The Research To The Influence Of Intellectual Capital To The Enterprise Value

With the development of knowledge economy in deep and longitudinal direction, as a kind of capital of enterprise, intelligence attracts more and more public attention. Why do people pay so much attention to intelligence? It is because that intelligence is another factor to motive enterprise value. In the development of enterprise, if intelligence factor is fully emphasized and explored, it deserves this expectation in deed. Intelligence factor further transforms each expense into each investment since the occurrence of its concept. Intelligence factor endows new meaning and understanding on enterprise cost. Therefore, this paper will empirically study the relationship between intellectual capital and enterprise value as the subject, which has important theoretical and practical meaning.Main object of study is listed company of growth enterprise market. Study on how intellectual capital influences enterprise value by collecting and analyzing the data from 2012 to 2014 and combined with intellectual capital theory as theory support. Firstly, this paper sorts and summarizes the study involving the relationship between them, taking it as material basis for further development of this paper; secondly, relevant concepts and theories of intellectual capital and enterprise value are sorted. Centred on theories of intellectual capital, this paper analyses the influences of enterprise value and puts forward hypothesis on this basis. Thirdly, this paper measures the explained variable i.e. enterprise value involved in the process of study based on Tobin’s Q value, and establishes corresponding index system through selecting different point of view to study explained variable, namely, intellectual capital. This paper also analyses and studies the relationship between intellectual capital and enterprise value empirically.Through correlation analysis of Pearson, this paper summarizes 11 index factors that have deep influence on enterprise value to study the influence from intellectual capital. Later, this paper analyses explaining situation of intellectual capital and its various index factors for enterprise value. Regression result shows that explaining situation of intellectual capital for enterprise value is superior to its various index factors for enterprise value. Finally, through analysis on empirical results, this paper selects human capital, structure capital and relationship capital as the entry point to put forward the strategy and advice for improving enterprise value specifically.