Research On The Relationship Between Ownership Structure, Internal Control And Intellectual Capital

Along with the advent of knowledge-based economic era,intellectual capital has become the main source for enterprises to gain competitive advantage in the market.At present,China's manufacturing industry has the problems of large scale but weak competitiveness.In order to solve the above problems,China has promoted the development of manufacturing industry to the level of national strategy,and put forward the corresponding "Made in China 2025" strategy.It is very important in practice to explore how to improve the intellectual capital level of manufacturing companies.However,the agency conflict caused by the separation of two powers in enterprises seriously restricts the efficiency of intellectual capital development and management.As the important mechanism of corporate governance,ownership structure and internal control have an important impact on agency costs.Therefore,it is of great significance to study the mechanism between ownership structure,internal control and intellectual capital of listed manufacturing companies.Using Shanghai and Shenzhen A-share manufacturing listed companies from 2012 to2017 as samples,this paper explores the relationship between ownership structure and intellectual capital,internal control and intellectual capital,and the intermediary role of internal control between ownership structure and intellectual capital.Referring to the research results of previous scholars,intellectual capital is divided into three dimensions:human capital,structural capital and relational capital.Eleven indicators are selected to measure intellectual capital.Firstly,we use factor analysis to calculate the scores of human capital,structural capital,relational capital and intellectual capital.Secondly,we use descriptive statistics,correlation analysis and multi-collinearity test to preliminarily understand the ownership structure,internal control and knowledge capital status of listed manufacturing enterprises,and whether there are serious multi-collinearity in the model.Finally,we use the method of stepwise regression and Bootstrap to analyze the relationship between ownership structure and intellectual capital,internal control and intellectual capital,and the intermediary role of internal control between ownershipstructure and intellectual capital.Empirical results show that ownership concentration and the proportion of corporate shares are positively correlated with intellectual capital,human capital and structural capital,but not significantly correlation with relational capital.Equity checks and balances restrain the three dimensions of intellectual capital and intellectual capital.The relationship between the proportion of state-owned shares and intellectual capital,the proportion of state-owned shares and three dimensions of intellectual capital is not significant.Increasing the proportion of managerial ownership can significantly promote the development of intellectual capital,human capital,structural capital,relational capital in enterprises.Internal control is positively correlated with intellectual capital,human capital and structural capital,but negatively correlated with relational capital.Internal control plays a part of intermediary role between ownership concentration and intellectual capital,managerial shareholding ratio and intellectual capital.Internal control plays a part of intermediary role between ownership concentration and human capital,managerial ownership and human capital,ownership concentration and structural capital,managerial ownership and structural capital.Internal control has a concealment effect between managerial ownership and relational capital.Based on the analysis of the research results and the actual situation of manufacturing enterprises,practical suggestions for the ownership structure arrangement and internal control construction are put forward.