Research On The Value Creation Effect Of Intellectual Capital Of High-tech Listed Companies

With the coming of the knowledge economy,the proportion of traditional material capital including factory building,equipment and raw materials is decreasing gradually in the enterprise.However,intellectual capital which based on knowledge and information has gradually been important.Compared with the material capital,intellectual capital is of great significance in the production of enterprises,which is also the key element in the formation of core competitiveness.How to develop and manage intellectual capital,to enhance enterprise value must be solved.This paper studies the value effect of intellectual capital by the combination of theory and practice.First of all,based on the existing literature at home and abroad,this paper clarifies the connotation of intellectual capital and high-tech listed companies,and divides intellectual capital into three elements: human capital,structural capital and relational capital.Secondly,it elaborates the microscopic mechanism of the creation of intellectual capital value,and analyzes the influence of the interaction between the elements of intellectual capital on the enterprise value.Finally,it verifies the influence of regional financial environment,ownership form and enterprise scale on the creation of intellectual capital value,so as to provide countermeasures for enterprises to develop and manage intellectual capital better and formulate enterprise strategic policy.369 high-tech listed companies are selected as the sample in this paper.Through the literature revies,the intellectual capital is divided into three elements: human capital,structural capital and relational capital.On the basis of the relevant financial data,the comprehensive score of the intellectual capital is calculated by the factor analysis method,and the independent capital is substituted into the regression equation,as the same time,this paper using four indicators including Tobin Q,B/M,ROE,ROA to calculate the value of the company's comprehensive score as the dependent variable.Then,using SPSS21.0 and StataSE to analyze the data,linear regression analysis and robustness test,the following conclusions are drawn:(1)Intellectual capital is the main factor driving the value of high-tech listed companies.(2)Compared with the more developed areas of financial environment,the relationship between capital and capital creation of high-tech listed companies in financial underdeveloped areas is stronger,but the value creation ability of structural capital is weaker.(3)Private high-tech listed companies are more inclined to bring value through the structure capital for the enterprise,and state-owned high-tech listed companies tend to enhance the value of enterprises through the relational capital.(4)The scale of enterprises reverse adjust intellectual capital value creation effect in high-tech listed companies.