Research On The Relationship Between Intellectual Capital And Business Performance

As the product of knowledge economy,Intellectual capital has become a unique competitive advantage in the enterprise internal and external ability.At the same time,the development and utilization of intellectual capital has become a key issue for enterprises to achieve long-term development.In the past,Research about the relationship between intellectual capital and enterprise performance is mainly concentrated in the knowledge intensive enterprises with remarkable intelligence characteristics,there are few strategies for intellectual capital development in different industries,and we ignore that the intellectual capital as a strategic resource has the characteristics of uncertainty and deferred income.,it is lock of the study on the sustained performance impact.Based on the above analysis,this paper will focus on two aspects:industry contrast and time lag.First of all,through literature review,the concept,dimensions,and measurement system of intellectual capital become more clear,as well as the relationship between intellectual capital and corporate performance.Secondly,on the basis of the description of the current situation and the analysis of relevant theory,this paper puts forward the research hypothesis.Firally,through the establishment of multiple regression model,this paper empirically analyzes the differences of intellectual capital and corporate performance in terms of the immediate and late stages in different industries.This paper chooses the typical enterprises of knowledge intensive,labor-intensive and capital intensive in the listed companies of 2012-2015as the research object(High tech industry,traditional manufacturing industry and real estate industry).It uses the modified VAIC model to empirically analyze the influence and the lag effect on the enterprises performance of the intellectual capital and factors in different industries.The main conclusions are as follows:(1)Intellectual capital has a significant positive effect to enhance the different types of industry enterprise performance,but having different impact.The high-tech industry and manufacturing industry perform well,but the overall efficiency of intellectual capital in the real estate industry needs to be improved.(2)The human capital has the most obvious effect on performance,which is higher in the high-tech industries and manufacturing contribution than the real estate industry.The structural capital and relational capital in high-tech industries and manufacturing industry has a good result,but not in the real estate industry.(3)As a strategic resource,intellectual capital has lagged effect on the performance in three different industries.human capital in three industries plays a significantly lag effectiveness,only structure capital has a two-year positive impact on corporate performance in manufacturing industry,the lag effect on relationship capital are not shown in three industries.The differences in the performance of intellectual capital,and as strategic resources the lag effect on firm performance are conducive to improve the development and management of intellectual capital of enterprises as well as promote the theory of intellectual capital management in the promotion of enterprise practice.