Empirical Analysis Of Intellectual Capital On Corporate Performance Impact

As information technology advances, economic globalization and increasing competition of the market, The competition between countries, enterprises has been from the material to the visible konwledge, intelligence and technology. The technology in products, content of knowledge became the key factors to victory. Capital has been replaced by knowledge,and land and materials becomes the most important capital. Intellectual capital is the most decisive factor for knowledge economy. Whether a nation or an enterprise, all of the decision-making level take the intellectual capital investment, access and management strategies as their own magic weapon, compety for and develop the intellectual capital at all costs. Thus the intellectual capital has become the focus and core of the enterprises' competition in the era of knowledge economy.At first, this paper based on the research results of intellectual capital of scholars at home and abroad, comprehensively summarized the concept, characteristics, composition, corporate performance measurement and the theory of intellectual capital. Secondly, gives a comprehensive description to the elements of intellectual capital on enterprise performance which has a direct effect on business performance and the impacts which the interaction of various elements perform on the business performance. Finally,takes the listed company of information technology industry as an example,empirically tested the relationship between the the intellectual capital and corporation performance.The article selects 14 financial indicators from the debt service,operation capacity, profitability and growth ability which based on all of the listed companies' data in the information technology industry in 2004 to 2008, useing the factor analysis to build a composite indicator,taking this indicator as an alternative variable of corporation performance. The empirical results show that intellectual capital and corporate performance is a positive correlation, and elements of intellectual capital is positive related to the corporate performance.