Study Of Science And Technology Start-ups Of Intellectual Capital On Firm Performance

Entrepreneurship and innovation, as the bridge of translating science and technology into productive forces, is increasingly becoming the engine of the economic development . And the high-tech industry has gradually become an important driving force of the world economic growth. High-tech start-ups as an important mainstay of economic development for its outstanding contribution to the development of the national economy have become the most dynamic growth part. The rise of the tide of high-tech venture makes the role of knowledge display in the venture capital process and become an important capital in the new economy against the background of wealth creation and the value realization. This article is therefore to choose science and technology start-ups for the study to explore the effect that Intellectual Capital to the enterprise performance.On the basis of the literature review and the theoretical analysis, first the article builds the model about the Intellectual Capital of High-tech start-ups and Enterprise Performance, and designs the appropriate scale testing. The questionnaire included Xi'an, Chongqing, Zhengzhou, Wuhan, Changsha, Hangzhou, Nanjing, Suzhou, Guangzhou, Shenzhen, Changchun and Shenyang and so on, for a total of 435 valid questionnaires recovered, which is basically in line with the needs of the study. Reliability of model, as well as the validity analysis of the structure, has reached satisfactory levels. Through structural equation model the results of the draw are as follows:First, the Intellectual Capital in the four-dimensional structure of the Chinese science and High-tech start-ups raised by Johan Roos and others have been under verification, that is, the Intellectual Capital of High-tech start-ups can be divided into Human Capital, Process Capital, Relational Capital and Innovation Capital. The four-dimensional interacts with each other, working together to bring a competitive advantage.Second, the structure of Intellectual Capital is different in different stages of venture capital enterprises. The Process Capital and the Relation capital at the long-term are higher than the gestation period and start-ups. The human Capital, the Relation Capital and Innovation Capital have no significant differences between different sizes of high-tech start-ups, but the Process Capital is not. The Process Capital of the company whose assets is below 40,000,000 is significantly lowers than the enterprise over 40,000,000. Intellectual Capital structure has significant differences between different areas of science and technology venture. The Human Capital, the Process Capital, the Relation Capital and Innovation Capital in Yangtze River region are significantly higher than that of other regions. Third, the Intellectual Capital of the enterprise has a significant positive impact on the performance, but the dimension of the various components has a different contribution. In the four dimensions of intellectual capital, human capital, the Relation Capital and Innovation Capital of the enterprise performance has a direct contribution and the role of the Human Capital is the largest, following is the Innovation Capital, the Relation Capital is the minimum capital, the Process capital did not pass inspection.