Research On The Impact Of Intellectual Capital On Enterprise Performance From The Perspective Of Marketization

With the development of the periods,the core competence of enterprises is gradually transferred from the original financial capital to the intangible capital such as knowledge and innovation skills.As an important resource,intellectual capital reflects the intangible capital such as knowledge,skills,innovation and experience owned by the enterprise.Because of its scarcity,irreplaceable and unduplicated characteristics,it can create sustainable competitive advantages for the enterprise in the market,and enhance the performance and profitability of the enterprise.Therefore,scholars have carried out research on the hot issues of intellectual capital.With the continuous discussion on the components of intellectual capital by relevant scholars,the academic community attempts to analyze the impact of intellectual capital on enterprise performance from different perspectives.On this basis,it is practical to further explore the level of marketization level,the macro external institutional environment,in which the regulatory role plays an important role in the research of intellectual capital and enterprise performance.This article first conducted a literature review,combed the research status of marketization level,intellectual capital,and corporate performance,summarized previous research results,and found several current issues on the research of intellectual capital and corporate performance: First,the current There are literatures on the research of intellectual capital,most of which use dualism and ternary theory.Most literatures do not integrate innovation capital into the component of intellectual capital for comprehensive research.Second,the current research literature on intellectual capital and corporate performance mostly focuses on the analysis of companies in industry segments,such as selecting only high-tech companies,GEM listed companies,manufacturing,etc.,for the intellectual capital performance of listed companies as a whole Inadequate research.Third,in terms of the impact of intellectual capital on corporate performance,the existing literature analyzes the impact of different equity properties,venture capital,and other factors on the relationship between the two.The role of the relationship between capital and corporate performance has not been discussed in the papers yet,and needs further exploration.On this basis,this article elaborates the theoretical foundation and summarizes the related theories of intellectual capital,marketization level and corporate performance.In the theoretical research,it mainly expounds the theory of resource base,knowledge management,the theory of competitive advantage of enterprises,and the theory of institutional change for the level of marketization.It explains the level of marketization and intellectual capital from the perspective of resources,knowledge,competitive advantages,and institutions.The theoretical logic between the three.In terms of empirical design and inspection,this article selects all A-share listed companies from 2009 to 2018 as research samples.The explanatory variables,explanatory variables,and moderating variables are the corporate performance,the four-dimensional intellectual capital,and the level of marketization.Among them,the marketization level is based on the latest marketization index compiled by Fan Gang and Wang Xiaolu as reference indicators,and the marketization level is set as a dummy variable by analyzing the 2008-2016 marketization index scores disclosed in the report.In addition,this paper selects the control variables from the micro perspective of the enterprise,establishes a panel data model,and passes the two-stage Hausman test and F test.Finally,a two-way fixed effect model is selected for empirical analysis of the sample.Considering the influence of different years and industries on the empirical processing results,based on the fixed effect model,the time and industry variables of the enterprise are controlled,and the effects of time fixed effects and individual fixed effects on the regression results are detected.Through the analysis of empirical results,the following conclusions are mainly obtained:(1)The more intellectual capital and four-dimensional capital(ie human capital,structural capital,innovation capital,and social capital)of an enterprise,the better its corporate performance.(2)The higher the level of marketization in the region where the company is located,the more obvious the promotion effect of intellectual capital and its four-dimensional capital on corporate performance,that is,the level of marketization has a positive regulating effect on the relationship between four-dimensional intellectual capital and corporate performance.Finally,on the basis of research and analysis,this article puts forward policy recommendations from three perspectives: government,enterprise and market.