The Relevent Research On Growth Period Of The Enterprise Knowledge Capital And Performance

With the higher position of the intellectual capital is more and more important in the enterprise competition and development, the research on the relationship between intellectual capital and enterprise performance becomes more important. At the same time, as a living individual, enterprise must have a life course including its embryonic period, growth period, the mature period as well as recession period. Combing enterprise’s life cycle and intellectual capital, this paper selected the growth period of enterprise to analyze, how does intellectual capital impact enterprise performance. In addition, considering the features of enterprise’s growth period, this paper provided improvement suggestions for the management of intellectual capital for the purpose of effectively promoting the sustainable development of enterprises.Through reading a large amount of literature, the author of this paper chose the angle of enterprise’s life cycle and combined three theoretical bases --- enterprise’s life cycle theory, intellectual capital theory and enterprise’s performance theory--- to briefly analyze the characteristics of enterprise’s growth period. Besides, it analyzed intellectual capital, human capital, structural capital as well as resource capital’s effects on enterprise performance respectively. Then, from the perspective of embryonic period, growth period, the mature period as well as recession period of enterprise, this paper analyzed the characteristics of the intellectual capital.This paper referred to the industry classification of growth rate in Industrial Economics, classified a company’s life cycle into four stages and selected the growth stage for a concrete analysis. At the same time, it selected the financial data from 2008 to 2013 of 212 high technology industry listed companies among which there are 68 enterprises in their growth periods. As for the enterprise performance evaluation, the author applied the method of factor analysis to extract the index F from financial indices in four dimensions, which can reflect enterprise integrated performance. In addition, two control variables and an annual virtual variable were joined for an empirical analysis. The analysis results show that the intellectual capital of an enterprise in growth period has a significant positive correlation with its performance.In particularly, physical capital, human capital, structural capital have positive impacts on the enterprise performance, while resource capital has a negative impact on the enterprise performance. Then from the point of view of the coefficient, physical capital’s coefficient is significantly greater than those of human capital and structural capital. It also shows that the current listed companies in our country mainly rely on physical capital in the use of the resources, rather than paying much attention to the application of the structural capital as well as human capital.