A Study On The Performance-based Life-cycle Theory Of Intellectual Capital

With the knowledge economy coming, the main factors that influence thecorporation performance is changing. The intellectual capital has gradually replaced bythe traditional factors of production. It becomes the main source of the enterpriseperformance. However, the enterprise is as a individual with living. It also faces thesame problems of enterprise life cycle. Furthermore, it will shows differentcharacteristics in different stages and different life cycle. Therefore, this paperresearches the enterprise life cycle and intellectual capital. From the perspective ofenterprise life cycle, research intellectual capital is as the core competitiveness ofenterprises that how influenced on the enterprise performance. Through this research,coupled with the combination of different features in different enterprises in differentlife cycle.It provides some suggestions for how to choose the intellectual capitalstrategy of Chinese enterprises, and to further promote the sustainable development ofChinese enterprises, so as to constantly inject new vitality to the enterprise.Firstly, this paper researches from the relationship between intellectual capital andbusiness performance from different life cycle to theoretical analysis. It analysisenterprise life cycle theory,intellectual capital, the resource-based view of the firmtheory and core competitiveness theory of these four theories, discusses the impactionof human capital and structural capital on the enterprises performance. So this paperattempts to decomposed listing Corporation intellectual capital into various components,and investigate its effects in different life cycle of the listed corporation performance.Then it combines the enterprise life cycle theory and the theory of intellectual capitalintegration, to study the relationship between intellectual capital and its variouscomponents and the listed corporation performance. From2007to2012the listedcorporation data considered on the relationship between intellectual capital in differentstages of the life cycle and the performance of listing corporation. The results ofcombined the enterprise life cycle and intellectual capital are showed in different stagesof the life cycle. The role of intellectual capital on the performance of listingcorporation is obviously different. The physical capital and human capital in each stageand the listed corporation performance is positively related to capital structure. Only inpositive growth stage and the performance of listed corporation, and in the mature stageand in decline stage is negatively related to the listed corporation performance.According to the results, I put forward some suggestions on the development andmanagement of the company capital between the balanced development and intellectual capital, hope to be able to effectively use the capital to enterprises and intellectualdevelopment, and provide a useful reference to the rational allocation of resources.