Research On The Relationship Between Intellectual Capital And Enterprice Performance

Traditionally,economists regard material capital and human capital as the key resources to promote enterprises' production efficiency and economic activities.Now,intellectual capital is considered the most valuable assets in the organization,through reasonable use,standard measurement and continuous development,intellectual capital is expected to become one of the most potential resources in the management field.The importance of intellectual capital for enterprise development makes the research of this direction is famous both at home and abroad.Foreign scholars' research on intellectual capital and enterprise performance are more mature and perfect,and the domestic scholars draw lessons from foreign research and combining with our country' capital market got a lot of empirical research conclusion,the results of the study is helpful to improve enterprise performance and company's resources configuration.Although there are a large number of researches at home and abroad,there is no consistent conclusion on the impact of intellectual capital as a whole and all dimensions on corporate performance in different industries.Based on the domestic and foreign studies,this paper conducts theoretical analysis and empirical research on how intellectual capital affects enterprise performance.In the theoretical part,the purpose,significance,contents and methods of this paper are expounded,and the resource-based theory,core competitiveness theory and stakeholder theory are also introduced.In empirical research part,select 30 ecological-economic companies,50 construction companies,and 158 information technology companies,a total of 238.By the way,collect the sample enterprises' financial data in 2012--2016 for analysis.Selecting the return on total assets,return on equity,Tobin's Q value and price-to-book these four indicators to represent enterprise performance.Firm size and capital structure these two indicators are control variables.Using the Modified Value Added Intellectual Coefficient method measuring intellectual capital.And using multiple regression analysis for empirical research.The research results show that three industries of whole intellectual capital and human capital,structure capital have significant positive effect on corporate performance.Relationship capital in ecological-economic companies and construction companies also has significant positive influence.When it comes to information technology companies,although there is a positive role in promoting,but not significantly.At the same time,in order to get more mature research results,add anther variable--the equity nature,and delve into the use of this variable between every dimensions of intellectual capital and corporate performance.And the state-owned properties have a significant negative effect on therelationship between human capital and enterprise performance in all three industries.In terms of structural capital,although state-owned properties negatively affect the relationship between structural capital and enterprise performance,it is not significant in all three industries.For relationship capital,the state-owned properties affect the relationship between relationship capital and enterprise performance,but in the construction industries,it's significant,and others not.It is of great significance for enterprises to make rational use of intellectual capital to improve their performance and corporate governance.This article expect to provide decision-making basis for intellectual capital in different nature of equity and different industries of listed companies.Avoiding the waste of resources and inefficient utilization,contribute to the development and management of intellectual capital.