Category: Money tips Release Date: 2007-02-12
â—?R & D-driven technological progress to become a high growth of China's economic power source
China's R & D funds and manpower to rapid growth, R & D level of output continues to increase. Although from an international perspective to compare intensity of R & D investment of Chinese enterprises is still the world's leading small, but the R & D activities in enterprises as the mainstay of China's technological progress has become the dominant force in R & D input of funds, expenditures, human input, the patent application and authorization aspects of accounting are increased every year. Accordance with the "smiling curve", as China's industrial structure upgrade, competition among enterprises from manufacturing to R & D expansion, China's enterprises R & D on the profit contribution rate of technological progress will be the turning point burst in the beginning; high-tech industry will become China's technological progress pioneer.
â—?independent innovation a national strategy for technological advances have provided a solid policy support
Technological progress and independent innovation has been elevated to the important position of national strategy, and has become the focus of government policy to support the object-oriented, "Eleventh Five-Year Plan" and "national long-term Science and Technology Development Plan" for China's technological progress and provided policy protection. "Eleventh Five-Year Plan" will be independent innovation as the key to optimizing the industrial structure, and highlight the equipment manufacturing, high-tech industry, information industry, bio-industry and Industry for National Defense, the industrial structure adjustment of direction; "national long-term scientific and technological development Plan "and its" complementary policies "as the full blueprint for China's scientific and technological development, and from science and technology investment, tax incentives, financial support, government procurement, intellectual property protection, talent team construction put forward a practical policy measures.
â—?China's technological superiority in the company need to have five main characteristics of
China's industry, technological advantages have relatively rational industrial structure; corporations, they have a high level of technical management capacity; R & D high-input high-yield, high return on investment; be able to form in the domestic market, certain entry barriers; in the international market have a labor cost advantage; able to technological advantages into sustainable profitability.
â—?optimistic about national defense, communications, and some advanced manufacturing
Optimistic involving national security, aerospace and defense, participation in industry standards developed by manufacturers of communications equipment, as well as technical transformation and new product development, electronics, machinery manufacturing, equipment manufacturing, bio-medicine and other advanced manufacturing industries. These industries are the first to benefit from technological progress of China's industry. The report details technological advantages of China's listed company's products and technologies reviewed, research and development and third-party certification of quality system.
â—?Risk Factors Tips
Attention to the disorder caused due to imperfect competition in the industrial structure and thus weaken the technological advantages the company's profit margins, leading the company's challenges of international competition, and technological advantages the company to maintain long-term sustainability of this advantage, the larger the risk of capital investment, etc. .
Chinese technological superiority of the main features of the company Technological advantages of various industries through the company's research, we summarize technological advantages of China's five features, including industry characteristics, R & D inputs and outputs, technical management level, entry barriers, cost advantage and profitability and so on.
Industry consolidation so that the company highlights the growing capacity of technical advantages A reasonable industrial structure is the profitability of the business the size of a prerequisite. Usually the early industrial development, higher level of profit to attract a large number of entrants, due to cut-throat competition, will reduce the industry profit margins; industry through consolidation, concentration increased edge technology able to lead the company toward high-end line, before its dominant position will be prominent. TSMC, health benefits and science and technology electronic components manufacturing company has apparently reflects the characteristics of the industry's downturn was the company's process of shuffling and industry consolidation, although the low-growth industry, but does not prevent the advantages of the company through the integration of access to fast-growing operating results.
A high level of technical management capacity Management capacity of the core competitiveness of the company concentrated expression of the level of management is directly related to the company's level of technology to achieve what extent, as well as be able to make technological advantage to obtain customer acceptance. In technology management, reflected in three aspects:
First, with a strong forward-looking, for technology development trends and future needs have a good ability to judge, such as the health benefits and technology to the technical reserves of high-temperature Tg sheet reflects the company's management forward-looking;
Second, the research and development with a scientific and standardized management system, intellectual property management systems, incentive mechanisms and personnel training mechanisms, such as ZTE R & D management will be scientific and standardized. The establishment of three management, two decisions of the planning management mechanism: the first-level management side is the company's strategic planning committee, the second-level management side is the company's headquarters technical departments, which constitute the two management side technology strategic planning, third-level management side is the product division, constitute the product planning. Such a level of decision-making to promote the management system to ensure the smooth progress of technological innovation. While establishing incentives to allocate appropriate to the scientific research and development and marketing front-line staff tilt.
Third, the overall R & D activities and corporate strategy and enterprise-wide resources associated with a high degree, that is, the so-called "third generation R & D" management model. R & D activities of enterprises and enterprises of strategic choice must match the enterprises choose what kind of development strategy determines the direction of research and development, differentiation strategy and low-cost strategy, the R & D direction is different; the same time, the strategic R & D activities under the guidance of be able to make the smooth implementation of business strategy to complete the corporate strategic positioning.
R & D high input, high output To ensure the company's technology leadership, and thus obtain the excess rate of return on R & D funding should ensure that the financial support of the scale and sustainability; the same time, ensure that research funding for human capital investment and R & D investment growth in the level of adaptation. Patented technology is an important manifestation of R & D results, therefore, patents, patent applications, the number of items as well as innovative sustainability, reflecting the company's results of R & D investment.
The formation of entry barriers in the domestic market Through independent innovation, technological advancement and patent protection, can improve the technological barriers, the formation of technical barriers; a lot of special equipment to improve the conversion costs; high-tech industry, human resources, demanding, not only R & D process, production and sales process is also require long-term training of skilled workers and skilled sales and service personnel in human resources barriers. As the barriers to the improvement of technological advantages companies can get beyond the industry average profit of excess profits.
However, as the threshold of domestic technology is generally not high, as well as a higher degree of openness of the industry, the entry of international counterparts, making it difficult for enterprises to form internal barriers to technological advantages. Therefore, it is mainly reflected in the degree of openness is not high, the national policy support, as well as possess the necessary confidentiality requirements of the national defense industry, telecommunications equipment and other industries. Electrical appliances, such as aerospace components manufacturing and processing technologies have already reached the international advanced level, the domestic production of a handful of high-precision instruments, and other special equipment; and the design of a large number of in-house training, technical personnel constitute barriers to market access, which was beyond the industry average profit margin excess profits rate.
In the international market with cost advantage In addition to military and space communication and in individual areas, domestic technological superiority level of the company's technology leadership in the international community did not take advantage of its leading technology in the country will no longer exist in the international market; but low-cost advantages of the domestic labor force will play a significant role in the composition of its core competitiveness, focus will shift from the technical advantages of cost advantage, so keeping the technology and the international advanced level synchronization, while cost advantage, they will still be able to maintain domestic and even international market margins.
Technological advantage can translate into sustained profitability R & D capital and human capital investment results, can be transformed into sustainable profitability is the company's technology to become competitive in the market the ultimate performance, so the company should have strong technical advantage of the profitability.
Technological superiority inspection system of the company's financial indicators Technical advantages for the company's competitiveness and profitability is reflected in the financial indicators, it can be through profitability, return on investment, growth capacity, debt levels and cash flow targets in five areas to be analyzed and evaluated. Respectively, operating and investment activities in the capacity of profit, the company's equity debt investors get by investing in the company's level of return, the company's debt level and the company's long-time to meet its short-term debt capacity, the company's development potential aspects measured, and through less vulnerable to accounting policies affect the cash flow targets, these indicators to be amended.
Which, ROIC targets reflect the company's good relationship between investment and income, regardless of the company's capital structure; this, R & D expenditure by source of both the capital market to raise funds may also be raised through debt.
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Mining enterprises with technological advantages of China 3 1 [2] [3]
