An Empirical Study Of Relationship Between The Intellectual Based On The Values And The Capital Financing Constraints

According to relevant statistics show that China's statistics bureau,ministry of science and technology in our country high-tech enterprise growth,now has become the fastest growing industry in the national economy.However,a high and new technology enterprise in rapid development at the same time also means that the money demand is strong,its financing problem has inevitably become the core issues affecting the development of high and new technology enterprise.At present most of the listed high-tech enterprises are still faced with financing difficulties.Intellectual capital in the development of the knowledge economy era today,as the core resources,gradually replaced the traditional factors of production,especially to the collection of knowledge,the technology of high and new technology enterprise,intellectual capital more profound influence on its development.The enterprise intellectual capital is to keep the enterprise in the competition advantage,can make the enterprise continues to create high value-added.In this paper,based on the Angle of value increment of intellectual capital.Bring the value of intellectual capital appreciation on the one hand can increase shareholders' wealth, get shareholders to participate in more profit distribution; On the other hand increased profits can guarantee of intellectual capital repayment of principal and interest of the creditors, information to deliver good profit, enhance the confidence of the creditors.Therefore, the intellectual capital of the enterprise value increase is advantageous to the enterprise financing capital to obtain.Reference to Public intellectual capital increment coefficient method for high and new technology listed companies value increment of intellectual capital evaluation,and intellectual capital factors analysis,divided the intellectual capital into human capital,structural capital two elements,the combination of financing constraint model building,for the first time,try to value increment of intellectual capital and the relationship between financing constraints index as the research Angle of view,select the 2012-2014 Shanghai and shenzhen a-share listed high-tech enterprises as the research sample,analysis the intellectual capital and its elements of value-added value appreciation helps to alleviate the financing constraints of enterprises?Study found that based on the intellectual capital and its various elements of value-added value appreciation will help ease the high and new technology enterprise financing constraints faced by thestatus quo.Finally,the author gives some Suggestions according to the research conclusions,in order to provide high-tech enterprises financing constraints ease with small help.Possible innovations of this article are:this paper selected topic to a certain extent,broadening the research field of the intellectual capital and financing constraints.the first attempt to build new financial index financing constraint model system,and combined with the particularity of high and new technology industry,obtained the evaluation of high and new technology enterprise financing constraints of measurement indicators.