The Influence Of Returnees Directors And Executives On The Intellectual Capital Of Enterprises

The role of intellectual capital is becoming increasingly important with the arrival of the knowledge economy era,companies consider intellectual capital as the core competence of their companies.High-level people are important to support the development of intellectual capital.In China,overseas returnees are regard as high-level people.Chinese government implemented a series of policies to attract overseas people,such as "Changjiang Scholars Program in 1998" and "Plans to Introduce Overseas High-level People in 2008".Overseas students come back to be directors or executives in companies.Therefore,this research has important practical significance to promote the development of intellectual capital and improve the national policy.This paper defines the concept of intellectual capital,summarizes the classification and characteristics of intellectual capital,and analyzes the evaluation methods of intellectual capital.This paper establishes the conceptual framework and the theoretical basis of intellectual capital.The purpose of this paper is to research the influence of returnees directors and executives on the value of intellectual capital,the investment of intellectual capital and intellectual capital value-added efficiency.Based on the Chinese second board market enterprise and the relevant data of 819 companies during 2000-2014 and the instrumental variables,this paper finds that,(1)Returnees directors and executives can improve the value of intellectual capital.(2)Returnees directors and executives of enterprises pay more attention to intellectual capital investment as compared to physical capital investment.(3)The influence of returnees directors and executives on intellectual capital value-added efficiency is significantly negative.(4)The influence of returnees directors and executives on intellectual capital value-added efficiency is a lag effect.About 3-5 years later,the influence becomes significantly positive,which means that the improvements in the intellectual capital value-added efficiency is a long process.