Empirical Analysis Of Intellectual Capital And Firm Performance

Nowadays with the completely entering into knowledge economy,intellectual capital which is based on the core connotation of knowledge is becoming the key to establish and maintain the core competitiveness of enterprises,instead of substantial capital.With the development of enterprise,the intellectual capital of enterprise is growing continually.And when the structural knowledge(organization capital)of the intellectual capital is stable,it will affect the driving effect of the intellectual capital on the firm performance.Therefore,from the perspective of endogenous evolution of intellectual capital,we discuss the mechanism of endogenous evolution of the intellectual capital and the relationship between intellectual capital and firm performance.Then combined with the characters of the organization capital,we further study the threshold effect of the organization capital in the process of the value-creating of the intellectual capital.Both of empirical study and theoretical analysis are used in this paper.Firstly,according to the previous achievement,we define the concept of the intellectual capital and subdivide it into human capital,organization capital and relationship capital.Secondly,on the basis of the SECI model formed by Ikujiro(1995),we theoretically analyse the mechanism of endogenous evolution of the intellectual capital and the relationship between intellectual capital and firm performance.At last,by using a balanced panel dataset of Chinese high-tech manufacturing listed enterprises over the 2010~2013 period,we empirically analyse the relationship between intellectual capital and firm performance and is there a endogenous structural mutation caused by organization capital in the value-creating process of intellectual capital.The results are as follows:(1)As an organic whole,the relationship between intellectual capital and firm performance is positive significantly.As individuals,human capital and relationship capital could affect firm performance positively.(2)The impact of intellectual capital on firm performance is dynamic.There are two endogenous thresholds in organization capital during the value-creating process of human capital.(3)After organization capital exceeding the first threshold,organization capital will substantially promotes the value-creating efficiency of human capital through coupling with human capital.After organization capital exceeding the second threshold,the value-creating efficiency of human capital will sharply fall.(4)The estimated coefficient on organization capital is negative,but not significant.This mainly relate to the realization route of value-creating of organization capital.When the scale of organization capital reaches a certain extent with continuous investment,mature organization capital will improve “the invest-profit rate” of human capital and shorten its “investment reclaim cycle”.At last,this paper puts forward two suggestions on academic research and enterprise intellectual capital management.This paper includes six parts: The first part emphatically introduces the significance and research methods of this paper,and clarifies the innovation points and main defects.The second part is literature review.It describes the current research status of the relationship between intellectual capital and firm performance from theoretical and empirical aspects respectively.The third part mainly includes the concept definition of intellectual and enterprise performance,the clarification the referred theory basis.The fourth part is the theoretical analysis.From the perspective of endogenous evolution of intellectual capital,this part discusses the mechanism of endogenous evolution of the intellectual capital and the relationship between intellectual capital and firm performance.Then combined with the characters of the organization capital,it further studies the threshold effect of the organization capital in the process of the value-creating of the intellectual capital.The fifth part is the empirical analysis.This part selects the measurement of explanatory variables,explained variables and control variables,then verifies the hypothesis of this paper through three diffident regress models and a threshold model.The sixth part puts forward several suggestions on the related academic research and the management of enterprise intellectual capital.And combined with the defects of this paper,it also prospects the further study of the related fields in the future.