Research On The Influence Of Intellectual Capital On Financial Performance From The Perspective Of Pyramid Holding Layer

As an intangible and heterogeneous resource endowment,intellectual capital is the source of improving financial performance.The development of technology-intensive industries is more leading and pioneering,it is of practical significance to study the contribution of the input structure of intellectual capital to financial performance.Pyramid shareholding structure is the most common form of Chinese enterprise groups,pyramid shareholding layer has "discount effect"or"premium effect".This paper makes an in-depth analysis of the differences in the ability of enterprises' intellectual capital to promote performance at different layers within the group,so as to explore the resource input efficiency of the industrial enterprise group and the governance mechanism brought by the pyramid holding layer.This paper takes A-share technology-intensive listed companies in Shanghai and shenzhen from 2013 to 2018 as research samples.Firstly,multivariate random effect regression model is constructed to test the three dimensions of intellectual capital and the overall's ability to improve financial performance.Secondly,it studies the regulating effect of pyramid holding layer on the improvement of financial performance from intellectual capital.Thirdly,robustness tests were carried out.Finally,the difference of the relationship among the three from property rights,transmission mechanism of the three-dimension cooperation of intellectual capital to improve financial performance,and the mediating role of free cash flow in the promotion of intellectual capital to financial performance are further studied.The empirical results show that:(1)The higher the efficiency of human capital appreciation,the stronger the ability to directly and indirectly improve financial performance.The higher the efficiency of structural capital appreciation is,the higher the efficiency of relational capital appreciation is,the higher the financial performance is.(2)Pyramid holding layer mainly plays the "discount effect" in the promotion effect of intellectual capital on financial performance.Further research on the nature of property right,pyramid holding layer mainly plays a "premium effect" in the improvement performance of state-owned enterprises' intellectual capital,while a significant "discount effect" in non-state-owned enterprises.(3)Free cash flow is an intermediary bridge for non-state-owned enterprises' intellectual capital to improve financial performance.It is reasonable to explain that with the extension of the pyramid holding layer,the weakening of the contribution of intellectual capital to the financial performance of non-state-owned enterprises may be the economic consequence of the ultimate controller tunneling the enterprise's free cash flow from the bottom up.This paper reflects the status quo of the structure and effect of enterprise resource input of technology-intensive industry,the governance effect of vertical holding layer.It provides theoretical guidance for enterprises within the group to optimize the allocation of resources and improve the practice of internal governance.It also puts forward corresponding policy suggestions from the perspective of enterprises and stakeholders in connection with the practice of supply-side structural reform and government streamlining administration and delegating power.