The analysis of the main features of strategic financing of high-tech companies

Strategic and Enterprise Planning

The article presents a comparative analysis of the main characteristics that define the enterprises belonging to the type of high-tech companies. We have studied the approaches used in the United States and Russia. The results of this analysis shows the existence of certain differences in the interpretation of the concept of «a high-tech company» throughout the world. Studying issues related to the definition of the optimal method to finance high-tech companies, as well as relevant financial strategies, has led to the conclusion of the high risks in the debt financing method, as well as the convenience and efficiency of equity financing. Further, the main factors determining the value of technology stocks have been discussed in detail. The sample of 100 observations based on the ranking Forbes «The Most Innovative Companies-2014» has been selected to analyze the impact factors. We have selected 16 the most significant positions based on many characteristics. They include a revenue in USD million (income), a net income in USD million (profit), the total long-term loans and borrowings USD million (debt), P/E ratio (p e), sales in USD million (sales), the company's assets in USD million (assets), the market value of the company in USD million (market place), the volume of shares in the market in USD million (shares), sales growth for 12 months in % (sales growth), a total return over 5 years in % (total  return), an innovation award in % (innovation premium), the year of foundation (founded) and  the number of employees (employees). These criteria allow estimating the size, capacity, innovation and contribution to the company's value. A regression analysis makes it possible to identify the most important factors, including the P / E ratio, the total stock returns and innovative profit.