Enhanced CoCoSo Method for Intuitionistic Fuzzy MAGDM and Application to Financial Risk Evaluation of High-Tech Enterprises

Abstract

The continuous innovation of science and technology is the foundation for the survival and development of high-tech enterprises. In order to gain a foothold in the fierce market competition, enterprises must seize market share by developing new high-tech products tailored to the market, and obtain economic benefits for maintaining survival and development. However, to ensure the smooth progress of the development and research process, sufficient financial support is required. Fundraising is particularly important, even if the required funds are raised, its own high-risk needs to be given special attention. The financial risk evaluation of high-tech enterprises is a multiple attribute group decision making (MAGDM). Recently, the Combined Compromise Solution (C°CoSo) method has been employed to manage MAGDM issues. The intuitionistic fuzzy sets (IFSs) are used as a tool for portraying uncertain information during the financial risk evaluation of high-tech enterprises. In this paper, the intuitionistic fuzzy C°CoSo (IF-C°CoSo) method is cultivated to manage the MAGDM based on the Hamming distance and Euclid distance under IFSs. In the end, a numerical case study for financial risk evaluation of high-tech enterprises is supplied to validate the proposed method. The main contributions of this paper are outlined: (1) the C°CoSo method has been extended to IFSs; (2) Information Entropy is used to derive weight based on the Hamming distance and Euclid distance under IFSs. (3) the IF-C°CoSo method is founded to manage the MAGDM based on the Hamming distance and Euclid distance under IFSs; (4) a numerical case study for financial risk evaluation of high-tech enterprises and some comparative analysis is supplied to validate the proposed method.

Headnote

Keywords: multiple attribute group decision making (MAGDM), intuitionistic fuzzy sets (IFSs), combined compromise solution (C°CoSo) method, financial risk evaluation of high-tech enterprises

Received: September 8, 2023

The continuous innovation of science and technology is the foundation for the survival and development of high-tech enterprises. In order to gain a foothold in the fierce market competition, enterprises must seize market share by developing new high-tech products tailored to the market, and obtain economic benefits for maintaining survival and development. However, to ensure the smooth progress of the development and research process, sufficient financial support is required. Fundraising is particularly important, even if the required funds are raised, its own high-risk needs to be given special attention. The financial risk evaluation of high-tech enterprises is a multiple attribute group decision making (MAGDM). Recently, the Combined Compromise Solution (C°CoSo) method has been employed to manage MAGDM issues. The intuitionistic fuzzy sets (IFSs) are used as a tool for portraying uncertain information during the financial risk evaluation of high-tech enterprises. In this paper, the intuitionistic fuzzy C°CoSo (IF-C°CoSo) method is cultivated to manage the MAGDM based on the Hamming distance and Euclid distance under IFSs. In the end, a numerical case study for financial risk evaluation of high-tech enterprises is supplied to validate the proposed method. The main contributions of this paper are outlined: (1) the C°CoSo method has been extended to IFSs; (2) Information Entropy is used to derive weight based on the Hamming distance and Euclid distance under IFSs. (3) the IF-C°CoSo method is founded to manage the MAGDM based on the Hamming distance and Euclid distance under IFSs; (4) a numerical case study for financial risk evaluation of high-tech enterprises and some comparative analysis is supplied to validate the proposed method.

Povzetek: Predstavljena je metoda IF-C°CoSo za oceno finančnega tveganja visokotehnoloških podjetij, temelječ na intuicionističnih mehkih množicah in večatributnem skupinskem odločanju.

(ProQuest: ... denotes formulae omitted.)

