Intellectual Capital,R&D Investment And Enterprise Financial Performance

With the coming of the era of knowledge economy,material capital is no longer the decisive factor that affects the promotion of enterprise value.As the source for enterprises to gain sustainable competitive advantage and to realize the creation of value,intellectual capital will have an important impact on enterprise financial performance.Scholars at home and abroad have carried out a lot of research aboout the relationship between intellectual capital and enterprise financial performance,but the research about the transmission mechanism and the impact of situational conditions of which is not perfect,and the research objects are mostly high-tech enterprises.Under the background that "Made in China 2025”puts forward the strategy of carrying out manufacturing power,it is very necessary to carry on intellectual capital development for manufacturing enterprises.R&D investment can enable enterprises to obtain new products and technologies,furthermore,it has a positive contribution to enterprise performance.Moreover,the level of R&D investment is highly dependent on intellectual capital.Therefore,this paper takes R&D investment as the mediator variable to study the transmission mechanism between each dimension of intellectual capital and enterprise financial performance.At the same time,under different stock equity nature,the environment and internal structure of the enterprise are different,and whether there are differences in the relationship between each dimension of intellectual capital and enterprise financial performance is also worth studying further.Therefore,this paper puts intellectual capital,R&D investment,stock equity nature and enterprise financial performance into a unified framework to reveal the black box in which the intellectual capital has an effect on enterprise financial performance.Based on the relevant research achievement from domestic and foreign scholars and the policy background about "Made in China 2025”,this paper is guided by resource-based theory,core competence theory,technical innovation theory and principal-agent theory.Intellectual capital is measured by the method of Value Added Intellectual Coefficient and seven types of industries are selected as research samples,in which A-share manufacturing listed companies invested a lot in R&D expenditure from 2013 to 2017.In this paper,panel data are used for the multiple regression analysis,the relationship between three dimensions of intellectual captial and enterprise financial performance is explored,moreover the mediating effect of R&D investment and the moderating effect of stock equity nature between the two are further tested.Some conclusions can be drawn.For example,there is a significant positive relationship between the three dimensions of intellectual capital and enterprise financial performance,and R&D investment plays a partial intermediary role in this relationship.Besides,stock equity nature plays a positive moderating role in this relationship.Finally,according to the empirical research results,the relevant countermeasures and suggestions from the two aspects of enterprise and government are putted forward in this paper.The research results of this paper enrich the research perspective in the field of intellectual capital,and also provide manufacturing listed companies of different stock equity nature with reference to develop intellectual capital.