Research On The Influence Of Intellectual Capital Of High-tech Enterprises On The Financing Capacity

The history of human economic development is also a history of scientific and technological development,the development of science and technology drives the progress of knowledge,and the constant updating of the same knowledge also drives the continuous development of science and technology.In the current era of knowledge economy,the development of national economy cannot be separated from the continuous improvement of national scientific and technological level.As small as the component of national economy-independent enterprises,their own development can not be separated from the intellectual capital level of enterprises.Compared with enterprises,their intellectual capital level can significantly affect their core competitiveness.The survival and development of enterprises can not bypass one problem all the time_enterprise financing.The limitation of internal resources leads to the necessity that enterprises with financing needs should pay more attention to how to raise funds needed for enterprise development from the outside.However,the cost and difficulty of financing from the outside are far greater than that from the inside,how much money can an enterprise raise from the outside is a great test of its financing ability,so the innovative research on financing methods is of great significance for the future development of enterprises.In order to study the influence of enterprise intellectual capital on borrowing capacity,this paper selects the data of high-tech listed companies from 2014 to 2016,and evaluates the two levels respectively by establishing the evaluation model of intellectual capital and the evaluation model of borrowing capacity,then,through multiple regression,it studies the influence of the increment ability of enterprise intellectual capital and the increment ability of each component of intellectual capital on borrowing capacity.The empirical results show that:(1)enterprise intellectual capital and its components can significantly and positively affect borrowing capacity;(2)the promotion of human capital to borrowing capacity is particularly significant;(3)the promotion of intellectual capital to financing ability can't be achieved without the support of structural capital.In order to make the intellectual capital of enterprises better improve the financing ability of enterprises.Through the research and analysis of the empirical results of this paper,this paper puts forward the following suggestions:first,enterprise intellectual capital evaluation standard system should be established;Second,establish and improve the debt guarantee system of intellectual capital;Thirdly,enterprises should pay attention to the application of intellectual capital financing ability.Fourthly,establish and improve the disclosure system of enterprise intellectual capital;Fifthly,improve the corporate governance structure and enhance creditors' participation in corporate governance.