1 Introduction

In recent years, the role of science and technology in economic development has been continuously enhanced. The progress of technology has promoted the rapid development of high-tech industries, and the number of high-tech enterprises in China has increased from 49000 more than a decade ago to 330000 in 2021 [1-3]. The business operations of high-tech enterprises mainly revolve around technological research and development and the transformation of technological achievements. The products and services they provide have high value due to their high technological content, which makes the economic benefits generated by high-tech enterprises crucial in China's total economic output[4-6]. In order to accelerate the transformation of China's industrial structure, the national level has attached increasing importance to high-tech industries and provided tax incentives and financial support in many aspects, providing certain guarantees for the development of high-tech enterprises[7-9]. However, due to various factors, high-tech enterprises still face high financial risks. Financial security is the key to the operation and development of high-tech enterprises, and effective prevention of financial risks is a challenge that high-tech enterprises must overcome[10, 11]. Only by establishing a sound risk management system can the development of high-tech enterprises be safeguarded. In order to enhance the ability of high-tech enterprises to resist financial risks, it is necessary to understand the existing financial problems of high-tech enterprises, conduct in-depth research on the reasons behind financial risks, propose prevention and control measures for various sources of financial risks, promote the stable development of high-tech enterprises, and thereby increase the contribution of high-tech industries to economic development 12-14]. Overall, the financial risks of high-tech enterprises are mainly caused by external and internal environmental factors. From the perspective of external factors of the enterprise, factors such as market acceptance, industry competition, and policy systems can bring a certain degree of financial risk to high-tech enterprises[15, 16]. The imperfect internal risk control system and risk prevention mechanism, insufficient human resources, and organizational management deficiencies of enterprises may also be the sources of financial risks. The development of high-tech enterprises relies on technological research results, followed by the commercialization of technology. In this process, the economic environment in which high-tech enterprises operate is highly uncertain. Firstly, the uncertainty of market factors can cause financial risks for high-tech enterprises[17, 18]. At present, the updates and upgrades of technology are constantly accelerating, and people's quality of life is constantly improving. In this situation, consumers' consumption concepts and habits are changing rapidly. When a company's products are put into the market, there is a great deal of uncertainty in consumer reactions and purchasing situations, leading to the inability to guarantee the expected returns of the company. Secondly, the industry situation of high-tech enterprises also presents great uncertainty[19, 20]. In the field of high-tech, competition in the industry is becoming increasingly fierce. When some enterprises obtain more funding and talent support, accelerating the speed of technology development and transformation, it will make other high-tech enterprises very passive, bringing more financial risks and corporate crises. Thirdly, many policies and systems of the country may also increase the requirements for high-tech enterprises. Nowadays, the country not only has strict regulations on the recognition of high-tech enterprises, but also restricts and regulates their financial activities such as loans. There are also many factors that can lead to financial risks within high-tech enterprises[21, 22]. Firstly, many high-tech enterprises have not established sound financial risk management systems. In the process of preventing and controlling financial risks, the responsible department lacks clear guidance and cannot implement the financial risk management system. In the prevention of financial risks, many steps have not been taken properly, and in reality, early warning and emergency handling of financial risks have not been achieved. Secondly, high-tech enterprises have human resource deficiencies[23, 24]. Duc to the nature of the enterprise, there is insufficient reserve of management personnel and managerial talents within the enterprise, and many employees do not understand the financial risk control system, making it difficult to promote and implement related work. Many management employees overlook financial risks and lack the ability to handle them, resulting in poor coordination and cooperation among staff[25, 26]. Thirdly, the corporate governance structure is incomplete. Financial risk management is a highly professional task, but many high-tech enterprises have governance issues and do not have independent and specialized responsible departments, resulting in loopholes in financial risk management at all levels [27, 28].

Decision making is one of the most common activities in daily life [29-32]. For example, an investment company needs to evaluate all possible alternative options and select the optimal investment plan to avoid investment risks and achieve maximum returns. A certain airline needs to evaluate the operational status of all routes in order to select the optimal route and promote successful experience to other routes, thereby improving the overall operational level of the airline. A manufacturing enterprise needs to select the best supplier from all raw material suppliers in order to obtain stable and reliable material sources. With the continuous development of the economy and society, decision-making issues have become increasingly complex[32-35]. Thus, in practical decision-making problems, it is often necessary to evaluate candidate methods from multiple perspectives, consider the overall performance of the candidate solutions, and then select the optimal solution[36-40]. In recent decades, multi-attribute decision-making (MADM), an important branch of management science and engineering, has received widespread attention from the academic community[41-44]. The so-called MADM refers to the evaluation of all decision plans by decision-makers from multiple dimensions, and then determining the optimal decision plan[45-49]. According to the experts' number of participating in decision evaluation, MADM is subdivided into multi-attribute group decision-making (MAGDM)[50-54]. The financial risk evaluation of high-tech enterprises is classical MAGDM. The IFSs [55-58] are used as a tool for portraying uncertain information during the financial risk evaluation of high-tech enterprises. Furthermore, many decision algorithms use the typical C°CoSo method [59] separately to obtain the most optimal decision choice. Until now, no or few algorithms have been studied on information entropy and C°CoSo method based on the Hamming distance and Euclid distance under IFSs. Therefore, an integrated intuitionistic fuzzy C°CoSo (IF-C°CoSo) method is constructed to manage MAGDM based on the Hamming distance and Euclid distance under IFSs. An illustrative example for financial risk evaluation of high-tech enterprises and some comparative analysis is constructed to demonstrate the validity and reliability of IF-C°CoSo method. The main research goal and motivation of this paper is outlined: (1) the C°CoSo method has been extended to IFSs based on the Hamming distance and Euclid distance; (2) Information Entropy is used to derive weight based on the Hamming distance and Euclid distance under IFSs. (3) the IF-C°CoSo method is founded to manage the MAGDM based on the Hamming distance and Euclid distance under IFSs; (4) a numerical case study for financial risk evaluation of high-tech enterprises and some comparative analysis is supplied to validate the proposed method.

