我国上市公司智力资本转化过程影响因素实证研究

Empirical Study of Influencing Factors in Intellectual Capital Transformation in Chinese Listed Companies

摘要:

借鉴ICTEM模型,构建了企业智力资本转化的体系。为获取智力资本转化与企业价值之间的关系,构建了对智力资本的“投入—转化—产出”过程的指标测评。采用国内475家上市公司4年的面板数据探讨了影响智力资本转化的因素。研究表明,智力资本分别通过直接和间接的方式转化为企业价值。单纯的智力资本的投入不经过有效地管理无法转化为企业价值。智力资本转化过程中创造的价值并不在于数量上收益的提高,而在于企业利润和价值有效率的增长。在智力资本由“投入”向“产出”的转化过程中,员工薪酬、领导者资质、研发投入、专利、营业额、企业规模与年龄等因素,都将影响到企业价值创造。尤其是人力资本与结构资本的投入,与企业价值增长显著正相关。

Abstract:

This article uses the ICTEM model to build the system of the transformation of intellectual capital. To obtain the relationship between intellectual capital transformation and enterprise value, we construct the "input - transformation - output" indicators of intellectual capital . Using the 2009-2012 panel data of the listed companies, we analysis the factors that affect the transformation. Research result shows that intellectual capital transforms into the enterprise value by means of direct and indirect ways. Without effective management, intellectual capital cannot transform into enterprise value. The value created during the process is not the enterprise income, but the efficient growth of profits and value .During the process, wages, directors" qualification, R D investment; patent, company size and age are the factors that influence the creation of value. The inputs of human capital and structural capital have a significant positive impact on the growth of enterprise value.