Research On The Relationship Between Intellectual Capital And Enterprise Value

Along with the development of the global economic integration, intellectual capitalhas become the most valuable and most scarce resources in the world, as well as the keyfactor to help enterprises survive in the fierce competition.Intellectual capital is the corecapital in the era of knowledge economy,as well as the key which transition from thelate of industrial economy to the initial stage of the knowledge economy, also is animportant driving force to built the well-off society. Although there are many foreignscholars make research of the intellectual capital in recent years, the intellectual capitalresearch is still at the initial stage in our country, the study which combined intellectualcapital with enterprise value according to the basic situation of our country is less thannormal, especially the empirical studies.Our country appealed to establish the system ofsocialist core values at the Sixth Plenary Session of the CPC Seventeenth CentralCommittee which raised intellectual capital research to a strategic height. The CPCCentral Committee General Secretary Xi Jinping definite the " Chinese dream "—toachieve the great rejuvenation of the Chinese nation when he led the new centralcollective leadership to visit National Museum of China " revival " exhibition at thescene,this dream is unprecedented new things, the new exploration and new practice,which supported by innovation in a large extent, Therefore the study which relevant andbased on intellectual capital has been pursued no parallel in history. In such a domesticenvironment, empirical analysis relationship between intellectual capital and corporatevalue has profound theoretical and practical significance.This paper thorough analysis the connotation and components of intellectualcapital on the basis of the domestic and foreign scholars’ study, discussed aclassification method of intellectual capital and build up a conceptual model to describe the relationship of intellectual capital and enterprise value, using the improved ValueAdded Intellectual Coefficient to measure the intellectual capital and material capital,and applicating the structural equation model to empirical analysis the promoting howintellectual capital affect enterprise value. In this research，analyzed and extracted thedata in92annual reports of China’s auto industry listing Corporation in2011，summaried71compelet data.Through empirical research and discussion of relativetheories, this study reached the following conclusions:1. To calculate the four components of intellectual capital-human capital,relationship capital, structure capital and innovation capital by the method whichilluminated by the improved value added intellectual coefficient, discovered thatintellectual capital utilization level has a great differences in China’s auto industrylisting Corporation.2. The human capital is positive influence the enterprise value significantly, therelationship capital produced negative effect on the enterprise value which isindistinctive, structure capital is significantly impact enterprise value but the influenceis negative, innovation capital significantly promote enterprise’s value added.3. Exist a significant correlation between the components of intellectual capital,which make an interaction to indirect effect enterprise value through mutualcomplement and support.4. The intellectual capital and material capital negatively correlated, but the twoboth have a positive effect on the enterprise value, the material capital value createdmore value in comparison,According to the results of empirical research, This paper put forward the advice tostrengthen the development and management of intellectual capital, and suggest to setup a dynamic adjustment system for the intellectual capital internal structure andexplore the most configuration mode and strategy of material capital and intellectualcapital, proposed to help the enterprises in our country maximum the function ofintellectual capital, and realize the continuous rising of enterprise value.