| The arrival of era of knowledge-driven economy means that intellectual capital has replaced physical capital investment, becoming the core resource and important driven force for creating corporation value. The scientific exploration and distribution will make tremendous contribution to the achievement of firm performance. This paper suggests that the intellectual factors don’t affect company performance directly, as a matter of fact, knowledge resource will accelerate firm enterprise effectiveness after been translated into corporation capability. After utilizing qualitative and quantitative research method and on the base of human capital theory, resource-based view and enterprise ability theory,this article explored the relationship between IC and FP and the role of corporation ability among them,after carding and analyzing relevant literature.High-technology enterprises belong to knowledge-intensive industry depend highly on intellectual capital. Therefore, this paper selected200high technology listed companies as the sample. All the financial data from2009-2013were collected from financial data base and convinced finance and economy websites. This article believes that the intellectual capital of company can be divided into four dimensions---human capital, innovation capital, process capital and customer capital, and chose14finance indictors to express them. Selected four typical finance index be the proxy variable of company ability. And Firm performance expressed by ROA, roe, MV/BV and Tobin’s q in the perspective of finance and market. After done collecting panel data, this paper used the software STATA12.0to do the processing job. From factor analysis, we got the factor comprehensive scores of the three main variables. Then, after relation and regress analysis we got the research results:the relationship between four dimensions of IC and FP is different, but the intellectual capital as whole has significant positive influence on enterprise performance which is consistent with the hypothesis; this result reveals that, in the high-tech industry, intellectual capital has occupied a very important position in forcing value making. The positive relationship between IC and company ability shows that the stockpile and exploration of intellectual resource is good to promote CA. Thus, more ability will lie the foundation of the acquisition of firm performance. It is worth noting that company capability does play a mediating role between intellectual capital and firm performance.This article will provide basis for high-tech industry of better utilizing intellectual capital. And, the exploratory empirical study of mediating role of company capability will has contribution to further study of the deep relationship of intellectual capital and firm performance. |
