A Structural Model of Value Cognition for Evaluating New Technology-Based Firms Based on RBT and BSC

In this study we develop a structural model of value cognition for new-technology-based firms (NTBFs) based on resource-based theory (RBT) and balanced score card (BSC). The value cognition of venture capitalists (VCs) is considered as a procedure of information processing, and the input variable consists of two aspects, namely resource and performance. The indicator system of resource, which is established according to RBT and determines the profit potential, is a prospective indicator and also, is a determinant factor of enterprise value. While the indicator system of performance, which is established on balanced scorecard (BSC), is a lagging indicator and reflects the previous operation abilities of enterprises. The model simplifies the existing cognition structure of VCs and contributes to further study.