本文结合新一代信息技术的基本特征,利用2010-2015年中国A股上市公司数据,实证检验了信息技术投资通过激发智力资本的动态变化从而提升企业绩效的中介作用机制。研究发现：智力资本动态变化是信息技术投资与企业经营绩效之间的完全中介,是信息技术投资与企业市场绩效之间的部分中介。进一步分析发现：当今信息技术投资能显著促进人力资本和结构资本的动态变化。相对于欠发达地区企业,发达地区企业中智力资本动态变化的中介效应更加明显。最后,基于研究结果提出了相应的政策建议。

Based on the basic characteristics of the new generation of information technology, using the data of China"s A-share listed companies in 2010-2015, this paper tests the mechanism of modern information technology investment improving the enterprise performance mediated by the dynamic changes of intellectual capital. The study finds that dynamic changes of intellectual capital is the full mediator in the relationship between IT investment and enterprise business performance, and the partial mediator in the relationship between IT investment and enterprise market performance. Detailed analysis finds that IT investment can significantly promote the dynamic changes of human capital and structural capital. Further analysis finds that mediating effect of intellectual capital is more significant in the economic developed regional. Finally, this paper puts forward some policy recommendations based on the research results.

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国家自然科学基金“制度环境、最终控制人投资组合集中度与民营上市公司价值”(71672129)；教育部人文社科规划“企业智力资本结构与自主创新绩效”(09YJA630118)；湖北省会计学会会计科研课题重点项目(HBKJ2016z01)。 ,白春亮1,国家自然科学基金项目（面上项目，重点项目，重大项目）