The Empirical Analysis On The Influence Of Intellectual Capital To The Market Value Of The Enterprise

Since the last century 1990s, human society has gradually entered the knowledge economy,knowledge economy is the economy which mainly invests in intellectual capital, intellectual capital is the basis of the knowledge economy. The rise of knowledge economy makes intellectual capital has gradually replaced funds, land, plant and equipment and so on. Intellectual capital has been the most valuable strategic resources, the most powerful competitive weapon, the main drivers of creating the market value of the enterprise. The research about the influence of intellectual capital on the market value of the enterprise is the the expansion and deepening of financial theoretical research. How to effectively use and manage intellectual capital to further create and enhance the market value of the enterprise has become the practical problem that most enterprises must face. As the basis and prerequisite of intellectual capital management, enterprises not only need identify the intellectual capital owned by enterprises at a specific point, but also need define the contribution of all elements of intellectual capital to create the market value of the enterprise. Enterprises must understand which intellectual capital is the most closely linked to the market value of the enterprise, which intellectual capital is most worthy of investments and focus attention.This paper defines the basic concepts of intellectual capital and the market value of the enterprise first of all and expounds the theoretical basis about intellectual capital elements, this paper highlights the view of "Two Factors" of intellectual capital, intellectual capital is divided into human capital and structural capital, On this basis, this paper analyzes the influence of the two elements of intellectual capital on the market value of the enterprise and gets the following conclusions:(1) Human capital is the core of intellectual capital, It is the basis to create the market value of the enterprise and continue to add value, It is the prerequisite that intellectual capital creats value, human capital has a positive role in promoting the market value of the enterprise;(2) Structural capital can be divided into internal structural capital that is organizational capital and external structural capital that is relational capital, which have a positive role in promoting the market value of the enterprise;(3) Most of the elements of intellectual capital can not play alone, through the interaction and co-integration of human capital and structural capital, intellectual capital can promote enterprise development and create the market value of the enterprise.At the same time, intellectual capital plays its role to create and enhances corporate value under the premise that enterprise has a certain of physical capital.This article uses statistical tools SPSS17.0 and Excel2003 to empirical analyze data of electronic information industry and petroleum chemical industry in the 2007,2008 and 2009. The results show:(1) At the present stage human capital has only a weak positive role in promoting the market value of the enterprise, although its role is not very significant, it is still enhanced. Therefore, to some extent that supports the hypothesis 1:human capital has a positive role in promoting the market value of the enterprise;(2) The structure capital of the enterprise has significant positive effects on the market value of the enterprise in our country, structural capital plays a very important role in creating and enhancing the market value of the enterprise, therefore, that supports the hypothesis 2:structure capital has a positive role in promoting the market value of the enterprise; (3) Intellectual Capital Efficient through the test of significance in the regression model at the 1% confidence level, that supports the hypothesis 3:intellectual capital has a positive role in promoting the market value of the enterprise, intellectual capital play a decisive role in the market value of the enterprise; (4) Capital Employed Efficient through the test of significance in the regression model at the 1% confidence level,but the significant is less than Intellectual Capital Efficient, therefore, that supports the hypothesis 4:materials capital has a positive role in promoting the market value of the enterprise and the hypothesis 5:the contribution of intellectual capital to create the market value of the enterprise is more than materials capital;(5) Internal elements of intellectual capital that is human capital and structural capital are Interrelated, intellectual capital plays its role in promoting the market value of the enterprise only under the interaction of internal elements.This paper is divided into five parts, the first part is the introduction, which introduces the background and significance of this paper, writing ideas and research method and the basic framework of the article; The second part is the literature summary section, which mainly elaborates so far research status of domestic and overseas scholars about intellectual capital and the impact on the market value of the enterprise,then summarizes and evaluates them. The third part is the theoretical analysis and research hypothesis, which mainly analyzes human capital and structural capital and the influence of them on the market value of the enterprise, and then make assumptions;The fourth part is empirical analysis, including the variable design, sample selection, construction of model and then carry out descriptive statistics, correlation analysis, regression analysis, finally the empirical results are obtained; The fifth part is research conclusions and recommendations, which proposes conclusions and recommendations based on the result of theoretical analysis and empirical analysis, and then points out the lack of this paper and future research directions.