The structure of this paper is listed below. In Section 2, the IFSs is introduced. In Section 3, IF-C°CoSo method is founded under IFSs with entropy based on the Hamming distance and Euclid distance. Section 4 gives an illustrative case for financial risk evaluation of high-tech enterprises and some comparative analysis. Some remarks are supplied in Section 5.

2 Preliminaries

Atanassov [60] constructed the IFSs.

Definition 1 [60]. The IFSs on Θ is:

... (1)

where ... is membership and ... is non-membership with information condition: .... Then, ... is denoted as an IFN.

Definition 2[61, 62]. Let ... and ... be IFNs, the score functions (SF) and accuracy functions (AF) of hθ₁ and hθ₂ is constructed:

(1) if ...

(2) if ...

(3) If ...

... (2)

... (3)

For two IFNs ... and ..., then[63]

Definition 3(64]. Let ... and ... be IFNs, the IFN distanced measure (FNDM) is supplied.

... (4)

where ...

Definition 4[63]. Let ... and ... be two IFNs, the operation is constructed:

... (5)

... (6)

... (7)

... (8)

From the Definition 2, the useful operation laws are supplied.

(1) ...

(2) ...

(3) ...

The IF WA and IF WG operator is introduced.

Definition 5[65]. Let ... be a group of IFNs, the IFWA operator is:

... (9)

where ... be weight ...

Definition 6 [66]. Let ... be a group of IFNs, the IFWG operator is:

... (10)

where ... be weight of ...

3 IF-C°CoSo method for MAGDM

Then, IF-C°CoSo method is constructed for MAGDM. Let ... be alternative sets, and attributes set ... with weight ...

where ... and a set of invited experts ..., let expert's weight be ....

Then, IF-C°CoSo model is constructed for MAGDM.

Step 1. Build the intuitionistic fuzzy matrix ... and construct the average matrix ...

... (11)

... (12)

Based on IFWA technique, the ... is:

... (13)

Step 2. Normalize the ... into

... (14)

... (15)

Step 3. Construct the intuitionistic fuzzy number negative ideal solution (IFNNIS):

... (16)

... (17)

Step 4. Construct the weight values with entropy.

The entropy[67] is used to define the weights. The calculating steps are defined.

... (18)

... (19)

Step 5. Construct the IFN weighted arithmetic average (IFNWAA).

... (20)

Step 6. Compute the IFN weighted geometric mean

... (21)

Step 7. The three designed strategies are employed to obtain the relative importance:

... (22)

... (23)

... (24)

where IFNKA_i is the arithmetic average of IFNWAA_i, IFNWGM_i, IFNKB_i is the relative scores of IFNWAA_i, IFNWGM_i, and IFNKC_i is the compromise values of IFNWAA_i, IFNWGM_i.

Step 8. Compute the decision value IFNKi.

... (25)

Step 9. Sort the alternatives with IFNK_i (i = 1,2, ..., m) and the higher the IFNK_i, the better the decision alternative is.

