Research On The Effect Of Intellectual Capital On The Growth Of Small And Medium-sized Enterprises

In the era of knowledge economy,intellectual capital has become a strategic resource of enterprises,and R&D innovation has become a competitive advantage of enterprises.Based on the perspective of "resources-behavior-growth performance",this paper reveals a clear path for SMEs to gain growth,which has certain theoretical and practical significance.This paper puts intellectual capital interaction,R&D investment and enterprise growth into a research framework.Firstly,the article focuses on the impact of intellectual capital on the growth of SMEs,taking the relationship between the three sub-dimensions of intellectual capital and the growth of enterprises as the main line of research,exploring the internal mechanism of this impact and the intermediary role of R&D investment;Secondly,the theoretical model of the research is proposed by summarizing the research hypotheses;Finally,this paper selects the information technology industry listed companies of China's SME board as the research object,collects and analyzes the relevant data,and explains the results on the basis of the robustness test.This study has the following findings:Human capital,structure capital and relationship capital all have significant positive impact on the growth of SMEs,but vary on the degree;There is an interaction between the three sub-dimensions of intellectual capital,which is manifested as a substitution effect or a complementary effect,and the interaction between the two is different;R&D investment plays a mediating role between interaction and enterprise growth;The lagging effect exists in the impact of intellectual capital and R&D investment on enterprise growth,One-phase lag still results in notably positive,two-phase lag results in positive impact but non-significant.This paper has the following innovations:Analyze the interaction of intellectual capital across dimensions,complementing the theory of intellectual capital and the theory of enterprise growth;Study the mechanism and conduction path and point out that R&D investment plays a mediating role between interaction and enterprise growth;Propose the establishment of an industry-university collaboration relationship and the establishment of intellectual capital clusters and other related suggestions,hoping to promote the intellectual capital accumulation and R&D innovation practice of SMEs and promote the sustainable growth of SMEs.