Manufacturing Enterprise Value Creation Based On Intellectual Capital

In the era of knowledge economy, intellectual capital which is regarded as a strategic resource of enterprise, is the source of value creation. Enterprises obtain competitive advantage from intellectual capital. Previous studies of intellectual capital are more focused on knowledge-intensive companies, such as high-tech enterprises. A lot of researches from both theoretical analysis and empirical tests, have confirmed that intellectual capital is important to this type of company’s survival and development. But few scholars concerned the value creation effect of intellectual capital in the traditional manufacturing enterprises. Manufacturing industry is the basic industry of the national economy in our country, and it’s an important source of social wealth. As an important resource of enterprise, intellectual capital is indispensible for manufacturing enterprises. So how does intellectual capital drive manufacturing company for value creation? And compared with physical capital, does intellectual capital have significant effects on manufacturing enterprise value creation?In order to answer these questions, this paper studies on these issues, and adopts the methods of normative analysis and empirical research. Combining with enterprise resource-based theory and the characteristics of manufacturing enterprises in China, this paper deduces the mechanism that how intellectual capital affect manufacturing enterprise value creation, and then proposes appropriate research hypotheses. We calculate the proxy variables of intellectual capital elements according to the value added intellectual coefficient model proposed by Pulic.514manufacturing listed companies that only issue A shares are choosed as study samples. For a variety of data analysis, this paper uses correlation analysis, K-means clustering analysis and multiple linear regression method to analyze the sample data.The results of this study confirm that the two components of intellectual capital have significant positive impact on manufacturing enterprise value creation. The results also show that physical capital, as the traditional resource, remains the most important resource and the main driver of manufacturing enterprise value creation. The second is intellectual capital. Meanwhile, comparing the two constituent elements of intellectual capital, structural capital has more influence on manufacturing enterprise value creation than human capital. It means for manufacturing, now the enterprise’s investments in organization gain higher resource utilization efficiency than the investments in human capital.