The Impact Of Intellectual Capital On Enterprise Value

With the arrival of the era of knowledge economy,the contribution of intellectual capital to enterprise value has become increasingly important,and intellectual capital has become a new growth point of enterprise value.How to use and manage the intellectual capital effectively to further enhance the enterprise value has become the focus of most enterprises.As the basis and premise of intellectual capital management,enterprises not only need to identify the intellectual capital owned by enterprises at specific times,but also need to clarify the contribution of each element of intellectual capital to enterprise value.So that the enterprises can figure out which element of intellectual capital is the most worthy of investment and attention.Focusing on high-tech enterprises,this paper selects 293 sets of valid data and does a empirical study of the impact of intellectual capital on corporate value.First of all,this paper reviews and combs the relevant research on intellectual capital and enterprise value,and further defines the connotation of intellectual capital and enterprise value,and puts forward the elements of intellectual capital,which lays the foundation for constructing theoretical model.The paper analyzes the influence mechanism of intellectual capital on enterprise value,and puts forward the hypothesis of this paper.Then,12 indicators were selected from three aspects: human capital,structural capital and relational capital.The comprehensive index of intellectual capital and the comprehensive index of human capital,structural capital and relational capital were obtained by factor analysis and coefficient of variation,And the four comprehensive indexes are used as explanatory variables,and Tobin Q is used as the explanatory variables to construct the multiple linear regression model.The empirical study is carried out on the influence of the whole knowledge and the intellectual capital on the enterprise's value.In addition,in the three elements of intellectual capital,in addition to the promotion of the role of human capital to the enterprise value is not very significant,the structural capital and the relationship capital are obvious to the enterprise value To enhance the role.In addition,through the correlation analysis we found that the elements of intellectual capital is not isolated,but constitute an organic whole.Finally,based on the results of empirical analysis,this paper puts forward some countermeasures and suggestions to strengthen the management of enterprise intellectual capital from four aspects.