The Enterprise Value Of The Intellectual Capital Evaluation Indicator System Of Research

In the business activities of enterprises, physical capital(e.g. money, machinery,factory buildings, land, etc.) is the important foundation of their normal operation. To some extent the physical investment determines the scale, strength of an enterprise and finally its value. Peter F. Drucker said "knowledge worker productivity is a significant productive factor of an enterprise, and meanwhile it’s an essential advantage in competitions. The human society is now knowledge-leading, in which intellectual capital with a core of knowledge is showing up prominently". This argument has drawn some special attention from the public. Along with the development of economy,the human society is stepping into knowledge-based economy society, where knowledge, as important productive resource, is promoting the booming of economic. At the same time, as a kind of important capital and strategic resource, the intellectual capital with a core of knowledge is laying more and more remarkable influence on the survival and development of enterprises.In the market economy, enterprise serves as an important part of concern, and there are plenty of studies on the value of enterprises emerging in an endless stream. About the phenomenon that the market value of enterprises is generally greater than their book value,scholars attribute it to the appreciation of the enterprise beyond its physical investments,which is mainly impelled by intellectual capital. By theoretical reasoning and empirical analysis, scholars at home and abroad of China found that intellectual capital truly has some remarkable influence on the performance and value of enterprises. Even in medicine, software,internet industries and other high technology enterprises intensive industries, intellectual capital is the main drive factor of enterprise value increment over physical capital. Moreover,people realize that intellectual capital is one kind of strategic resource with profound influence on the long-term development of enterprises.Along with the development of research on intellectual capital, people realize that intangible intellectual capital is a key stimulus to the enterprise value, and begin to pay close attention to the acquisition, development, management and maintenance of it. But the comprehensive theory system is still open to be perfect, among which the assessment systemof enterprise value based on intellectual capital is need to be established. In the theoretical research and empirical analysis, experts and scholars are more likely to focus on the overall effect of intellectual capital on enterprise value, while omitting the driving effects of and the reciprocal transformation between individual components. Therefore, in this study some high-tech enterprises are selected to be the objects of research, from which the related data and information are collected and collated. Analytic hierarchy process is utilized to apportion weight of indicators, aiming at a universally valid evaluating indicator system of intellectual capital.Through empirical analysis, intellectual capital and physical capital are two essential elements of enterprise’s investments. Intellectual capital is not only driving the enterprise to create value, but also affects the long term survival and development of the enterprise simultaneously. Accordingly, we must pay special attention to the development and management of intellectual capital, increase the conversion rate, avoiding the idleness and waste of intellectual capital, make largest use of intellectual capital. At the same time, we must not ignore the investment and operation of physical capital, as intellectual capital is not the only influencing factor of the survival and development of an enterprise. An enterprise can create value based on the combination of intellectual and physical capital.