基于价值链的金融科技企业价值影响因素研究

发布时间：2018-01-02 13:00

本文关键词：基于价值链的金融科技企业价值影响因素研究　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,我国金融科技行业逐渐兴起,投资者对其持续看好。金融科技企业与传统企业相比具有低利润率、轻资产、高创新、高风险、上规模的特点,这使得金融科技企业与传统企业有较大差异,价值影响因素也有很大不同。本文以价值管理的角度为出发点,经过价值链分析识别企业价值增值活动,较为全面系统地对金融科技企业价值影响因素进行研究,为金融科技企业增强竞争力、提升企业价值提供思路,为投资者对其进行价值评估提供理论基础。本文通过理论和实证相结合的方法,对基于价值链的金融科技企业价值影响因素进行了探究。在理论方面,在阅读相关文献基础上,结合金融科技企业运营方式,以波特价值链理论为基础,构建了金融科技企业价值链。基于所构建的金融科技企业价值链,从金融科技企业基础活动和辅助活动入手对金融科技企业的价值影响因素进行了理论分析,甄选出金融科技企业价值5个核心影响因素,并结合金融科技企业的特点选取指标对各价值影响因素进行量化,共选取9个指标对识别的影响因素进行反映,选取的指标具有较好的可操作性。在实证研究方面,本文以在美国纽约证券交易所上市的31家金融科技企业的2013-2016年共4年数据为样本,运用Stata12.0软件,建立多元回归模型,探究所选取的指标与金融科技企业价值间的关系及影响程度。结果表明:对金融科技企业价值有显著影响的指标有收入增长率、传播渠道数量、客户忠诚度、高管持股比例、研发投入强度和管理层知识结构,其中收入增长率对企业价值影响最大。在实证研究基础上,本文以PayPal和宜人贷为研究案例进行对比分析,对实证结果加以应用。最后,本文以理论分析和实证研究结果为基础,结合我国金融科技企业的情况,提出如下建议:(1)加强自身平台建设,对于合作伙伴的选择上对其拥有的平台和渠道予以重点考察;(3)以提升用户体验为经营重点,注重关系运营,培养客户消费习惯;(3)将上下游需求进行有机结合,注重研发投入效率,对开发周期短的创新想法优先予以实施;(4)提高具备海外留学或任职经历的人员比例,注重职工全球化视野的培养。
[Abstract]:In recent years, China's financial industry gradually rise, investors for its continued bullish. Financial technology enterprises and traditional enterprises compared with low profit margins, light assets, high innovation, high risk characteristics, scale, which makes the financial science and technology enterprises and traditional enterprises have great difference, the influence factor of value is very different in this paper. The value management perspective as a starting point, through the analysis of value chain activities value recognition enterprise, conducts a comprehensive research on the system impact on the enterprise value factors for financial technology, financial technology enterprises to enhance competitiveness, improve enterprise value ideas, provide a theoretical basis for the assessment of the value of its investors. Through the combination of theory and methods the empirical, the influence factors on the value chain of enterprise value based on financial technology were studied. In theory, in the reading on the basis of the relevant literature, combined with the financial department Operation mode and technology enterprises, with Potter's value chain theory, constructs the financial science and technology enterprise value chain. The financial science and technology enterprises based on the value chain, from the financial science and technology enterprise basic activities and support activities of the value factors of influence on financial enterprises of science and technology has carried on the theoretical analysis, the selection of a financial enterprise value of 5 core technology the influence factors, combined with the characteristics of financial science and technology enterprises to quantify the index effect on the value of factors, 9 indicators were selected to reflect the effect on recognition of the factors, the chosen index has good operability. In the empirical research, this paper uses the data of 31 financial technology companies listed on the New York stock exchange in the United States. 2013-2016 a total of 4 years as a sample, using Stata12.0 software to establish the multiple regression model, the relationship between the value and impact indicators and financial technology companies on the selected Degree. The results show that the technology has a significant influence on the financial index of enterprise value income growth rate, the number of communication channels, customer loyalty, executives shareholding, R & D investment strength and management knowledge structure, the income growth rate of the largest impact on enterprise value. On the basis of empirical research, based on the PayPal and pleasant credit for a case study of comparative analysis to be applied to the empirical results. Finally, based on the theoretical analysis and empirical research results as the basis, combined with China's financial enterprises of science and technology, put forward the following suggestions: (1) to strengthen the self construction of the platform, the choice of partners on its own platform and channels to be investigated; (3) to enhance the user experience as the focus, pay attention to the relationship between operation, cultivate customer spending habits; (3) the lower demand for organic combination, focusing on the R & D investment efficiency, short of a development cycle New ideas are given priority to be implemented; (4) increase the proportion of personnel with overseas study or post experience, and pay attention to the cultivation of the vision of workers' globalization.

【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.39

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