Studies Of Intellectual Capital’ Impact On Enterprise Value

Intellectual capital is enterprise’s most import resources in the age of knowledgeeconomy, and the core competitiveness of the enterprise has gradually transferredfrom the traditional plant, machinery and so on to the intellectual capital. We believethat the future’ enterprises should be knowledge-intensive enterprises, and theenterprises which master the core technology will control the market. SinceGalbrainth put forward the concept of intellectual capital in1969, more and morepeople began to study intellectual capital, striving to gain the deep understanding ofintellectual capital to seek the growth point of enterprise value. But all previousacademicians seem to focus on the assessment of intellectual capital, and there is alittle study on how it influences the formation of enterprise value. This paper bases onintellectual capital as the starting point, in which excess surplus theory, neweconomic growth theory and the theory of financial management will be used toexpound the mechanism of intellectual capital’ bringing corporation added value insome aspects, which are intellectual capital’ operation, accumulation, factors andways that create corporation’ value, revealing that intellectual capital adds enterprisevalue while brings it’s own value of appreciation.This article is divided into six chapters. The first chapter is the introduction part,which mainly introduces background, significance of topics and literature review. Thesecond chapter introduces review of the theory, which will be used in this paper. Inthe third chapter, related theory is used to expound how intellectual capital impacts onenterprise value. The fourth chapter and the fifth chapter are the empirical researchparts. It selects the listed company’ date of the domestic computer industry usesfactor analysis, correlation analysis and linear regression analysis. The empiricalresults reveal that the intellectual capital and enterprise value are significantlypositively correlated.According to the study, we can see that intellectual capital and financial capitalcombine together to create enterprise value. However, most of the value of enterprise’intellectual capital have been underestimated. So enterprise should pay more attentionto development and managent of intellectual capital, and increase the disclosure of theintellectual capital.