Research On The Relationship Between The Level Of Intellectual Capital And Performance Of High - Tech Enterprises

With the advent of knowledge economy, great changes have taken place in our economicenvironment. Intellectual capital becomes more and more important capital. Knowledge andintelligence play a crucial role in the economic development. Development of economicincreasingly rely on intelligence, knowledge and other intangible assets. The high-techindustry is full of intellectual capital industry, so the paper selects the high-tech industry asthe research object, through the study of the relationship between the high-tech enterpriseperformance of our country and intellectual capital, find out the relationship between theimpact of intellectual capital on the enterprise performance. The development of high-techenterprises in China is very quickly. In2000the total output value of hi-tech industryaccounted for9.63%of GDP. In2011the high-tech industry total industrial output valuereached8.84trillion yuan accounting for18.75%of GDP. In2013, the high-tech industryoutput value reached11.60trillion yuan, with an increase of10%. The total GDP in2013was56.88trillion yuan, while the high-tech industry output value accounted for20.40%of GDP. Itwas a huge contribution to GDP. So the research on high-tech enterprises, to explore the roleof intellectual capital played has practical significance.On the basis of previous research, the research mainly discussed the intellectual capitalstructure, the intellectual capital measurement and intellectual capital issues on businessperformance impact. In order to better evaluate the impact of intellectual capital on businessperformance the paper presents four structures evaluation of intellectual capital in high techEnterprises: human capital (HC), structure capital (SC), relationship capital (RC), innovationcapital (IC).Human capital is the core and the basic component of enterprise intellectual capital,;structural capital refers to the mechanism and process organized human capital of anorganization; relationship capital is the investment of maintain the relationships withstakeholders in order to continued access to the resources and information in a series ofeconomic activities; innovation capital is able to bring excess profit for the enterprise, and it isa new kind of intangible assets to enhance the competitiveness of enterprises. All of the fourfactors of the intellectual capital have effects on the enterprise performance. The realization ofthe value of intellectual capital often need the interaction of each part. Only if each part ofintellectual capital coordinated developed, the enterprise can promote the improvement ofenterprise performance.In this search we improved the traditional VAIC model, and incorporated the variables of innovative capital into VAIC, which is more suitable for the evaluation of intellectual capitalon present economic environment. In the aspect of measuring corporate performance, thestudy selected14indicators from the enterprise’s debt paying ability, operating ability,profitability ability, development capacity and so on. By using the method of factor analysisattributed these14indicators to5factors, with the variance contribution rate weightcomprehensive value, finally obtains the enterprise performance, thereby affecting theregression model is used to evaluate the intellectual capital on the comprehensiveperformance. Using theoretical derivation and the related empirical analysis to get theinfluence of intellectual capital, intellectual capital components and the interaction betweeneach component on the high-tech enterprises performance.Based on the theoretical analysis and the empirical analysis, this study got the overallimpact of intellectual capital and the interaction of each component on the performance ofhigh-tech enterprise. The empirical analysis results show that: the model of a linear analysisof tolerance in all the explanatory variables is greater than0.1, VIF is far less than10indicating that the research model of multiple linear correlation coefficient was not significant,Pearson HCE and SEC, ICE were0.637,0.238, significantly correlated at the0.01level, thecorrelation coefficient of ICE and Pearson SEC, CCE were0.224,0.275, significantlycorrelated at the0.01level. It shows the existence of interaction between the four elements ofintellectual capital, P=0.43CEE+2.62HCE+0.56SCE+0.10RCE+0.59ICE+2.25SIZE-19.38can be seen in every part of the intellectual capital will be corresponding increase corporateperformance, there is interaction between the various elements of intellectual capital, andjointly promote the improvement of business performance, at the same time that the fourelements of intellectual capital in high tech enterprises constitute it is reasonable. Through theregression coefficient of the model P=0.33CEE+0.74VAIP+1.21SIZE-11.47, we can see thatthe role of intellectual capital in high-tech enterprises more than financial capital. But theconclusion may not be the same as the traditional enterprise or other enterprise. That is to saythe intellectual capital is one of the main factors affecting the performance of high-techenterprises.According to the results of empirical studies and present situation of our today’shigh-tech enterprises puts forward the corresponding policy suggestions. High-techenterprises should pay high attention to the investment and management of intellectual capital,in the era of knowledge economy. Companies should not only focus on traditional factors ofproduction, but also the intellectual capital investment. Intellectual capital has gradually become an important resource of high-tech enterprises. In the future, the managers ofhigh-tech enterprises should pay more attention to the role of intellectual capital to achieve amore rational allocation of physical capital and intellectual capital. The human capital is themost significant one of intellectual capital element on firm performance. With thedevelopment of the knowledge economy, innovation will inevitably become a decisive forceto enhance the competitiveness of enterprises. Governments should timely introduce supportpolicies to promote the development and investment of intellectual capital, and our countryeconomy continuous development.