Research On Regional Intellectual Capital And Its' Effect On Economic Growth

The differences in economic have been enlarged among china's various regions since the reform and opening-up policy adopted in late 1978, especially in 1990s, in term of Per Capita GDP as measure index. The enlargement would cause serious consequence, such as social justice and efficiency lost, even more as social conflict and political aftermath. Intellectual capital, as one of important factors which effect the economic development, its effect is more and more obvious. In this paper, from the angle of intellectual capital, integrated with imbalance of economic development, the writer analyzed the content of regional intellectual capital (RIC) with application of SEM, econometrics and decision-making optimization, explored the structure of RIC, evaluated the difference of RIC among regions in China. Then study the cause-effect relationship between RIC and economic development. Finally, based on the status quo of RIC of various regions, the writer brought forward the optimizational method of investment in intellectual capital.The first part of this paper is the review of developmental route, and the summarization of latest achievement in intellectual capital theories. There are two angle of views in Existing researches on intellectual capital, one is focus on connotation and content structure of intellectual capital, the other is focus on measuring of IC, how ever, the two views'research are both based on the object of microeconomies. In this part, on the basis of existing IC theories, regional intellectual capital (RIC) has been research, which composed of content factor and structural factor, the former including human capital and technology innovation capability, the latter including marketing capital, process capital and system capital.The second part of this paper research on the estimation of intellectual capital of different regions, and statistical hypothesis testing on the structure of regional intellectual capita. On the basis of statistical data of 2008, and further detailed measure index of RIC, through the way of principal component analysis, value of each dimensionality of RIC were work out, then, the comprehensive value of each province in china were work out too. On other hand, according to the level of economic development, 31provinces of china were clustered. Compared comprehensive values of each province's RIC with its clustering level attached, it showed that the province with better economic development, who owned the higher comprehensive value of RIC. Next, based on the comprehensive values above-mentioned of all 31 province from 1992-2008, Structural Equation Model were applied to test the relationship among each dimensionality, the result showed that on the hypothesis of effect-caused relationship between content factor and structural factor: the effect from marketing capital to human capital were most significant, but the effect from marketing capital to technology innovation were tested no significant. Process capital'effect to technology innovation is significant, however, its effect to human capital were not significant. System capital's effect to human capital and technology innovation were tested both significant. For the other hypothesis on relationship between human capital and technology innovation, the result showed that human capital'effect to technology innovation were tested significant, but the effect to human capital from technology were not siginifcant.The third part of this paper focus on empirical analysis the cause-effect relationship between regional intellectual capital and regional economic development. With example of Jiangsu province, time series data of regional intellectual capital and per capita GDP were applied to research relationship between the RIC and per capita GDP. During the testing process, unit root test, VAR& co-integration test, Granger test, multiple regression and correlation analysis were executed to process the data. The result indicated that there is a long-term equilibrium relation between each dimensionality of RIC and per capita GDP, further more, the result showed that each dimensionality Granger cause economic development, and per capita GDP does not Granger cause each dimensionality of RIC. In the multiple regression and correlation analysis between five dimensionalities of RIC and per capita GDP, multivariate linear regression analysis could not be applied in the relationship (SPSS test), which show that there were no simpe multiple linear relationship existing. In order to distinguish the contribution rate of each dimensionality to economic development, a combination multiple regression model were set up, the model showed that contribution rate descend order as system capital, technology innovation, process capital, human capital and marketing capital. The result of analysis were in good agreement with the status quo of china's economic development, which in economic transition age, with low and imbalance degree of market economy.Finally, with application of SE-CCR-DEA model, and 5 dimensionalities of RIC as input variables, per capita GDP as output variable, relative efficiency of each province were work out. The result of computation showed that 16 provinces such as Shanxi, Liaoning, Jilin, Heilongjiang, Anhui, were non-efficiency DUM (efficiency low than 1). Further analysis on input redundance or deficient give a reference in investing on IRC, which optimize the investing decision-making on RIC.