Quantitative Analysis On The Impact Of Intellectual Capital Upon Value Creating

In the age of knowledge economy, knowledge has become the most important production factor. Intellectual capital become to the key and scarce resource of enterprise value creation and sustainable development. The wave of research on intellectual capital has come into being against such background. Many scholars did empirical analysis on the dependence relationship between intellectual capital and enterprise value. However, as for the theoretical system and content composition of intellectual capital, there are no agreements with them in the domestic and foreign scholars. The literatures which research the impact of intellectual capital’s elements on enterprise value are rarity. Therefore, this paper selected the pioneering field as research topic. Through the deep analysis of domestic and foreign literatures, this paper proposed the four elements of intellectual capital and constructed the comprehensive model which shows the impact of intellectual capital on firms’value and is suitable for IT enterprises in China. Moreover, this paper select the firm size and enterprise life cycle as control variables, study the impact’s difference of intellectual capital on firms’value for different kinds of enterprises in order to put forward intellectual capital development and management recommendations for IT enterprises. The main research results are as follows:1. Definite the four elements of intellectual capital which are applicable to information technology enterprises.This paper reviews the existing research including elements of intellectual capital, intellectual capital elements value model and summarizes the advantages and disadvantages of these models. Intellectual capital was divided into human capital, organizational capital, innovation capital and relational capital from the perspective of knowledge value creation based on the knowledge management theory.2. Construct the impact of intellectual capital on firms’value comprehensive model.This paper deeply analyzes the conduction mechanism how intellectual capital create value from the perspective of knowledge value creation so as to definite the value creation role of human capital, value promotion role of organizational capital as well as value realization role of innovation capital and relational capital. After that, the structural equation model of intellectual capital and enterprise value creation was established. Nested model was used to do the empirical analysis in order to make sure the impact of intellectual capital on firms’ value comprehensive model. The model which considering the interaction among the four intellectual capital elements is more perfect than previous studies.3. Grouping Empirical research was made to make recommendations based on proved data conclusion.This paper explores the intellectual capital elements’contribution to enterprise value creation under different circumstances. The comparative analysis results provide good practice guidance for companies which have different characteristics to find a suitable intellectual capital management strategy.