Research On The Relationship Between Intellectual Capital And Firm Performance Of Chinese Multinational Enterprises

Today's era is the era of knowledge economy.In this era,the most important resource of a company is no longer a traditional production factor,but an intellectual capital.Today's era is also an era of economic globalization.In line with the trend of the times,mu-ltinational corporations have sprung up.The absolute advantages of multinational corporati-ons such as strong capital,large scale and advanced technology make it a benchmark for global enterprises.But in today's knowledge-based economy era,multinational companies rely on more than just its capital advantage,but more to start to maintain competitive adv-antage by developing the intellectual capital of enterprises.In the existing research results,there has been a more unified conclusion that intellect-ual capital can have a significant positive impact on business performance.However,there is still relatively little research on the relationship between intellectual capital and corpor-ate performance of multinational corporations.In addition,compared with other countries,Chinese companies have state-owned enterprises and non-state-owned enterprises.With the rapid development of science and technology,in order to gain a firm foothold in the fierc-ely competitive market,how to use intellectual capital by companies of different equity n-ature has also become an important direction.First,the paper outlines the relevant theories of intellectual capital,equity nature,and firm performance.Then based on the relevant theory,the hypothesis and theoretical mode-l of this paper are proposed.On this basis,this paper selects 34 Chinese multinational en-terprises as research objects,and collects the financial report data of 2013-2017 as a rese-arch sample.In terms of variable selection,the independent intellectual capital is measure-d by the MVAIC method.The performance of the dependent variable is represented by th-e net interest rate of the core indicators of the DuPont financial analysis system.The three indicators of material capital,firm size and marketing are used as control variables.Th-e nature of the equity of the actual controller of the enterprise is used as a regulatory va-riable.Then descriptive statistical analysis,data stationarity analysis,pearson correlation analysis,etc.are performed on the relevant data.Finally,the multivariate linear regression i-s used to prove the influence of intellectual capital on firm performance and the adjustme-nt effect of equity property,and the empirical results are obtained.The conclusions of thi-s paper are as follows: First,the intellectual capital and its elements of Chinese multinati-onal corporations can significantly and positively affect corporate performance.Secondly,t-he nature of equity in state-owned enterprises can promote the positive effect of intellectu-al capital elements on corporate performance.Finally,it puts forward relevant suggestions at the enterprise level and government level,hoping to provide some theoretical guidance and empirical support for the use of intellectual capital investment and construction by m-ultinational enterprise managers,and also provide some feasible suggestions for the international development of local enterprises in China.