Empirical Research On Impact Of Intellectual Capital For Corporate Performance

The coming of knowledge economy time, makes the core of enterprisecompetition, the key of gaining profit no longer depends on traditional materialproduction elements, but on more and more attention in the enterprise specialresources--intellectual capital. As the important source of creating value andsustainable competitive advantage, intellectual capital is highly valued for nationand enterprise, but also become the hot topic to scholars. In recent years, manyscholars had done intense researches between intellectual capital and corporateperformance, and obtained a certain result, researches mainly through the analysis ofthe structure of intellectual capital, chose some variables as corporate performancealternative variable, concluded that the relationship between the two. Based onprevious studies, focuses on "the structure of the intellectual capital","themeasurement of intellectual capital","the selection of corporate performance index",and so on, analysis the relationship between intellectual capital and corporateperformance. Through the theoretical derivation and relevant empirical analysis,hope can gain the influence that intelligence capital, its composition and theinteraction of the composition on corporate performance, help enterprise can valueintellectual capital’s investment and training in actual operation.Selecting80companies from three industries (electronic, informationtechnology, pharmaceutical and biological products) that have highly dependence onintellectual capital, which have going-concern in2007-2011years, from theshanghai security exchange. Taking value added intellectual coefficient (VAIC) asthe measurement method of intellectual capital. In order to have a comprehensiveevaluation on corporate performance, select14financial indicators to measure it,which is from the enterprise comprehensive financial benefit, operation ability, debtpaying ability, potential development four aspects, using the factor analysis method,make14financial indicators to5factors, with variance contribution for the weight,finally gain corporate performance’s comprehensive value. And then use correlationanalysis, conclude the influence between intelligence capital, its composition andthe interaction of the composition on corporate performance, primarily validate thecorrectness of five hypothesis.According to the two established models, using empirical research to furtherverified five hypotheses, and conclude that the intellectual capital and itscomposition have significant influence on corporate performance (including humancapital, relationship capital have the influence on corporate performance at a higherlevel), each component interaction on the corporate performance to a greater influence than three separate on the impact of corporate performance. At last, givepolicy suggestions according to the empirical results.