Reseach On Investment Management Of Intellectual Capital In Universities

The arrival of the knowledge-based economy is accelerating the footsteps of universities development. Meanwhile, the construction funds of universities have gained unprecedented growth, not only alleviate the shortage of operation funds in the universities’ embarrassing situation for a long while, but also provide a powerful guarantee to support the development of universities. Over the years, however, the investment growth has not significantly increased the education quality. Conversely, it brings a strong dissatisfaction with the status quo of the society for higher education construction. For colleges and universities, on the one hand, they desire to enhance their competitive strength through participating in the process of internationalization, on the other hand, they are subjected to the existing education concept, management system and mechanism, the development of colleges and universities is falling into a bottleneck. Hence, there is an urgent need for university construction to change current mode and key point of university investment. And the question on how to invest in order to improve the education quality causes the university managers’ comprehensive introspection.More and more of the theory and practice has proved that intellectual capital is the core power to achieve organizational strategy, promote the competitiveness of the organization, increase organization value, maintain the sustainable development of the organization. As the dilemma of university development is getting more and more obvious, the status of intellectual capital in the university construction is becoming ever more important. Attach importance to the cultivation of intellectual capital not only can improve the university value, but also conform to the current construction requirements that development is quality-oriented in higher education. How to manage the intellectual capital investment and establish the investment direction is the fundamental problem related to the development of colleges and universities. For different universities, however, the composition of the intellectual capital shows extreme individual differences, the development path of universities also presents strong ego style, mainly because of vision diversity between different colleges and universities. Therefore, the purpose of this paper is to study how university investment affects the formation and promotion of intellectual capital under the influence of vision-oriented role, thereby constructing the investment management system of university intellectual capital, so as to guide universities to carry out the intellectual capital investment management activities through analyzing the implement ways and strategies.In this paper, the research content mainly includes:First, an attempt is to analyze the inner relation between intellectual capital and university development. This paper combed through the development process of higher education from a view of intellectual capital, and pointed out that the essence of the university development was a constant process of intellectual capital formation and accumulation. The historical evolution of development views at the same time pointed out that, promoting intellectual capital was an eternal subject for the development of colleges and universities. Therefore, intellectual capital can be used as a sign for measuring the development of colleges and universities, and this paper further proposed that university investment should aim to promote university intellectual capital.Second, based on the theoretical analysis of the university investment and intellectual capital, this paper analyzed the investment factors affecting the promotion of university intellectual capital. Respectively from the two dimension of investment amount and investment structure, this paper described the mechanism how input factors influenced the formation and promotion of intellectual capital, thus constructed the basic model of university intellectual capital operation. Further, on the premise of introducing the vision element, this paper analyzed that vision put impact on the relationship between investment and intellectual capital. Expanding the discussion of influence mechanism which university investment affects intellectual capital, this research built a university intellectual capital operation model including the entire variable. They were investment, intellectual capital and vision, respectively.Third, the university intellectual capital operation model we built above was designed to test. In the empirical analysis, this paper selected the relevant data of76universities directly under the Ministry of Education in the year of2007, using the descriptive statistics technology to compare with the status of the university investment and intellectual capital in the following vision models:"comprehensive-research model","multidisciplinary-research model","characteristic-research model"; using PLS technology to discuss the formation and growth mode of university intellectual capital under the different types.Fourth, under the guidance of the university intellectual capital operation rule, combined with dynamic characteristic of the three elements,"investment","intellectual capital" and "vision", this paper constructed the investment management system of university intellectual capital, and provided an analysis framework to carry out the investment management activities. Within this framework, this article elaborated the approach and strategy of intellectual capital investment management under the direction of vision, based on the following five aspects:evaluation and reconstruction on vision, target analysis and selection on the implementation of investment management, strategy analysis the in the investment management, the development of the intellectual capital investment management tools and the improvement of university financial reports.The main conclusions in this paper can be drawn as follows:First of all, the promotion of university intellectual capital can be used as an effective index to measure the development of colleges and universities, understanding the internal structure of the intellectual capital can meet the diversified goals of current university development from different aspects, it also can remind colleges and universities should pay attention to the overall promotion of intellectual capital in the process of investment management. Therefore, promoting the overall level of intellectual capital should be established as the standing point in university investment management. It can guide the long-term construction of colleges and universities. On the other hand, it is pointed out that vision-oriented construction can help colleges and universities go for their own development path, pay attention to the stock of intellectual capital in the long-term operation, and carry out the construction activities based on their own advantages. Consequently, university managers can seize the key points of investment management so as to avoid blind construction ways between the universities.Second, the empirical results indicate that in different vision models, there has a bigger difference in the level of university investment and intellectual capital. In terms of current university development, the growth way of university intellectual capital is mainly driven by investment amount, while investment structure has not give full play in the allocation of resources. Increasing government funding and personnel investment has a significant effect to promote intellectual capital. In terms of university intellectual capital growth mode,"comprehensive-research model" shows an entire and balanced way;"characteristic-research model" shows that the promotion of intellectual capital is driven by equilibrium growth of human capital and structure capital;"multidisciplinary-research model" shows that outstanding development of structure capital results in promoting intellectual capital. It is thus clear that, colleges and universities need to change the growth mode to realize the comprehensive promotion by turning investment amount-driven into investment structure optimization.Third, this paper emphasizes the colleges and universities should follow the construction rule which is vision-oriented and taken intellectual capital operation as the core. For countries, the development of higher education is the all-round development of different types of colleges and universities. Beginning with the vision model, this paper studies different mode of university intellectual capital operation rule can establish the idea of university classification management from the macro level and give corresponding support resources. For colleges and universities, establishing the differentiated vision on the basis of their own intellectual capital stock, can provide a rational guidance for university construction. Attaching great importance to the vision management in colleges and universities, establishing investment management goals, focusing on the key intellectual capital, and continuous investment, can realize the overall value enhancement of colleges and universities from the individual level.Innovation point in this paper lies in constructing systematically a theoretical framework including three elements of "investment""intellectual capital" and "vision", emphasizing the key point that colleges and universities should conduct their investment according to their own visions. The introduction of university vision can provide global field of vision for thinking of changing development mode and determining the development priority, it also can provide theoretical basis for discovering university development path. In addition, the research field of the investment management of university intellectual capital ranges from macroscopic level to microcosmic level, including discussing the intellectual capital operation situation of universities directly under the Ministry of Education in the different vision models, and evaluating the intellectual capital management practice in specific vision, which broadens the scope of the intellectual capital investment operation mechanism of colleges and universities. In particular, selecting the financial research visual angle and putting forward the vision model, provide colleges and universities with a new train of thought in guiding the current university classification management and resources allocation.