Research On The Correlation Between Intellectual Capital And Enterprise Performance Based On Different Property Right

With the approaching of Knowledge Era, the research on intellectual capital is not only focused on theory but also practice, which can give some guidances. It is prevalent that material capital and intellectual capital make contributions to enterprise performance. The development of enterprise is based on material capital which is indispensable. But from industrial economy to knowledge economy, intellectual capital is playing an important role in labor-intensive industries. The enterprises begin to realize the importance of intellectual capital. Then status of material capital declines in both knowledge-intensive industries and labor-intensive industries. The latter are becoming to focus on deployment and application of intellectual capital and in these enterprises, status of intellectual capital is increasing gradually. Now traditional industries still stand at the significant position in our country, so it is desirable to launch more research about intellectual capital on traditional industries.At the same time,some enterprises are named after "state-owned".Their responsibilies,operation environment and structures are diffierernt from "no state-owned" enterprises’. And these diffierences can make an influence on enterprise performance. So it is realistic to make a research on intellectual capitals and enterprise performance based on property right.Therefore, we consider property right, a novel field, as a basis to analyze the correlation between intellectual capitals with enterprise performance. The samples we select are listed companies in manufacturing industry from The Shenzhen and Shanghai Stock Exchange. We divide these companies into two groups:the state-owned company and the no state-owned company on the perspective of property right by the nature of ultimate controller. Then we integrate sixteen indexes which can express enterprise’s abilities of profitability, development, solvency and operating into one integrated index to evaluate enterprise performance and adapt the method of VAIC to measure intellectual capital including human capital and structural capital. The paper analyze all capital’ effects on the enterprise performance through empirical and normative research method, which includes Descriptive analysis, Comparative analysis of the mean, Correlation analysis and Linear regression analysis, and give some suggestions correspondingly.It is found from the results that physical capital can promote enterprise performance significantly no matter state-owned company or no state-owned company. While human capital and structural capital show negative effect on performance, the former is significant but the latter is not. In the other, the stated-owned company, both of them on enterprise performance is positive correlation. Finally, the differences due to property right are markedly large.