Study On The Relationship Of Intellectual Capital,Ownership Nature,and Sustainable Growth Ability Of Enterprises

The arrival of knowledge economy means that intellectual capital is gradually replacing the traditional factors as an important strategic resource in the growth of enterprises.High-tech companies are in knowledge-intensive industry,so intellectual capital plays an important role in the development of enterprises.In China's economic situation,how to achieve sustainable growth in a company has also become a concern of many managers and investors.However,because of the different ownership nature,the utilization efficiency of intellectual capital will be not same.With the rapid development of science and technology,the companies ate facing the much fiercer competition environment.Therefore,in different equity enterprises,how to use intellectual capital appropriately for improving the sustainable growth ability has become an important research topic.This paper makes a theoretical review of intellectual capital,the sustainable growth ability of enterprises,and the nature of ownership.According to the theoretical analysis of the relationship between them,the hypothesis and theoretical model of this paper are presented.Based that,this paper makes a quantitative evaluation on the intellectual capital and sustainable growth ability.This paper chooses high-tech industry listed companies from 2014-2016 as samples.The influence of intellectual capital on sustainable growth ability and the regulating effect of equity property are proved by the method of multiple linear regression and SUEST test.And the hypotheses are also proved in the sample of high-tech manufacturing industry and high-tech service industry.The research results of this study are summarized as follows:First,the material capital and intellectual capital of high-tech enterprises have a positive impact on the sustainable growth of enterprises.And the three elements of intellectual capital:human capital,structural capital,relational capital all have significant positive impacts on the sustainable growth ability of enterprises,while relational capital has no significant impact on sustainable growth ability in high-tech service industry.Second,the state-owned nature of ownership enhances the role of human capital in promoting the sustainable growth of enterprises.Third,the state-owned nature of ownership weakens the positive impact of structural capital on the sustainable growth of enterprises.Fourth,the state-owned nature of ownership does not affect the relationship between relationship capital and the sustainable growth of enterprises.This paper selects the latest sample,and chooses the dynamic enterprise ability of sustainable growth as the explanatory variable.SUEST test is used for testing regulating effect.This paper stands in the perspective of the long-term development of the enterprise,and hopes to provide theoretical guidance and empirical support for managers to invest and build intellectual capital.