• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site
vision user

Article

Анализ основных особенностей стратегического финансирования высокотехнологичных компаний

Липатников В. С., Анискина А. О.

The article presents a comparative analysis of the main characteristics that define the enterprises belonging to the type of high-tech companies. We study the approaches used in the United States and Russia. The results of this analysis showed the existence of certain differences in the interpretation of the concept of "high-tech company" throughout the world. Study of issues related to the definition of the optimal method of financing high-tech companies, as well as relevant financial strategies, led to the conclusion of the high risks in the debt financing method, as well as the convenience and efficiency of equity financing. In the future, it was discussed in detail the main factors determining the value of technology stocks. To analyze the effect of factors was established sample of 100 observations based on the ranking Forbes «The Most Innovative Companies-2014". Of the many characteristics were selected 16 of the most significant positions. Namely, revenue million. Dollars (income) and net income in millions. Dollars (profit), the total long-term loans and borrowings million. Dollars (debt), P / E ratio (p_e), sales in millions . dollars (sales), the company's assets in mn. dollars (assets), the market value of the company in millions. dollars (market_place), the volume of shares on the market in million. USD (shares), sales growth for 12 months in% (sales_growth), total return over 5 years in% (total_return), Innovation Award in% (innovation_premium), the year of foundation (founded) and the number of employees (employeers). On the basis of these criteria, we can estimate the size, capacity, innovation and contribution to the company's value. Regression analysis made it possible to identify the most important factors, among which were the P / E ratio, the total stock returns and innovative profit.