5 yer, nmely o mplemen h decon n Dec., y equon () w v=, he relzon proly q( )=q(.5)=.5/=.75, y equon (4) w =.48. I ung.5 yer, nmely o mplemen h decon n Dec., he relzon proly q( )=, v=., =.. The lexly co curve. Clcule he coecen o equon (5) y he d led n Tle nd uue he clculon d no equon (5), we cn on The clculed undeermned coecen re =., =.5, =4.86 nd he lexly co curve By he me mehod, we cn on he lexly vng curve We cn on he urnround pon =. nd he ncur loe pon =.8 rom equon (8). We cn on he opml level = =.5 nd he mxmum ne ene. 8 o c nncl mngemen lexly rom equon (9) nd (). 7. Concluon Wh he cceleron o he economc glolzon proce nd he dvncemen o echnology, he hgh-ech enerpre ener he rpd developmen perod. I necery o reorm he nncl mngemen o hgh-ech enerpre owng o he c h rdonl nncl mngemen cn ully dp he developmen o hgh-ech enerpre. I cn cope wh he envronmenl uncerny when he lexle mngemen heory ppled o he nncl mngemen. By nlyzng he nly o he nncl mngemen o hgh-ech enerpre nd comnng wh he chrcerc o hgh-ech enerpre, he reul how he hgh-ech enerpre hould mplemen lexle nncl mngemen. Th pper lo nlye he ely o he mplemenon o lexle nncl mngemen rom he nncl udge, nncng, nvemen, workng cpl mngemen nd ncome druon. I cn drw concluon h ele o mplemen lexle nncl mngemen n hgh-ech enerpre. Reerence Zho Xngln, Hn uq(4)sudy on Flexly o Fnncl Mngemen o Hgh-Tech Enerpre[J]. Chnee Journl o Mngemen Scence.Augu : Tn Xu(9)Reerch n Flexle Fnncl Mngemen o he Hgh-ech Enerpre[J]. Reerch o Fnnce nd Accounng.Mrch :49-5. Xo Jhu()On he Fnncl Mngemen o Hgh-ech Enerpre[J]. Economc Von.: Deng Mngrn, Zhong png, D Jpng()Reerch on he Enerpre Fnncl Syem nd I Evluon[J]. Journl o Wuhn Unvery o Technology.4:8. or. Koe, Mnoj K. Mlhor()Trde-o Among he Elemen o Flexly: Compron From he Auomove Indury [J]. OMEGA The Inernonl Journl o Mngemen Scence.6: 69-7.