Information Technology Investment,Organization Capital And Corporation Value

The rapid development of a new generation information technology,especially big data,networking,cloud computing,etc,has given rise to a series of new concepts,new modes,changing traditional economic model.In some industries,these changes may be disruptive.In order to grasp the opportunity of new generation information technology revolution,most of the enterprises are investing in information technology.Information technology resources hold great potential value.The information technology resources obtained from open market transactions are almost homogeneous,but there are great differences in investment performance.The reason might be that the enterprise capabilities are uneven.Although each company has nearly homogeneous information technology resources,these resources cannot be directly transformed into final value.The transformation process requires the ability possessed by the enterprise,and the transformation of resource value could only be realized through the bridge of corporation ability.With the development of knowledge economy,knowledge which has a significant impact on the formation and maintenance of corporate competitive advantage,has become a kind of strategic resources.Organization capital can be said to be the product of knowledge economy,representing the conversion ability of inputs into final value.Organization capital belongs to the whole organization and remains in the organization,which is the long-term accumulation of formal and informal organization relationship.Organization capital stock is different in different corporations.Based on IT process theory,this article introduces organization capital into information technology investment performance model,to explore the relationship among information technology investment,organization capital and corporation value.To some extent,this article enriches the IT process theory and expands the research scope of information technology investment performance.In the knowledge-based economy,information technology and knowledge have become the key factor to the value creation of enterprise.Business operators should not only continuously invest in information technology,but also strengthen the management of organization capital.How to use the intermediary function of organization capital to transform enterprise information technology resources into final value has practicalsignificance.This paper firstly combed through the research fruit of overseas and domestic scholars for information technology investment performance and the relationship between organization capital and corporation value,then based on IT process theory,this paper introduces organization capital to explore information technology investment performance and reveal the realization path of IT resources value.According to the knowledge management theory and resource-based theory,this paper puts forward the hypothesis.Referring to the intermediary model of Zhonglin Wen and Baojuan Ye,this paper tests these hypothesis using relevant data of Chinese a-share companies from2013 to 2016.The results show that information technology investment influences corporation value through organization capital,and organization capital has complete mediating effect.Finally,the paper proposes suggestions to improve corporation value and look forward to further research.Government departments should introduce supporting measures to guide enterprises to invest in information technology.At the same time,enterprises should increase the intensity of investment in information technology and effectively manage organization capital.