The Research On Relationship Between Intellectual Capital Investment And Enterprise Performance

With the fast growing of the world economy, knowledge economywhose basis is the intellectual capital is booming as a brand-new economic form. Thispaper analysis how the intellectual capital influence the corporate performance basedon the differences of state-owned and private corporations. And here comes the ideathat the nature of control power plays a very important role on it. To prove this idea,this paper is designed to research on the following parts:The first chapter is introduction; mainly to research background, method, and themain innovation and deficiencies.The second chapter is divided into three parts. The first one, to provide acomparative platform of different elements Investment efficiency of state-owned andprivate enterprises, analyze the component factor and widely agreed constitution modelof intellectual capital. The second one is how the different elements of intellectualcapital influence the enterprise performance, and the dynamic relation betweenthem.The third part states to summarize the measuring methods of intellectual capital.After comparing the relative merits of different methods, finally choose the VAIC putforward by Ante Pulic（1998）, and make some improvement on it.The third chapter is the empirical analysis. The writer picked20state-ownedenterprises and20private enterprises from the top500public companies in China,collecting data from SSE, SZSE and other websites, using the new VIAC index systemto evaluate their Efficiency of intellectual capital. After the analysis of these data, thewriter found that the state-owned companies put more intellectual capital in absoluteamount, however they gain less value from per unit invest on intellectual capital thanprivate companies.In the fourth chapter the writer analyze the influencing factor of the efficiency ofintellectual capital and propose the suggestion on state-owned and private companies.This paper argues that, it’s just the nature of control power that makes thedifferences on the efficiency of intellectual capital. And to raise efficiency, the state-owned company should do some changes on property relations, salary design andmechanism of innovation. Meanwhile, the private company should pay more attentionon the labor-capital relationship, staff life and training system, besides the efficiency.