Value Creation Of Enterprises Based On Intellectual Capital Investment

Research object of this paper is the relations between intellectual capital investment and enterprises' value creation, which is a question of firms' structural level. Based on theory discussions, the paper uses regression method, correlation method and improved VAIC method to testify the influences of IC investment on profitability and market value of enterprises.The first chapter puts forward research question of the paper, explains the research method, entrance points and innovative points, it also discusses about existing theories and concludes the key findings and defects of them. Chapter 2 talks about the relations between intellectual capital investment and enterprises' value promotion, and points out that most of the factors influences enterprises' value have something to do with intellectual capital, implicit and explicit intellectual capital work together to transform to core competence of enterprises, while the development of intellectual capital roots in investment, so, it can be concludes that, the intellectual capital investment could promote the value of enterprises. Chapter 3 introduces the empirical methods of paper, that is the value added intellectual coefficient (VAIC) method and the correlation and regression based on VAIC. Chapter 4 collects data from 30 Chinese IT Listed companies, uses correlations, regressions and VAIC method to testify the empirical relations between intellectual capital investment and enterprises' profitability and market value. The VAIC method is adjusted here and adds in RCE to meet the research requirement of this paper better. Chapter 5 concludes the empirical findings, and gives out key points of intellectual capital investment and management practices.Findings of the paper indicates that, fixed assets, human capital, structural capital and relational capital have positive influence on profitability and market value promotion of enterprises. The fixed assets have more influence on profitability of enterprises, while the intellectual capital has more influence on market value promotion of enterprises.