4 Numerical example and comparative analysis

4.1 Numerical example for financial risk evaluation of high-tech enterprises

In the 1970s, the concept of high-tech was born and widely spread, and its connotation continued to develop and derive in various countries around the world. With the development of economic globalization, high-tech enterprises play a crucial role in China's economic development. Technology is the internal driving force for the survival and development of an enterprise, especially high-tech enterprises. In the process of applying advanced technology or technological innovation, high-tech enterprises can obtain higher economic benefits by producing, selling, or providing innovative technology services through innovative products. However, compared with traditional enterprises, high-tech enterprises need to invest a lot of R&D funds and human and material resources, and this investment increases significantly with the increasing difficulty and complexity of R&D technology. Even when it comes to the development stage, the cost elasticity of investment increases, and there may be no gains. Sometimes, it requires repeated experimentation and continuous additional investment costs to succeed, while the cost level of the research and development process is very high. At the stage of product promotion, in order to increase market share and enable consumers to accept new products in a short period of time, it is inevitable to require a large amount of advertising investment. Overall, high-tech enterprises require high capital investment, with R&D investment intensity generally ranging from 5% to 15%. However, it may vary depending on the industry, with R&D investment intensity reaching up to 50%. In the later stage of the achievement transformation process, the investment will significantly increase, and the investment intensity in the process of transforming research and development achievements into goods or technologies is 5 to 10 times higher than that in the research and development process. This brings relatively high financial risks to high-tech enterprises. The continuous innovation of science and technology is the foundation for the survival and development of high-tech enterprises. In order to gain a foothold in the fierce market competition, enterprises must seize market share by developing new high-tech products tailored to the market, and obtain economic benefits for maintaining survival and development. However, to ensure the smooth progress of the development and research process, sufficient financial support is required. Fundraising is particularly important, even if the required funds are raised, its own high-risk needs to be given special attention. The continuous innovation of science and technology is the foundation for the survival and development of high-tech enterprises. In order to gain a foothold in the fierce market competition, enterprises must seize market share by developing new high-tech products tailored to the market, and obtain economic benefits for maintaining survival and development. However, to ensure the smooth progress of the development and research process, sufficient financial support is required. Fundraising is particularly important, even if the required funds are raised, its own high-risk needs to be given special attention. The current world development pattern and economic environment have undergone significant changes, especially the development and innovation of science and technology, which have had a huge impact on the world economy and have had a certain impact on the development of enterprises. The establishment and growth of high-tech enterprises have their own characteristics. In the process of comparing the financial management work of high-tech enterprises with traditional enterprises, significant differences can also be found between the two. Therefore, high-tech enterprises should adopt financial management models that are more in line with the characteristics of the enterprise, use effective management methods to avoid various financial management risks, and actively respond to them based on a clear positioning of their own development. The financial risk evaluation of high-tech enterprises is a MAGDM. Therefore, the financial risk evaluation of high-tech enterprises is presented to show the developed approach in this paper. There are five high-tech enterprises FA_i = 1,2,3,4,5) to select. The experts choose four attributes to evaluate the five small and medium sized financial institutions in rural areas[68]: 1 FG₁ is solvency for high-tech enterprises. 2 FG₂ is financial risk management costs for high-tech enterprises. 3FG₃ is operational capacity for high-tech enterprises. 4fg₄ is profitability for high-tech enterprises. The five possible high-tech enterprises FA_i (z = 1,2,3,4,5 J are to be evaluated with linguistic scales (See Table 1[69]) with four attributes through three experts FE_t = 1,2,3) (Suppose expert's weight is (0.35,0.45,0.20).

The of the enterprise

Step 9. According to IFNK_i (i = 1,2,3? 4, 5), the order is > HA₃ > HA₁ HA₂ > HA₄ > HA₅ and the best high-tech enterprise is HA₃.

4.2 Comparative analysis

Then, the IF-C°CoSo is compared with IFWA operator[70] and IFWG operator[63], intuitionistic fuzzy normalized weighted Bonferroni mean (IFNWBM) operator[71], dual generalized intuitionistic fuzzy weighted BM (DGIFWBM) operator[72], IF-Taxonomy method[73], IF-PROMETHEE method [74] and intuitionistic fuzzy FUCOM-WASPAS(IF-FUCOM-WASPAS) method[75]. The comparative information results arc constructed in Table 13.

From the above detailed analysis, it could be known that the order of these decision methods is slightly different, however, all these decision models have the same optimal high-tech enterprise and worst high-tech enterprise. This verifies the IF-C°CoSo model is reasonable and effective.

5 Conclusion

Under the new development situation, China has entered a new stage of economic development and is seeking a path of high-quality development. In recent years, the position of high-tech enterprises in the national economy and technological development has become increasingly prominent. Due to the high risk and high return characteristics of high-tech industries, more and more high-tech enterprises are paying attention to their own financial risk management. Financial risk management, as an important risk prevention measure for high-tech enterprises, helps to scientifically utilize and reasonably allocate the capital resources of high-tech enterprises, reduce operational risks, achieve overall strategic goals, and maximize value. Therefore, strengthening financial risk management is crucial for high-tech enterprises in China. The financial risk evaluation of high-tech enterprises is classical MAGDM. Recently, the C°CoSo method has been used to manage MAGDM. The IFSs are used as a tool for portraying uncertain information during the financial risk evaluation of high-tech enterprises. In this paper, the IF-C°CoSo method is founded to manage MAGDM under IFSs. Finally, a numerical case study for financial risk evaluation of high-tech enterprises is supplied to validate the proposed method. The main contribution is outlined: (1) the C°CoSo method has been extended to IFSs; (2) Information Entropy is used to derive weight under IFSs. (3) the IF-C°CoSo method is founded to manage the MAGDM under IFSs; (4) a numerical case study for financial risk evaluation of high-tech enterprises and some comparative analysis is supplied to validate the proposed method.

There may be some possible limitations for financial risk evaluation of high-tech enterprises, which can be further explored in future research: (1) It is a worthwhile research topic to apply prospect theory to financial risk evaluation of high-tech enterprises under IFSs [76, 77]; (2) It is also worthwhile to apply regret theory to the study of MAGDM under IFSs [78, 79]; (3) In subsequent studies, the application of IFSs needs to be studied with consensus measures for financial risk evaluation of high-tech enterprises [80-82].

Compliance with ethical standards

Ethical approval

This article does not contain any studies with human participants or animals performed by any of the authors.

Conflict of interest

The authors declare that they have no conflict of interest.

Funding Information

This study did not receive any funding in any form.

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