An Empirical Study On The Impact Of Intellectual Capital To Listed Real Estate Companies' Growth

The growth issue has always been the key to firms and economic development. As one of the dominating industries, real estate industry plays an important role in the development of national economic, real estate firm growth is especially important with the theoretical value and practical significance. The endogenous growth theory suggests that the growth of firm comes from the internal heterogene resources and the capacity utilization of resources. In recent years, researches on the intellectual capital showed that intellectual capital has the obvious characteristics of the heterogene resources, intellectual capital as an important internal resources of the firm are becoming a core growth ability. In the perspective of how to remain competitive, sustainable growth, as intellectual capital plays more and more obvious role in promoting firm growth, the management of the intellectual capital has become the key inssue of the company's growth. A lot of research results showed that intellectual capital significantly promotes firm performance, but the impact of intellectual capital to the firm growth, especially research in the particular industry is still not enough. In this paper, I develop a model involving intellectual capital and the growth of the listed real estate companies to carry out a detailed study on the real estate companies'growth. The main text as follows:Chapter 1, Introduction. This chapter introduces the research background and research questions, then I presented the research method, research framework, and describes the expected innovation and the inadequacy of the research.Chapter 2 Theoretical Review. I firstly study the researches on the intellectual capital and corporate endogenous growth theory. On the basis of systematic theoretical study of intellectual capital, the concepts of intellectual capital, intellectual capital characteristics and the composition of intelligence capital were defined; on the other hand, on the basis of a systematic review of the growth theories especially the endogenous growth theory, the article defined the concept of growth. Secondly, I discussed the relevance of the endogenous growth theory and intellectual capital. And based on the analysis of intellectual capital on growth, especially the important role of the real estate companies' growth, I raised research hypotheses of the impact of intellectual capital to real estate companies' growth.Chapter 3 Study Design. The listed real estate companies in China were selected as the investigation object to emprically analysation. This article choose VAIC as the evaluation method of intellectual capital and develop an index system to define and evaluate the real estate companies'growth. Based on the defined variables, I constructed analyse models.Chapter 4 Empirical Analysis. After descriptive statistical analysis and correlation analysis, the relationship between intellectual capital and listed real estate firm growth were futher studied using multiple linear regression models, and the effects of the intellectual capital and physical capital were investigated.The empirical results show that:(1) intellectual capital and physical capital are able to promote the growth of the real estate company positively, but the effect of the physical capital is more significant. The results are consistent with the hypothesis proposed in this paper that intellectual capital has started to affect the growth of the real estate companies in China, but its effect is far less than the physical effects of capital shows.(2) intellectual capital and human factors in intellectual capital show significant positive correlation to the growth of the firm. The structure factors of intellectual capital associated with the weak relationship between corporate growth, but still showed a significant positive effect, and the impact capacity is greater than human factors.Chapter 5 Conclusions. The main conclusions of this article are the paper shows that the real estate companies in China should strengthen the development and management of intellectual capital, at the same time, the companies should also not forget the development of material capital appropriately. In the process of developing intellectual capital, the two major components of intellectual capital is important. And also make some suggestions for the future researches.