Research On The Impact Of Intellectual Capital On The Enterprise Value Of Securities Companies

Since the end of the 20th century,accompanied by waves of globalization and informatization,the world officially entered the era of knowledge economy.Social economy has changed significantly,and thus "intellectual capital" starts to gain more attention as an important part of the enterprise capital.The base of the survival and development of an enterprise is value creation ability.Maximizing the Enterprise Value is the primary objective of the enterprise management,and intellectual capital is key to promoting their value-creating capacity of enterprises.In the capital markets,security companies are not only important issuance and trading intermediaries but important investor and fundraiser.Improving the value-creating capacity of security companies could help provide important support and protection to the smooth running of the whole capital market and the rational allocation of resources.Currently,the domestic security industry has begun to take shape,but there are still may things to be improved,such as development gap between companies in the industry,nonideal performance stability,etc.There are both external and internal factors contributing to these phenomena,such as different regional environment and unreasonable governance/capital structure with the company.In view of these,in this paper,we use security companies as subjects to conduct an in-depth study on the influencing factors of enterprise value from the perspective of intellectual capital,and then we give corresponding suggestions so as to enhance their enterprise value of securities companies.We choose security companied listed in A-share market as subjects,get the cross-sectional data of 31 companies in 2017,and then make an empirical analysis of the influence of intellectual capital on enterprise value.Firstly,this paper reviews and summarizes the relevant domestic and foreign researches about intellectual and enterprise value,combs related theory and lays the theoretical basis for the empirical analysis later;Secondly,this paper analyses the influence mechanism of intellectual capital to enterprise value and puts forward the research hypothesis;Then we select 9 indicators with securities industry characteristics to construct an index system of intellectual capital and get three composite indicators--human capital/structure capital/relation capital--through the coefficient of variation method,which are used as independent variables.The dependent variable--enterprise value is calculated by two-stage EVA valuation method.Next,we construct a regression model to study the relationship between the elements of the intellectual capital and the enterprise value of the securities companies empirically.The results suggest that human capital/structure capital/relation capital positively influence the enterprise value of the securities companies.Finally,this paper put forward 4 suggestions according to the empirical results for securities companies.This paper put great emphasis on industry characteristics when choosing indexes representing intellectual capital,which improves the data selection method in traditional studies;Besides,current research studies are mainly based on management theories and aim at manufacturing enterprises or high-tech enterprises.However,this paper utilizes finance theory and chooses securities companies as subjects to conduct research on the impact of intellectual capital on enterprise value,looking forward to providing some constructive advice for securities companies to enhance its enterprise value.