Manufacturing Enterprise Value Creation System Based On Intellectual Capital

During the time of traditional industrial economy, real assets play important roles in enterprise value creation, corporate value creation mainly rely on physical labor, substantial material and energy resources, all of these are tangible asset, corporate value is mostly created by cash、machine、equipment、material and labor. When knowledge economy era comes, corporate development mainly depends on knowledge and information, and intellectual capital become the source and motivation of corporate value added gradually. Obviously, Intellectual capital is the important factor for enterprise value creation in intelligence-intensive enterprise. But in manufacturing enterprise, does the intellectual capital have the same important effect as in intelligence-intensive enterprise?In order to answer this question, this paper studies how human capital、 structure capital and relational capital have effects on manufacturing enterprise value creation and improvement, the research adopts the method of correlation analysis to study the correlation between intellectual capital and enterprise value, adopts the methods of cluster analysis, factor analysis and multivariate linear regression analysis to quantify the relationship between intellectual capital and enterprise value. Finally, the paper construct intellectual capital index evaluation system, which helps improve enterprise value assessment system.The results of the study confirm that:(1) Compared with intelligence-intensive enterprise, mostly manufacturing enterprise value is at a relatively low level;(2) The three components of intellectual capital have positive impact on enterprise value creation;(3) Multivariate linear regression analysis shows that structure capital is the most important driver of manufacturing enterprise, the second is relational capital;(4) The Three components of intellectual capital have common with Balanced Score Card, manufacturing enterprise could borrow measurement frame of BSC to set up intellectual capital index evaluation system.