Enterprise-value-oriented Evaluation Of Intellectual Capital

Intellect-driven-economy is established as a brand new form of economy since 21 centry. Intellectual capital, being the most active element, is gradually becoming one of the significant essentials for companies to gain excess profits and form their core competitiveness in increasingly fierce competitions. Thus, evaluating intellectual capital will not only help companies to manage intellect capital scientifically, provide investors and the public with information that better reveal a company’s potential profiting abilities and give references for wise decisions, but also help administrations in charge to make efficient policies. The study is of both theoretical and practical significance.This paper applied literature research, standardization process, systematic analysis, comparison method and a combined use of qualitative and quantitative analysis method. Firstly, on the basis of relevant research results, a comprehensive review in order to build the framework and decide research methods for this study. Secondly, clear definitions were given to the "intellectual capital" in this study. And by elaborating the mechanism of intellectual capital’s value creation process, a concept of enterprise-value-oriented intellectual capital evaluation system was proposed as a theoretical basis. Thirdly, with a comparison of the current methods, the difficulties of intellectual capital evaluating are clarified. Then a detailed and comprehensive evaluation system with 20 indexes and a model built by factor analysis method was established after further discussion and investigation. Finally, the Enterprise-value-oriented Index System for evaluating intellectual capital was applied to power industry of China. The samples were 31 electric listed companies in Shanghai and Shenzhen Stock Exchange. By using the method of factor analysis, intellectual capital was evaluated totally and separately according to different companies. Overall suggestions, like attaching importance to the comprehensive development and management of intellectual capital, making core strategy by identifying key elements, and focusing on the mutual transformation relationship between different intellectual capital, are put forward.