A Study On Relationship Between Knowledge Capital And Enterprise Performance Based On Enterprise Life Cycle

With the coming of knowledge economy time, the main factors of affecting the enterprise achievements have quietly changed. Intellectual capital has gradually taken the replace of the traditional factors,becoming a key driver of producing enterprise performance. However, the enterprise as a living body will inevitably encounter the problem of enterprise life cycle. Enterprises in different stages of growth would show different characteristics. Therefore, this paper combined the enterprise life cycle and intellectual capital, from this new perspective of the enterprise life cycle, what do intellectual capital as the core competence have impacted on enterprise performance dynamically? Through this research, this paper combined the characteristics of different life cycles, it provide how to select the intellectual capital for the development of strategies a reference, promoting more effectively the sustainable development of enterprises, continuously injecting new vigor into the enterprise.This paper firstly analyzed the relationship between intellectual capital in the different stages of the life cycle and enterprise performance theoretically.And it analysis human capital and structural capital's effect on enterprise performance respectively. It explain the three theoretical basis, that is enterprise life cycle theory, enterprise resource view theory, core competence theory. Respectively, from the start-up, growth, maturity, and decline stages, this paper analyes the characteristics of the intellectual capital. Then, this paper uses the classification of industry by the growth rate in industrial economics for reference, classifying the listed company into three life cycle stages, that is the growth, maturity, decline stages. At the same time, it selected the financial data of the 339 listed companies for 2004-2009 as the research samples. Then, It used the factor analysis method to do principal component analysis for the dependent variable and control variables in the process of empirical analysis, the two composite indicators of F and f2 were extracted from it. Finally, this paper do the analysis of the correlation between variables, and using 339 listed companies in the 6 continuous years for the 2004-2007 panel data to study the relation between the intellectual capital of the different life cycle stages and the enterprise performance. The empirical results show that the role of intellectual capital on enterprise performance are different in the different stages of the enterprise life cycle. whether it is in the enterprise cycle stage, physical capital, human capital, structural capital have a positive impact on the enterprise performance.Moreover, physical capital and human capital have a significant positive impact on the enterprise performance. In addition, the structure capital only have a significant positive impact on the enterprise performance in the growing stage. The structure capital have a positive impact on the enterprise performance in the other two stages but not significant.Then from the view point of the coefficient, physical capital coefficient was significantly greater than the human capital and structural capital coefficient. This also indicates that the current use of the resources for the listed companies the mainly rely on physical capital. And our listed companies do not attach importance to the structure capital and human capital.