| The growth of social wealth has been changed in the Era of knowledge economy. The concept of valuecreation that physical capital is the source of wealth is changing. With the development of the timeschanging, the notion that intellectual capital enhance the value is the consensus point of view, whichchanges the traditional view. Manufacturing enterprises is the traditional labor-intensive enterprises. Thedevelopment requirements, such as economic restructuring and industrial upgrading, force the companies toadjust their development strategies to conform to the times. Intellectual capital taken as a soft asset is adriving factor that provides enterprises a change from quantity to quality. Due to the emergence of theintellectual capital, the various items of expenditure in the enterprise are no longer simply seen as a cost,but the investment. This article mainly using the static division of the mainstream view (four divisions),analyses the relationship between intellectual capital and manufacturing enterprise value.Organization is a carrier of intellectual capital, the difference of which can make different intellectualcapital. Scale differences lead to different capital structure, and then the different business performance.Basing on the difference in value creation of scale and four elements of intellectual capital, this article putsforward research hypotheses of intellectual capital and its impact on the enterprise value in manufacturingsmall and medium-sized enterprises (SME) and large enterprises (LE).The preliminary statistical analysis results show that, the Q value of the manufacturing sectordecreased year by year from2009to2011, the competitiveness gap between enterprises of the industry isgradually narrowing. Compared with LE, the prospects for the development of SMEs are more optimistic,and the competitiveness gap is bigger. The intellectual capital is different in different enterprise size, andthe gap is different in the same scale enterprises. Using analysis of variance to analyze the difference ofintellectual capital and enterprise value between SME and LE in manufacturing, the independent samplesT-test show that SME’s value is significantly higher than the value of LE, yet the asset-liability is on thecontrary. Meanwhile, different sizes enterprises have significant differences between each dimension ofintellectual capital. Specifically, human capital and innovation capital of SME is much higher than that ofLE, whereas it’s more complex in process capital and relational capital between enterprises of differentsizes.This article uses multiple linear regression analysis to research into the relationship betweenintellectual capital and enterprise value. First, the results for the whole manufacturing industry show thatprocess capital has a significant effect on the enterprise value, and then human capital and relational capital,yet innovation capital weakest. Moreover, human capital has a negative effect on the enterprise value.Secondly, the results for large enterprises show that the process capital has a greatest impact on corporatevalue. The relational capital has a positive impact, while the human capital is the opposite. And the impact of innovation capital is not so significantly. Finally, the results for SME show that, innovation capital has agreatest influence on corporate value, which is totally different from LE. Relational capital has a positivebut the least influence. Process capital has a positive impact, while the human capital is just the other wayaround.The results indicate that the debt-to-asset ratio exceeds the optimal liabilities level and human capitalis overlooked in manufacturing enterprises. Therefore, manufacturing enterprises should change theirhuman capital strategy from quantity to quality and optimize their innovation capital. Moreover, theyshould strength the function of process capital and adjust relational capital in time. |
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