| With human society transition to the economic and knowledge society, knowledge as a kind of new production has a greater contribution to economic growth and as a strategic resource has a deeper influence to enterprise. In1993, Peter Drucker pointed out:"knowledge productivity has become the key to productivity, competitiveness and economic success of capitalism under the impetus of this change, the Western industrial society is characterized by the society will shift to the knowledge society is characterized by post-capitalist society." in "post-capitalist society".Intellectual Capital whose core is knowledge is playing an increasingly important role in the enterprise performance and access to sustainable competitive advantage. Since the reform and opening China has sustained a rapid economic growth. But long-term by the way of funding and investment of resources to promote economic growth is no longer viable slowly. The state "Twelve Five-Year" plan explicitly proposes to transform the economic growth way, which mainly relies on technological progress and improving the quality of workers to fuel economic growth, the major issue of China’s enterprises began to transform from relying on physical capital to relying on Intellectual Capital is clearly an urgent need to study.This paper selected two representative industries to start research, bio-pharmaceutical industry is knowledge (or technology) intensive industries, R&D and marketing is the core value, has a higher technology content; textile and garment industry is labor-intensive industries, its production Technology is mature, has a lower technology content, in order to explore different intellectual capital drivers at the present stage. We obtain336samples of biomedical industry companies,208samples of textile and garment enterprises in China’s A shares from2007to2010.This paper chooses the rate of return on net assets to evaluate enterprise performance, using an indirect evaluation method-value-added intellectual capital coefficient method (VAIC) to measure intellectual capital, whose measure indexes are unified, calculation is easy, data from the audited financial report, using large samples and horizontal comparison between different industry sectors,which at present has been more widely used in academic research and development and management of business intellectual capital. This paper chooses VAIC to study the impact of intellectual capital on business performance of the biopharmaceutical industry and the textile industry. Select2007-2010data from A-share market in China, data is newer, and select two representative of the industry as the object of study, the sample is whole.There are mainly5chapters in this paper:Chapter1introduces the research background and significance;Chapter2related theoretical basis and literature review, review the research situation of home and abroad, introduces the content and innovation. Chapter3describes the data collection and variable definition, and put forward hypotheses. Chapter4carries out the empirical analysis of the model and puts forward the conclusion and analyzes the reasons. Chapter5puts forward policy recommendations, and the future research direction.The results showed that:(1) physical capital on low-tech enterprise of textile and garment industry performance has a significant effect on the material capital, high technology content of the pharmaceutical enterprises performance is not significant positive role.(2) the high content of science and technology and content of science and technology enterprises with low, homogeneous and heterogeneous human capital stimulative effect both are very remarkable.(3) structural capital impact on corporate performance is not significant, and exist an negative effect.(4) there is no significant correlation between human capital and structural capital.(5) Parts of intellectual capital between the different scientific and technological content of industry is different. |
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