Intellectual Capital And Corporate Value

Being rapid developing in economy of China, the real estate industry plays an important role in promoting, which has become a pillar industry of Chinese economy, therefore, the development of real estate industry has a profound impact on the normal development of the national economy. Nowadays, Intellectual Capital has become the main source of core competitiveness of enterprises which is the competition in the market success and failure. In the critical period of transformation and upgrading, real estate companies need to develop knowledge resources and intellectual capital to increase their productivity and production efficiency. Through the recent literatures show that the study on intellectual capital and corporate performance concerns many scholars' attention. Furthermore, scholars from different angles demonstrate the relationship between intellectual capital and corporate performance in different ways. However, in the real estate industry, there are few researches on the relationship between Intellectual Capital and FirmValue. Besides, some articles point out that the real estate industry has a significant knowledge-intensive feature.Accordingly, the paper select the real estate sector 134 Chinese listed companies in Shanghai and Shenzhen Stock as the sample, to study the relationship between Intellectual Capital and Firm Value. Firstly, on the basis of review literature, we define the connotation of constitution, analyse its mechanism, and make a model assumes that formed the theoretical framework. Secondly, use the VAIC method to measure the intellectual capital of the real estate listing Corporation, and use Tobin'Q method to measuring the market value, then use the "value added growth rate of shareholder's equity" to measure the financial value. Finally, establish multiple linear regression model to verify the relationship between intellectual capital and corporate value and summarize its action path thus forming the conclusion, put forward management enlightenment.Through empirical research, this paper mainly draws the following conclusions:(1)Chinese Real Estate Listed Companies' Intellectual Capital hardly have a significant positive impact on the positive value of the company;(2) part of the intellectual capital elements of the value of the company's negative role in the path to be found, including: the company's market value, the relationship between capital and structural capital on the financial value of the company, intellectual capital overall role of human capital for the company's financial value and market value paths;(3) Based on the results, obtained management revelation, including strengthening the effectiveness of the construction of China's capital market, strengthen the Chinese listed real estate companies and building intellectual capital investment, strengthen information disclosure of listed companies in China's capital market and financial regulation, in line with the development and exploration Chinese local characteristics of methods and models to more accurately measure a company's intellectual capital and corporate value and importance of intellectual capital to the value of the company's construction and maintenance of the transmission mechanism and the like.