Empirical Research Between Intellectual Capital And Market Value Of Companies

With the intense-knowledge industry developing quickly since the nineteenthcentury, the importance of knowledge increases day by day. The knowledge economywhich is in the characteristic of intellectual capital is on the possession of becomingthe dominant place. The new area of intellectual capital evokes the academic andcorporations circles' interest.This paper starts from the phenomenon that corporations from differentindustries have different distance between market value and book value, and theintellectual capital has strong capital of increasing in value. We explore how mucheffect the value-increase ability of intellectual capital commit on the market value.Taking advantage of the VAIC (Value Added Intellectual Coefficient) method, weused the financial data from the industries of exploiting, manufacturing industry andinformation technology during the year 2002 to 2004 to do the empirical study.The study result is that: Capital employed is important to both of theseindustries, especially the manufactory profession. On the other hand. Human capitalsare more important in information-technology industry than the manufactoryprofession when the Structural capital is not important. This result reveals the fact thatour country Structure of corporations has some problems.