Research On The Influence Of Intellectual Capital On Enterprise Performance From The Perspective Of Enterprise Life Cycle

With the advent of the knowledge economy,intellectual capital,as a knowledge resource that can help companies gain a competitive advantage and improve corporate performance,will play an important role in the development of business operations.Manufacturing industry is China’s basic industry.The development of manufacturing enterprises is also conducive to the development of the national economy.At present,China’s manufacturing enterprises are in the transitional stage of industrial restructuring,transformation and upgrading,and the development of high-end manufacturing.Intellectual capital is a new factor of productivity Like physical capital,it will be a huge driving force for enterprise development.The thesis is divided into different life cycles according to the characteristics of the enterprise,in order to explore the influence of the components of intellectual capital on the performance of the enterprise under the adjustment of the life cycle of the enterprise,and compare the impact of the components of intellectual capital on the performance of the enterprise in different life cycle stages.Size will be important.After reviewing the literature on the research on the concept of intellectual capital,constituent elements,and the impact of intellectual capital on corporate performance,the paper discusses the impact of intellectual capital and its constituent elements on corporate performance,and compares the impact of different life cycle stages.It expounds the concepts related to intellectual capital and enterprise performance and draws on life cycle theory,resource-based theory,enterprise capability theory and knowledge-based theory to determine the theoretical basis of the research.Through the analysis of the development status of manufacturing companies and the characteristics of different stages of the life cycle,it is found that China’s manufacturing companies are facing irrational industrial structure,backward production models,rising labor costs,lack of core technology and other issues,and enterprise development has encountered bottlenecks.In order to promote the rapid development of manufacturing companies,this article selects the listed companies of manufacturing companies in Shanghai and Shenzhen as the research object,and uses the cash flow combination method to divide the companies into 479 growing companies and 237 companies based on the financial data between 2016 and 2018.Mature companies and 78 companies in recession period use VAIC method to measure intellectual capital,factor analysis method to measure the performance of a comprehensive enterprise,and finally use descriptive analysis,correlation analysis,panel regression analysis and average regression analysis method to conduct empirical analysis of the data.The research results show that:(1)Intellectual capital as a whole can positively affect corporate performance;(2)Human capital and structural capital can significantly positively affect corporate performance regardless of growth,maturity,or recession;(3)Relational capital only during the maturity period It can significantly affect corporate performance;(4)The components of intellectual capital have different effects on corporate performance at various stages of the life cycle.Among them,human capital has the greatest impact during maturity,structural capital has the greatest impact during recession,and relationship capital is The effect of maturity is greatest.According to the research conclusions,this paper believes that the manufacturing enterprises should pay more attention to the use and management of the components of intellectual capital;at the same time,to optimize the resource allocation of the components of intellectual capital,the investment of human capital during maturity is higher than the In the long-term and recession period,the investment of structural capital in the recession period is higher than that in the growth period and maturity period,and the related capital is only invested in the maturity period.