The Effect Of Intellectual Capital On Value Of Listed Power Generation Enterprises In China

With the push of economic globalization and the development of information technology, the intellectual capital has become a new growth point of enterprise value. And how to effectively develop and manage intellectual capital, in order to further play to the enterprise competition advantage, which has become the focus of most enterprises. But existing researches mostly focused on the traditional manufacturing and high-tech industry, rather than the power generation industry. Due to the industry difference, these researches lacked pertinence of intellectual capital management in power generation enterprise.Firstly, through summarizing analysis of existing research on intellectual capital and corporate value in terms of connotation and evaluation method, this paper divided the intellectual capital into human capital, innovation capital, process capital and relationship capital, and defined enterprise value as intrinsic value, measured by Tobin’s Q. Secondly, considering the macro-environment and the environment of competition of the electric power industry and the major influence factors of electric power enterprise value, this paper constructed the comprehensive evaluation index system of power generation enterprise’s intellectual capital, which included human capital, innovation capital, process capital and relationship capital as four dimensions. And then through the descriptive statistical analysis, it’s clear that the intellectual capital of electricity generation enterprise was on rise year by year and the trend of polarization was increasing. Lastly, this paper took 32 listed power enterprises, from 2002 to 2013, as research samples. On the basis of intellectual capital evaluation index system, with the integrated use of variation coefficient method and panel data model, it has been clear about the influence of intellectual capital elements on power generation enterprise value. To be specific, the human capital was not a significant positive role in promoting the enterprise value, the innovation capital and process capital played a significant positive role in improving the enterprise value, however, relationship capital has a significant inhibitory effect on enterprise value. This paper analyzed the differences between research hypothesis and empirical results and tuning recommendations for intellectual capital management in power generation enterprise were put forward.