The Empirical Analysis Of Intellectual Capital Factors And Market Value Of Listed Companies In Growth Enterprises Market

In the modern enterprises of knowledge economy era, market value differ from book value very much, the phenomenon is pretty obvious in the listed companies of the growth enterprises market (GEM). These companies mostly have characteristics that high growth speed, high technique content in business and high . development potential, and this make traditional ledger accounting and financial information system out of action in reflecting real value of the companies, thus the text introduced the conception of intellectual capital, made use of the modified indexes of model SKANDIA navigator, and draw the openly disclosed information into sample data to make empirical analysis on data of listed companies in GEM of our country in 2009, aiming at exploring the relationship of intellectual capital and market value of the company. The attempt has sense both in theory and practice: one hand, compared with departed researches theoretically, the text modified formal substitute variable to introduce openly disclosed information into sample data. This would improve applications of research conclusion highly, which is in accordance with the principle of cost-effective; another hand, the research conclusion would have sense in practice, on the basis of it, managers of the companies in GEM could search for better management, methods, distribute resources reasonably and increase disclosure of intellectual capital information to raise the value of companies. At the same time, vast investors of GEM also could make use of research conclusion of the text to evaluate company more reasonably and choose investing target.The main components of the text are as follows:The part one is the introduction. First of all, it's a brief introduction on current economical situation and existing circumstances of the GEM of our country. Based on the quantitative comparison between market value and book value of the listed companies in the GEM, it introduced the issue that the text shall research in and pointed out the research significance; in the next place, it sorted out the present situation of domestic and foreign research and made commentary briefly; in the third place, it summarize the content for the study, frame structure and research method of the text simply; finally, it introduced related conceptions.The part two is the theoretical basis. Before 20th century years 90, the research about intellectual capital is contained in the research of economics growth theory and human capital theory. The development and perfection of economics growth theory and human capital theory made solid groundwork for intellectual capital. In this part, the text introduced the two theories supporting the text------economic growth theory and human capital theory.The part three is analyzing facts of intellectual capital that influent market value of modern companies. Including facts of human capital, flow capital, customer capital and innovation capital, and introduce the research hypothesis.The part four is sample selection, hypothesis testing and correlation analysis. First of all, it showed sample selection and variables definition. Secondly, it made descriptive statistics. Finally, it made empirical analysis of theoretical hypothesizes introduced in part three based on model.The part five is the research conclusions of the study, and it summarized the conclusions and made suggestions. At last, it illustrated limitations of the text.Using empirical methods and taking annual report in 2009 as the data source, the study made regression analysis and supplementary analysis applying PLS1, and then came to conclusions:The added value variable (MV/E) of human capital factor presents prominent positive correlation with hidden value per employee (HVPE) of company market value factor, and staff education level variable (SLOE) of human capital factor presents no-significant positive correlation with HVPE of company market value factor; The growth rate of primary operating revenue variable (MBRG) of customer capital factor presents prominent positive correlation with HVPE of company market value factor, and the customer concentration variable (CC) of customer capital factor presents no-significant positive correlation with HVPE of company market value factor; The foundation time variable (FL) of flow capital factor presents no-significant negative correlation with HVPE of company market value factor; The R&D concentration(RC) of innovation capital factor presents prominent negative correlation with HVPE.Different from former studies, the research aimed at the emerging market------GEM, and used the accommodated variables of the substitute variables of intellectual capital factors, it mean using data from information disclosed openly, and this made the study more usable; Compared with traditional regression analysis method used by former studies, the study made use of PLS1, it not only solved the problem that sample data is deficient, but also make up the defect of multicollinearity deriving from interior action mechanism of intellectual capital factors, then research conclusions were closer to actual situation. According to explanation upwards, it's a sensible attempt to explore the relationship of intellectual capital factors and market value of companies in GEM.