Impact Mechanism Of Entrepreneurial Intellectual Capital On The Enterprise Value Creation Based On Joint Venture Capital Investment

With the advent of knowledge economy, the traditional production factors such as capital, labor and land have been replaced gradually by intellectual capital. It is difficult for the Start-ups to obtain the resources via the traditional credit channel. If the Start-ups obtain their much-needed financial capital and intellectual capital through the joint venture capital investment, and use intellectual capital effectively, they must be able to find a shortcut to realize enterprise value creation obviously.This paper used the knowledge of multiple disciplines, including the enterprise creation theory, the knowledge theory and venture capital theory. It carried out research according to the train of thought:from the theory research, through empirical research, to case analysis. The purpose is to reveal the joint venture investment how to affect the enterprise intellectual capital and value creation activities.This paper elaborated the basic theory of value creation and intellectual capital, reviewed the previous research in this area, put forward "driving factors→competitive advantage→enterprise performance→enterprise value " process model as the basis of research framework; and described the development of joint venture capital investment in China, commented motivation research status of joint venture capital investment, pointed out that under the background of knowledge economy, the Start-ups' urgent demand for various resources from the joint venture investment may be the important motivation which has been ignored by the former scholars.According to the characteristics of the Start-ups, the paper discussed the source of enterprise value; analyzed the effect pathways of intellectual capital on enterprise value based on the intrinsic value formula of deformation; then probed into the action mechanism of intellectual capital in enterprise value creation, and constructed the process model.Based on the summary of the various forms of joint venture investments, this paper discussed the motivation of joint venture capital investment, the establishment of a mathematical model to analyze the value overflow mechanism of joint venture capital investment; According to the characteristics of enterprise financing and business relationship network in different phases of enterprise life cycle, analyzed various factors of intellectual capital how to affect enterprise value creation. Further explored the entrepreneurial intellectual capital imported mechanism and hypercycle effect through the joint venture investment.On the basis of this, we took on the empirical research according to the data of the listed companies of China's GEM board from2009to2010. This research analyzed venture capital's effect on the performance of IPO, the empirical result shows that it has to some extent promote the enterprise value creation; then, we empirical analyze the relationship between intellectual capital and enterprise value creation in different investment-background enterprises with improved VAIC. The results of correlation and multivariate regression show that:the financial performance has a significant positive impact on market performance, and intellectual capital has a significant positive impact on financial performance and enterprise value creation in all kinds of investment-background enterprises.Finally, taking Shenzhen COSHIP Electronics Co., Ltd as an example, this paper analyzed the process and the result of obtaining its scarce intellectual capital through the joint venture investment, and carried on the comprehensive analysis in using of intellectual capital to create enterprise value successfully.