| With the advent of the knowledge-based economy and society, the world competition mutations, at the same time,social needs are ever-changing, Accomplished that,the intellectual capital has substituted of he technology,and become the source of competitive advantage. People also come to realize that the intellectual capital is not only a source of core competitiveness of enterprises, but also corporate earnings and a driving force for sustainable development in the enterprise development, it has attracted widespread attention in the theory and practice. There are many researches about intellectual capital,empirical researches about intellectual capital value relevance is everywhere. However, there are little research about the correlation between βcoefficient and intellectual capital.In this paper, we use the βcoefficient of CAPM of Sharpe, Lintner and Mossin (1965) as an alternative measure of market risk and draw the research of scholars on intellectual capital to explore the relationship between the various elements of Intellectual Capital and the market risk. According to the manual finishing date of the high-tech industry in 2011-2014, we study the paths that Intellectual Capital alone and coupling affect the βcoefficient by the factor exploration and principal component analysis.Results show that, human capital、structural capital and relational capital all have a negative impact on βcoefficient, But the effect of intellectual capital elements alone is not clear, thus we further explore the relationship between the coupling effects of the intellectual capital and βcoefficient, the study results show that there is a negative correlation between the human capital, structural capital and relational capital and corporate risk, but,the negative relation is very significant only when coupled to each of the three.On this basis, we correct the βcoefficient from the perspective of the traditional CAPM and propose an corrected CAPM based on intellectual capital. |
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