Study On The Influence Of Intellectual Capital On Financing Constraints In Manufacturing Listed Companies

In the knowledge economy era,strengthen the development and construction of intellectual capital has gradually become a common understanding,intellectual capital which is regarded as a strategic resource of enterprise,is the source of value creation,and enterprises achieve sound development from it.Financing constraints is the realistic problem of manufacturing enterprises in "China's New Normal" economic situation,it not only affects the financing scale and investment decisions of manufacturing enterprises but also hinders the development of transformation and upgrading of manufacturing industry.Nowadays the government is trying to instruct the financial market to support the manufacturing industry,under this background,as a key point to achieve transformation and upgrading,can intellectual capital alleviate the financing constraints of manufacturing industry?To figure out this problem,to provide a theoretical basis for the development of the intellectual capital in manufacturing enterprise,this study combining normative and empirical research,study systematically about the relationship between intellectual capital and financing constraints.According to literatures analysis,based on the knowledge-based theory,asymmetric information theory and transaction cost theory,this study about the mitigative effect of intellectual capital to financing constraints in theoretically,and put forward the research hypothesis that:Intellectual capital can not only directly alleviate the financing constraints of manufacturing enterprises,but also by improving the profitability of enterprises,indirectly ease the status of financial constraints.Besides,the ownership property may also effect the the mitigative effect of intellectual capital on financing constraints.On this basis,factorial analysis and partial least squares path model method(PLS-SEM)are introduced to constructs an evaluation model of intellectual capital,this study using a sample of chinese manufacturing enterprise listed on ShenZhen stock exchange during the 2011-2015 period,this study examines the the intellectual capital of positive role on relieving financing constraints,and discussed the mediating of profitability and the moderating effect of ownership property.The results of this paper shows that:(1)A quantitative evaluation model of intellectual capital based on PLS path model is established,which emphasizes comprehensiveness,objectiveness and measuability.(2)It proves that the intellectual capital can directly alleviate the financing constraint,among which the relationship capital shows the most significant effect,and the effect of human capital and structural capital are weaker than relationship capital.(3)Profitability had a mediator effect between intellectual capital and financing constraint,but the mediating effect between structural capital and financing constraint is not significant.(4)Compared with the state-owned enterprises,the mitigative effect of intellectual capital on financing constraints is more significant in private enterprises,because the direct mitigative effect of intellectual capital and the mediating effect of profitability are more significant in private enterprises.This study not only uses the partial least squares path model and the intellectual capital research to provide a new research method for the intellectual capital measurement and analysis,but also proves that the intellectual capital promotes the relief of financing constraints directly and indirectly.This study provides theoretical guidance for the enterprise managers to strengthen the intellectual capital construction,and for manufacturing enterprises to ease the financing constrians by using intellectual capital pertinently.