A Study On Intellectual Capital And Corporate Value

This is an era that the knowledge economy dominates in our daily life,corporate value will be mainly derived from intellectual capital,not the tangible assets in industry economy any more.Definitely realize the relatedness between intellectual capital and corporate value throng empirical research is the basis of creating the walue by making use of intellectual capital.The goal of this research is to take the new key high-tech enterprises in national torch plan as an example,probe into the relatedness between intellectual capital and in financial index,which is the essential factors of intellectual capital affecting corporate value,which factors of intellectual capital shoud be best to invest and attend though empirical research.In this research,analyzed and extracted the data in 148 annual reports of 50 new key high-tech enterprises in national torch plan from 2005 to 2007,obtained 72 compelet data.In the process of processing data,mainly utilized the factorial analysis,the correlation analysis,the path analysis to discuss the factors of intellectual capital and interaction of them and influence to the corporate value.For the empirical study and the correlation theories discussion,this research draws the following conclusion:(1)In the correlation analysis,the highest reward of senior administrative personnel,the average reward of senior administrative personnel,the average management fee of the staff of the human capital proxy variable have the plus relevance with corporate value;the strength of making profit of the staff,the returning ratio of the net assets,average profit of the staff,the increment rate of each net assets of the structure capital proxy variable have the plus relevance with corporate value;the proportion of purchases of primary suppliers,the primary cost rate have the minus relevance with corporate value.(2)In the path analysis,the human capital,the structure capital has the remarkable positive influence to corporate value;the relational capital has weak inverse correlation to corporate value.