Research On Value Creation Path Of Investment In Intellectual Capital

With the development of the world economic integration, intellectual capital has become the most precious and scarce resources in the process of organization competition. The precious and scarce nature is the key for an enterprise to win in the fierce competition. Obviously, the intellectual capital is gradually replacing the tangible assets and has become an important resource for an organization to enhance the value of corporation and gain a competitive advantage. Enterprises have also begun to take the acquisition, investment and application of intellectual capital as the main method to enhance the competitiveness and obtain competitive advantage. Recently the foreign research literature about intellectual capital is mounting, but our study of intellectual capital is still at the starting stage. The research about intellectual capital value creation path is less, and so as the related empirical research papers. At the same time, the improvement of operational efficiency optimizes the enterprise internal resource allocation, make the enterprise resources allocation more effective and improve enterprise value. In this process, whether intellectual capital can play its regulatory effect, drive operational efficiency or create value should be further investigated. Therefore, the empirical study on the relationship between intellectual capital and enterprise value has a profound theoretical and practical significance.This research is based on the study of scholars at home and abroad. And it deeply analyzes the connotation and construction of intellectual capital. Based on the regression analysis of intellectual capital, we maintain that intellectual capital has the value creation function.And we further have research on the mechanism of intellectual capital value creation and the path of it. Furthermore, through hierarchical regression analysis, this article verified that the investment of intellectual capital can play a positive effect in process of the operation efficiency having influence on the corporation value during the era of knowledge economy.The research results show that the intellectual capital can promote the enterprise value. At the same time, its value creation path can be reached by driving the enterprise operation efficiency. Intellectual capital can effectively drive the enterprise operation efficiency to increase enterprise value. Moreover, the investment in the intellectual capital has a positive influence on the process of operational efficiency having effect on the enterprise value. The innovation of the study is to explore the intellectual capital investment value creation path and through the hierarchical regression test intelligence capital investment has a moderating effect on the process operation efficiency having influence on enterprise value. Finally, based on the research conclusions, we put forward that the investment of intellectual capital has effect on the enterprise management authorities, investors and regulators, and we should attach attention on it.