Research On The Impact Of Intellectual Capital On Sustainable Development Of Enterprises

"Carbon peaking and carbon neutrality" has brought about a wide and profound economic and social systematic change.Sustainable development has become the fundamental goal of Chinese economic strategy,which has promoted the transformation of enterprises to green,low-carbon and sustainable development.Intellectual capital with knowledge as the core is a key element of sustainable development.Emphasizing the flow and sharing of internal and external knowledge within enterprises can achieve the unity of economic and environmental benefits by improving the level of green innovation.Existing literature has confirmed that intellectual capital can improve the sustainable development level of enterprises,but there are still shortcomings.Firstly,scholars mainly focus on studying the direct impact of intellectual capital on sustainable development,lacking research on impact channels,especially the role of green innovation in it.Starting from the perspective of green innovation can expand the research on variables in the field of intellectual capital and provide key variables for exploring sustainable development transformation.Second,there is a lack of analysis on the interaction between the transformation of production factors and intellectual capital,which focuses on digital transformation.Green transformation and upgrading are still urgent issues faced by Chinese enterprises,and the marketization rate of green innovation achievements is far behind developed countries such as Europe and America.Digital transformation can help enterprises absorb internal and external green knowledge,improve green innovation capability,and also help corporate identity the direction of green innovation technology development and changes in consumer demand,and make efficient and favorable sustainable development decisions.In the process of intellectual capital affecting the sustainable development of enterprises,it is necessary to explore the impact mechanism of green innovation and digital transformation.Therefore,enriching the research on the impact of intellectual capital on sustainable development has significant practical and theoretical significance.This paper aims to study the impact mechanism of intellectual capital and its constituent elements,human capital,structural capital and relational capital,on the sustainable development of enterprises,and explore the mediator effect of green innovation and the moderator effect of digital transformation.Based on the existing research of resource-based theory,intellectual capital theory,dynamic capability theory and sustainable development theory,this study systematically analyzes the existing literature on intellectual capital,green innovation,digital transformation and sustainable development,selects the data of high-tech enterprises listed in Chinese Ashare market from 2016 to 2020,and uses STATA and SPSS analysis software to complete the empirical test.This article draws the following research conclusions:(1)Intellectual capital and its constituent elements,human capital,structural capital,and relational capital,have a significant positive impact on sustainable development;(2)Intellectual capital and its constituent elements,human capital,structural capital,and relational capital,have a significant positive impact on green innovation;(3)Green innovation has a significant positive impact on sustainable development;(4)Green innovation plays a mediating role between intellectual capital and its constituent elements,human capital,structural capital,relational capital,and sustainable development;(5)In the front path of the mediator model,digital transformation positively regulates the impact of human capital and structural capital on green innovation;(6)In the back-end path of the mediator model,digital transformation positively regulates the impact of green innovation on sustainable development;(7)The impact of intellectual capital and its constituent elements,human capital,structural capital,and relational capital on sustainable development is similar between stateowned and non-state-owned enterprises,all of which have significant positive effects.The research contribution of this paper is mainly to build a theoretical framework for intellectual capital to promote the sustainable development of enterprises under the mediator effect of green innovation and the moderator effect of digital transformation,reveal its internal impact mechanism through empirical research,and provide a theoretical basis for achieving sustainable development.Through the innovative introduction of the mediating variable of green innovation and the moderator variable of digital transformation,this paper deeply explains the mechanism of the impact of intellectual capital on sustainable development.From the perspective of intellectual capital and its constituent elements human capital,relationship capital,structural capital,digital transformation and green innovation,this paper puts forward suggestions for high-tech enterprises to improve their sustainable development level in practice.