The Research On The Influence Of Intellectual Capital On Enterprise Innovation From The Perspective Of Enterprise Life Cycle

With the booming knowledge economy in the 21 st century,the intangible assets dominated by intellectual capital are gradually becoming an important driving force for enterprise innovation and core competitiveness.The creation,accumulation and management of intellectual capital have become the foundation of enterprise development.With the continuous advancement of innovative national construction and innovation-driven development strategies,innovation has increasingly become an important factor for enterprises to maintain their core competitiveness.Through the integration and application of intellectual capital elements such as manpower,knowledge,experience and skills,enterprises can provide new production factors for enterprise innovation,generate creative innovation results,and promote the realization of enterprise innovation goals.Therefore,the research on the influence mechanism of intellectual capital on enterprise innovation has important theoretical and practical significance for enterprises to apply intellectual capital to carry out innovative activities.Scholars explore the relationship between intellectual capital and enterprise innovation from the two aspects of direct influence and indirect influence.However,most of the existing researches still stay in the static investigation of the relationship,and fail to explore from the perspective of dynamic evolution that this relationship may change dynamically with the development of the enterprise life cycle.In other words,is there a substantial difference in the relationship between intellectual capital and corporate innovation for companies at different stages of their life cycle? In order to deeply explore the relationship between intellectual capital and enterprise innovation,and the dynamic impact of intellectual capital on enterprise innovation under different life cycle stages,this paper selects the 2009-2017 A-share listed company as the research sample and conducts empirical tests by establishing regression models and using factor analysis and regression analysis.The results of empirical research show that:(1)The higher the level of intellectual capital,the stronger the innovation of enterprises.(2)Human capital and structural capital promoted enterprise innovation.Structured capital contributed the most to enterprise innovation,human capital ranked second,and relationship capital hindered enterprise innovation.(3)With the evolution of the enterprise life cycle stage,the positive impact of intellectual capital on enterprise innovation has a U-shaped relationship: the growth period is the strongest,the recession period is second,and the maturity period is the weakest.(4)With the evolution of the enterprise life cycle stage,the relationship between human capital,structural capital and relationship capital and enterprise innovation is U-shaped: the growth period is the strongest,the recession period is second,and the maturity period is the weakest.Structural capital contributes the most to corporate innovation at all stages of the enterprise life cycle.The research results provide a clear theoretical basis and experience evidence for clarifying the role of intellectual capital in enterprise innovation,guiding enterprises to carry out targeted management based on the characteristics of intellectual capital under different life cycle stages and improving the level of enterprise innovation.evidence.