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The Empirical Analysis on the Influence of Intellectual Capital to the Market Value of the Enterprise

Author: SunCuiYing
Tutor: GuoXiaoJin
School: Jiangxi University of Finance
Course: Accounting
Keywords: Intellectual capital The market value of the enterprise Value - added intellectual coefficient VAIC
CLC: F275;F224
Type: Master's thesis
Year: 2010
Downloads: 141
Quote: 0
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Abstract


Since the 1990s, the human society has gradually entered the era of knowledge economy, knowledge-based economy based on intellectual capital investment as the mainstay of the economy, intellectual capital is the basis of the knowledge-based economy. The rise of the knowledge economy, intellectual capital has gradually replaced the capital, land, plant, equipment and other physical capital, become the most valuable strategic resource, the main drivers of the most powerful competitive weapons, as well as the enterprise market value creation. Intellectual capital affect the value of the enterprise market is expanding and deepening of the theory of corporate finance research. How to effectively use and management of intellectual capital to create and enhance the market value of the enterprise, has become a real problem facing most businesses today. As the basis and premise of intellectual capital management, enterprises not only need to identify a specific point in time enterprises have intellectual capital, but also to clear the contribution made by each of the constituent elements of intellectual capital to create the enterprise market value, to understand what intellectual capital and corporate The market value is most closely linked, it is worth focusing investment and concerns which intellectual capital. In this paper the first defined on Intellectual Capital and the market value of the basic concepts and describes the theoretical basis of the relevant intellectual capital elements, focusing on the intellectual capital of the \capital and structural capital, and on the basis of analysis of the two elements of intellectual capital on the market value of the enterprise, and the following conclusions: (1) human capital is the core of the intellectual capital, which is to create enterprise market value and the basis of its added value, is a prerequisite for intellectual capital value creation, positive role in promoting human capital on the market value of the enterprise; (2) structural capital can be divided into the internal structure of the capital, organizational capital and external structural capital that relationship capital, both the enterprise market value have a positive role in promoting; (3) most of the elements of the intellectual capital alone can not play a role, through the interaction of human capital and structural capital, co-integration, in order to make intellectual capital to promote enterprise development create market value. The same time, the intellectual capital only in the premise of enterprises have a certain amount of physical capital in order to play it to create and enhance corporate value. This article uses data statistical tools SPSS17.0 and Exce12003 of the empirical analysis of the electronic information industry and the petrochemical industry in 2007, 2008, 2009 data, the results show: (1) At present, human capital of the enterprise market value of only a weak positive to promote, although its role is not very significant, but still in the growing state. Therefore, to some extent, support Hypothesis 1: human capital has a positive role in promoting the enterprise market value; (2) structural capital of China's enterprises have a significant positive impact on the market value of the enterprise, the creation of the structure of capital to the enterprise market value and enhance play a very important role to support Hypothesis 2: structural capital has a positive role in promoting the value of the enterprise market; (3) intellectual capital appreciation coefficient is equal to 1% confidence level by the significance test of the regression model to prove that the assumption of this article: the intellectual capital of the enterprise market value of significant positive role in promoting intellectual capital plays a decisive role in the enterprise market value; (4) coefficient of material and capital appreciation through the 1% level regression coefficients significance test, but its significantly significantly less than the coefficient of intellectual capital value-added, therefore, can prove that assumption 4: physical capital have positive promotion of the role of the market value of the enterprise as well as assumptions 5: intellectual capital contribution to create enterprise market value of greater than physical capital : (5) elements of the intellectual capital within the human capital and structural capital are linked to, intellectual capital only to the interaction of various elements within the play its role in promoting the value of the enterprise market. This article is divided into five parts, the first part is the introduction, introduces the research background and significance, writing ideas and research methods as well as the articles of the basic framework; second part of the literature review section, mainly on the so far scholars at home and abroad research status on intellectual capital and its impact on the value of the enterprise market, and to summarize, evaluation; The third part is the theoretical analysis and hypotheses, the focus of the interaction of human capital, structural capital and human capital and structural capital value of the enterprise market effect of the addition of assumptions; fourth part is the empirical analysis, including variable design, sample selection, model building, and the data were descriptive statistics, correlation analysis and regression analysis, the empirical results obtained; fifth part is research conclusions and recommendations. Combined with the results of earlier theoretical analysis and empirical analysis conclusions and suggestions, and pointed out the shortcomings and future research directions.

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