A Study Of The Impact Of Intellectual Capital On Earnings Sustainiability Based On The Life Cycle Perspective

The 21 st century is the age of information technology.With the rapid development of information technology,knowledge in economic production has become an extremely important resource in the production of enterprises.As the intellectual condensation of intellectual capital,it has gradually become a key asset in the enterprise.The unique characteristics of intellectual capital,such as its scarcity,inimitableness,and strategic nature,make it possible to exert its own advantages in the enterprise that physical capital does not have,and it can bring sustainable core competitiveness to the company.The company has professional and high-level technical talents and management talents,and the value it creates can greatly enhance the company's long-term competitiveness and development level.Therefore,the problem of value creation,management,and application of intellectual capital has become an issue of great concern in both theory and practice,and has received extensive attention.Intellectual capital can improve the long-term sustainable competitiveness of an enterprise,and the continuity of earnings is one of the important features of earnings quality.It reflects the future sustainability of the company's operations and its ability to stably grow.Then,the intellectual capital is surplus to the company.Whether sustainability can play a positive role in promoting the current domestic and foreign literature does not have much research on this issue.At the same time,in different stages of the life cycle,the characteristics of the company will be different,and the role of intellectual capital will also be different.In the 21 st century,the rapid development of information technology has brought about a change in the life cycle of enterprises,which is reflected in the time.The life cycles of various industries have been greatly shortened,and changes in the life cycle have had a tremendous impact on the value-driven process of intellectual capital in enterprises.The relationship between intellectual capital and earnings persistence is more complicated and contingent for companies in different life cycle stages.Only by looking at the relationship between intellectual capital and earnings sustainability can the company be better promoted based on the perspective of the life cycle.The ability to grow in a sustainable manner,thus promoting companies to become more competitive in the fierce market competition environment.Therefore,this article attempts to explore the impact of the corporate life cycle on the creation and implementation of intellectual capital from the perspective of the life cycle.It analyzes the different roles and values of intellectual capital for the sustainability of earnings in different life cycle stages,and is in different life cycles.Stage companies provide strategies for strategic intellectual capital management.This article reviews the domestic and foreign literature on the relationship between intellectual capital and the sustainability of earnings.From the perspective of the life cycle,two hypotheses of intellectual capital and the sustainability of earnings are presented.Based on the existing research literature,based on the intellectual capital appreciation coefficient method commonly used in international empirical papers for intellectual capital,the use of the international mainstream linear first-order autoregressive model for the measurement of the surplus of intellectual assets is measured.And using the scoring method commonly used in economics,the sample of listed companies selected in this paper is divided into three different phases: growing stage,maturity period,and recession period.The impact of intellectual capital on the sustainability of earnings is analyzed in each stage.This paper selects A-share listed companies from 2007 to 2015 as full-sample data,and divides the whole sample into three different groups: growth period,maturity period,and decline period,so as to explore the relationship between intellectual capital and earnings continuity.The research results show that there is a significant positive correlation between intellectual capital and earnings persistence under the whole sample,which indicates that the greater the intellectual capital investment of the company,the better the company's earnings persistence,verifying intellectual capital as a strategic resource and improving the enterprise.The core competitiveness has a positive role in promoting.Then the samples were divided into three groups: growth,maturity,and recession.When research was conducted on the relationship between intellectual capital and earnings persistence,it was shown that the positive correlation between growth-long-term intellectual capital and the sustainability of earnings was most significant,followed by maturity and decline.The period of positive correlation is the weakest,indicating that the life cycle has a moderating effect on the relationship between intellectual capital and earnings continuity.In order to ensure and verify the reliability of the research conclusions,this paper replaces earnings continuity and intellectual capital as a robustness test.The test results are consistent with the main test results.