Study On The Relevance Between Intellectual Capital And Corporate Value A Life-Cycle Perspective

The times of knowledge economy is coming, thus knowledge is becoming the most important resource. As the main way of creating values, intellectual capital is the comprehensive reflection of initiation, prospectivity and productivity. It is also the crucial element for companies to maitain sustainable competition strength, so that is playing an irreplaceable role in promoting corporate development. Up to now, experts have the consensus about the relevance of IC and corporate value. The purpose of this paper is to investigate the value-relevante information provided by IC between different life-cycle stages (growth, maturing, stagnant) based on the existing theories, including if there is significant difference with life-cycle stages differing, and what are the details. The main point of this study is to give advice to supervisors on how to manage IC according to their own specific condions preventing the managing activities go alike.In this study, questionnaire is used as research instrument during the data collecting. SPSS 16.0 is used in the data processing procedure. Several statistical methods are proceeded to verify the hypotheses including reliability test, ANOVA analysis, and linear regression. After theoretical exploration and quantitative analysis, some key results and conclusions are as follows:1. Using ANOVA analysis, this paper finds out that on every life-cycle stage almost all intellectual capital components vary. That's to say, corporations in different developing stage act distinctively in the stock and flow of IC, so the study on value-relevance of IC with all sample corporations as a whole is not enough. 2.Corporate value as dependent variable, three kinds of IC as independent variables, and life-cycle as the category factor, three linear models are set to verify which is the most important capital at one particular stage. The results are as follows:(1) on growth stage, other social relations except for customer relation and maket appearance matter a lot; (2) on maturing stage, initiative capital is the most important element; (3) for corporations on stagnant stage, what most matter are the quality of managers, the attitude and competence of employees and customer relation capital; (4) the corporate regulations, procedure, culture and studying capacity are not revealed relevant to corporate value.