Research On The Influence Of Intellectual Capital On Enterprise Value Creation Capability

In the context of the era of knowledge economy,the importan ce of tangible production factors such as labor and land is weakening.T he advancement of science and technology,the accumulation of knowledg e and the effective use of gradual replacement of the advantages of mate rial resources have become the leading production factors for economic d evelopment and value-added enterprises.The full knowledge of the knowl edge economy determines the era in which the era creates value based o n intangible assets.At the same time,from the perspective of corporate v alue composition,intangible assets account for a larger proportion of corp orate value,and enterprises' investment in tangible assets tends to decline.Tangible assets are no longer the main component of their value.Theref ore,intellectual capital,as a knowledge-based intangible asset,has gradual ly played a more significant role in the creation of enterprise value and i s attracting widespread attention.In order to maintain a leading position i n the increasingly competitive market and gain value,enterprises need to pay attention to the development and effective management of intellectual capital,and improve the core competitiveness of enterprises.Enterprises that have not realized the importance of intellectual capital will eventuall y Eliminated by the market.In 2009,China's GEM was officially launched,providing a financing platform for a group of high-growth and innovative high-tech enterprises and emerging enterprises.Compared with the main board market,the int ellectual capital of GEM listed companies is more intensive,and the role of intellectual capital in enterprises is more significant.At the same time,the value creation capacity of GEM listed companies is relatively large.According to the total market value of the GEM,the GEM has only 36 companies in 2009,with a market capitalization of only 161.08 billion y uan.It has grown to 744 listed companies with a market capitalization of495.787 billion yuan.The number of companies has increased by 1966.67% and the market value has increased to 2,979,85.%,the rapid develop ment speed shows that the value creation capacity of GEM listed compan ies is large.So is there any influence of the various elements of intellect ual capital on the value creation ability of listed companies on the GEM?Is the impact positive or negative? This is a topic worth studying.This paper first summarizes the research on the relationship between intellectual capital,intellectual capital and enterprise value creation abilit y,and defines the concept of intellectual capital and enterprise value crea tion ability.At the same time,it expounds the basic theory of social net work analysis,resource basic theory,human capital theory,and enterprise value creation theory respectively to provide theoretical basis for the foll owing research.On the basis of relevant theories,the social network anal ysis method is first used to quantitatively identify the various components of intellectual capital,and divide intellectual capital into four elements:human capital,structural capital,relational capital and innovative capital,and define related concepts.Then,according to the relevant theory,the p aper analyzes the mechanism of the four elements on the value creation ability of the enterprise and puts forward the hypothesis.In order to test the hypothesis proposed in the previous article,the social network analysi s method is first applied to identify the measurement indicators of the fo ur elements of intellectual capital,and then the indicators and control var iables for measuring the value creation ability of the enterprise are select ed,and the model is constructed to prepare for the empirical part below.In the empirical part,taking the data of the GEM listed companies from2014 to 2016 as a sample,firstly use the principal component analysis method to evaluate the comprehensive scores of listed companies' human capital,structural capital,relational capital and innovation capital,and the n use descriptive statistics and correlation.Sexual analysis,multi-collineari ty test,multiple linear regression and other methods to obtain a specific model relationship.The empirical results show that the human capital,str uctural capital and innovation capital of GEM listed companies have posit ively promoted the value creation ability of enterprises,and their importa nce to the value creation ability of enterprises has a certain order,the inf luence of human capital.The most significant,followed by structural capi tal,and finally relational capital,while relational capital is negatively corr elated with the ability of enterprise value creation.At present,it cannot e ffectively promote the improvement of enterprise value creation ability.T herefore,based on the empirical results,this paper proposes some useful countermeasures and suggestions for the management of intellectual capita l of China's GEM listed companies.