Empirical Research On Effect Of Intellectual Capital On The Enterprise Value

In21st century, with the advent of the era of knowledge economy, instead ofmoney, land and other traditional factors of production, intellectual capital hasbecome the most important strategic resource in the modern enterprise. As one ofhigh-tech enterprises, biomedicine industry is supported by our country. So the mostimportant issue is to maintain the state of technological leadership and rapiddevelopment. In the modern economy, the contribution of intellectual capital to thegrowth of enterprise value is more than land, labor and capital(Pablos，2002).So ithas great practical and theoretical significance to improve biomedicine enterprise’competitive strength in China.Firstly, this paper analyzes the opportunities and challenges faced bybiomedicine enterprise in China and points out the purpose and significance inresearching effect of intellectual capital on the enterprise value in biomedicineenterprise. Secondly, summarizes the study intellectual capital, enterprise value andtheir relationship of domestic and foreign scholars, and find that there are littleempirical research on effect of intellectual capital on the enterprise value inbiomedicine enterprise, especially on the SME border. So this paper researches effectof intellectual capital on the enterprise value in biomedicine enterprise. And becauseof the accuracy and feasibility of data sources, this paper bases on biomedicineenterprise of motherboard and SME board, selects variables and establish model.Then use SPSS18and EXCEL to do empirical analysis of the data from annual reportof biomedicine enterprise of motherboard and SME board. And this paper finds that tobiomedicine enterprise of motherboard, three indicators of human capital havesignificant positive correlations with enterprise value, but three indicators of structuralcapital and two indicators of relational capital do not have significant positivecorrelations with enterprise value; to biomedicine enterprise of SME border, twoindicators of human capital have significant positive correlations with enterprise value,but another indicator-Employee salary expense ratio in human capital do not havesignificant positive, also three indicators of structural capital and two indicators of relational capital do not have significant positive correlations with enterprise value. Atlast, this paper makes recommendations for research findings, points out studylimitations and the direction of further study.The innovation of this paper is mainly reflected in three aspects: firstly, theinnovative on the study, this paper chooses biomedicine enterprise of motherboardand SME board to study effect of intellectual capital on the enterprise value. Secondly,the innovation on the study variables, this paper selects specific variables accoundingto biomedicine enterprise, such as index of professionals proportion and intangibleassets per person, in order to subject to the characteristics of biomedicine enterprise.Finally, the innovation in research methods, this paper uses correlation analysis andmultiple linear regression analysis to analyzes the data of motherboard and SMEboard, then study and contrast the result in order to reveal the impact andinterrelationships, and makes the results more useful.