An Empirical Research On The Relationship Between Intellectual Capital And Comprehensive Debt Paying Ability Of Listed Companies In Growth Enterprises Market

With the development of science and technology, knowledge-based economyflourishes, along with the birth of the intellectual capital study. Intellectual capitalgradually replaced the traditional elements such as monetary capital, labor and land,becoming the most significant strategic resource in this century.GEM business concentrated many growth-oriented high-tech enterprises andtechnology-intensive enterprises. Their prosperity and strength depends largely ontheir intellectual capital management. However, along with the high growth is highrisk (higher than the motherboard market). In2012the Shenzhen Stock Exchangeofficially released the "GEM Listing Rules", which clearly posted the GEM delistingsystem for risk capital to create a normal exiting mechanism. After delisting system,the GEM high risk listed companies are no longer setting ST shares as themotherboard, but directly delisting. Therefore the comprehensive evaluation of debtpaying ability of GEM listed companies caused a big range of attention by GEMinvestors.On this background, this paper combed and compared Chinese and foreignintellectual capital research, and make external evaluation of intellectual capital withPulic’s VAIC model, and comprehensive evaluation of debt paying of companieslisted on GEM. The conclusion is that intellectual capital is significantly andpositively related to the comprehensive evaluation of debt paying ability.This paper has the following contributions: Firstly, it innovatively takes the researchperspective of analysising the relationship between intellectual capital andcomprehensive evaluation of debt paying ability. Secondly, it builds thecomprehensive evaluation index system of debt paying ability referring to Altman’sZ-score model.Finally,it furthers the intellectual capital evaluation model innovationbased on Edvinsson’s skandia value model.