The Study Of Relationship Between Intellectual Capital And Corporate Value

With the development of market economy, intellectual capital as a new factor of production are play a important influence of enterprises. value of enterprise are not only come from tangible assets, but also depends on intellectual captical and intellectual captical the application efficiency. therefore, intellectual capital are becoming the main topic in the enterprise finance theory. Scholars who are interested in practical field are focusing their attention on the intellectual capital.This paper analyses the high and new technique. Through the empirical study analyzes the relationship between the intellectual capital and enterprise value. Firstly, building up a evaluating indicator of intellectual capital on the basis of intellectual capital theory. And then study intensively the constituent part of intellectual capital. Intellectual capital is divided into three parts:human capital, structural capital, relational capital and study the relationship between them and corporate value. Corporate value is operated by financial capital and intellectual capital. Corporate value is operated by marketable value. Human capital is operated by the rate of the salary costs of staff, the rate of asset allocation and the average profits of staff. The management fee of the staff, average management fee of staff is of measurement of structural capital. And the relational capital is constitute by the rate of expenditure of marketing, the rate of account receivable turnover and growth rate of profit.Using the data of the 95 listed enterprises from 2007-2009. Through the SPSS16.0 software to analysis the relation of intellectual. Abstract capital and enterprise. By factor analysis, principal component analysis to summarize and measure the intellectual capital of enterprise. And then, by regression analysis to study the relationship between the enterprise value and intellectual capital. Results show:The enterprise value of the sample companies are more closely with the human capital. Structual capital and relational capital are also playing a major role in enhance enterprise value. Put forward some proposals for the intellectual capital of high-tech indutries and provide a reference for the study.