Study On The Effect Of Intellectual Capital On The Market Value Management In The Listed Companies On GEM

Along with the multi-layered development of the capital market,intellectual capital and the market value management(MVM)have attracted more and more attention of the listed companies' managers and the scholars.The listed companies on GEM as representatives of strategic emerging industries,the performance of its development and market value carry the expectation that our country will achieve its economic restructuring and structural adjustment.Therefore,focusing on the listed companies of China on GEM,there is great practical significance to study on the impact of intellectual capital on MVM.In this paper,the paper describes the industry distribution and market value performance of the listed companies on GEM,and analyzes the process of influencing MVM.On this basis,this paper analyses about the connections and distinctions between the value management and the market value management.Then,This paper summarizes the representative opinions on the concepts and typical characteristics of the intellectual capital,and reviews the various modes of intellectual capital.Finally,the intellectual capital(Human capital and structural capital)of VAIC as the core points of research,analyzes the influence of intellectual capital and various components on the market value management.In addition,when adds material capital,the paper analyzes the effect of the synergies between the intellectual capital components and material capital on MVM,a further reasonable assume is put forward on the base.This paper selects the annual figures of the listed companies on GEM from 2011 to 2015 as samples.First,according to MVM evaluation method,the paper selects 17 measurable quotas from the value creation(value creates ability,value creates growth),value realization(total market value,market value added)and value management,and use SPSS software to analyze 17 quotas factors and calculate MVM indicators.By constructing coordination degree model,The synergies between intellectual capital and its components and material capital can be calculated.Finally,based on the correlation analysis and multiple regression model,the paper tests the human capital,structural capital and intellectual capital's influence on MVA,as well as the influence the synergies between intellectual capital and its components and material capital on MVA.Research suggests that intellectual capital and human capital produce positive effect to improve the performance of the market value management in the listed companies on GEM.Structural capital produces positive effect to improve the performance of the market value management,but the effect has no significant correlation.Synergistic effect of human capital and material capital,Synergistic effectof structural capital and material capital,synergistic effect of human capital and structural capital,synergistic effect of intellectual capital and material capital,and the synergies among the three promote positive effect on the market value management,and the better the synergies,the stronger the effect on the market value management.On the basis of the results,from the perspectives of intellectual capital,the synergies of intellectual capital components,the synergies of intellectual capital components and material capital,in order to realize the balance between intellectual capital components and material capital,the paper gives the counter measures and suggestions about how to improve the performance of MVM.