Research On The Impact Of China’s Typical Manufacturing Intellectual Capital For Corporate Performance

With the changes in the economic times of the world and the changes of corporate organization, knowledge creation has become the main theme of social progression, the core of economic development and business expansion. As the most important element in the development of knowledge, intellectual capital becomes the fourth element, except for the land, manpower, money and other essential elements of the original production. In the globalized world, intellectual capital can not only replace the other factors of production become the core drivers of value creation, but also dominate the flow and configuration of other factors of production, determining the production added value content of the other factors. Thus, the success of organizations relies more on the accumulation, integration and use of intellectual capital. Because different scholars have different definitions and research perspectives on intellectual capital, there is still no unified conclusion. So, the result of the relationship between the intellectual capital and corporate performance is different, too. This article uses the modified Value Added Intellectual Coefficient method to measure intellectual capital, and takes the most comprehensive financial indicators ROE as the business performance. In order to get a more comprehensive and integrated findings, taking account the nature of equity into the relationship between intellectual capital and corporate performance.Since the "Made in China 2025" program was proposed, manufacturing has gotten focus again. For the purpose of developing China’s manufacturing industry into the world’s leading industry, countries and companies are constantly strengthen industrial policy support and accelerate the transformation of production. This paper takes China’s manufacturing as the scope, selecting three typical samples into research which including machinery-equipment manufacturing, textile-garment manufacturing and biopharmaceutical industry in accordance with the division of capital-intensive industries, labor-intensive industries and knowledge-intensive industries, and then collecting a five-year companies’ data from 2010 to 2014 to build three panel data studying the relationship between intellectual capital and corporate performance of three typical manufacturing industries.Through the predictive analysis, it found that in the three different types of industries, no matter what kinds of equity nature the enterprises are, the intellectual capital had a significant role in promoting corporate performance. The result is also applicable to human capital which is one of the components of the intellectual capital. The structural capital and relational capital can improve the enterprise performance significantly in the machinery-equipment manufacturing and biopharmaceutical industry, but an insignificant repression in the textile-garment manufacturing. In order to acquire a deeper result, taking the influence of equity property into the study. The result showed that the nature of state-owned in the machinery-equipment manufacturing and biopharmaceutical industry can promote the positive impact of structural capital on corporate performance and block the positive impact of relational capital on corporate performance, but no obvious influence on the relationship between human capital a nd enterprise performance.