An Empirical Research On The Impact Of Intellectual Capital On Listed Companies Value In GEM

In recent years, there has been some crises in development of "Made in China",which was popular all over the world. It is the common target of scholars andbusinessmen to break the deadlock and look for the company’s competitive advantageswhich can increase the real value of the company. At the age of knowledge economy,intellectual capital is regarded as a new pushing hand of creating value. Therefore, inthe past few decades many scholars have studied and explored the value of intellectualcapital. However, the research on relationship between intellectual capital andcompany value in the Chinese context is still rare. This thesis focuses on therelationship between the company’s intellectual capital and company value listed onthe GEM in China. Owing to the GEM market is a barometer of capital marketstechnology innovation and business model innovation, to some extent, a national GEMreflects this country’s economic vitality and capacity of technological innovation. Thecompanies listed on GEM is by and large intellectual capital-intensive. Consequently,the newborn of "Made in China" on the GEM market should be improved.I analyze the concept, structure and measurement of intellectual capital,assessment of company value, intellectual capital and company value in turn on thebasis of the theoretical literature which I have read, so as to establish a theoreticalmodel in this thesis and put forward a hypothesis and indicators design. On the onehand, this thesis focuses on whether there are some differences in intellectual capitaland company value of listed companies among different companies. On the other hand,human capital, structural capital, relational capital and innovation capital are regardedas the intellectual capital elements. The specific relationship among those elements,company finance value, and company non-financial value will be analyzed. Aroundthis, the hypothesis is validated through questionnaires and statistical analysis. Theresearch findings are summarized as follows:(1) The intellectual capital and thecompany value have no difference in GEM listed companies’ company size, time ofestablishment, business nature and geographical distribution. While there are somedifferences in industry distribution and company type;(2) The intellectual capital ofGEM listed companies have a positive impact on the company’s financial value and can promote its upgrading. According to the descending order of the relationship withthe company’s financial value, it is innovation capital, structural capital, relationshipcapital, human capital;(3) The intellectual capital of GEM listed companies have apositive impact on the company’s non-financial value and can promote its upgrading.According to the descending order of the relationship with the company’s non-financialvalue, it is relationship capital, human capital, innovation capital, structural capital.