Research On The Impact Of Intellectual Capital On The Performance Of Equipment Manufacturing Enterprises

In the era of industrial economy,tangible assets such as raw materials,land,machinery and equipment have played an important role in the development of enterprises.However,since 1980 s,due to the rise of the "new economic growth theory",the intellectual capital as the core of the knowledge economy has gradually emerged,intellectual capital plays an increasingly prominent role in shaping enterprise core competitiveness and driving enterprise performance growth.At the present stage,the research of intellectual capital theory,the relationship between intellectual capital and enterprise performance has been widely concerned by scholars all over the world.Due to the differences in the definition and the research angle,there is no consistent conclusion on the influence of intellectual capital and its components on enterprise performance.Manufacturing industry is the foundation of the country,the instrument of rejuvenating the country.Since the strategy of "made in China 2025" was put forward,the requirement of accelerating the development of manufacturing industry,especially equipment manufacturing industry,and entering the forefront of the world manufacturing power has become more prominent.In order to comprehensively describe the intellectual capital level of the sample companies,actively explore ways to improve corporate performance,and cultivate the industry leading enterprises with world advanced level.On the basis of reading a lot of domestic and foreign literature and the dualism of intellectual capital,this thesis takes 271 listed companies of equipment manufacturing industry on the A-share main board of Shanghai and Shenzhen stock markets from 2013 to 2018 as an object,the comprehensive performance indicators obtained by factor analysis method are taken as the explanatory variables.This thesis constructs a dynamic panel data model with three levels,respectively from the whole and composition of intellectual capital,the regulatory role of equity nature,and the interaction of the elements of intellectual capital.Through the three levels this article intended to explore the mechanism of the intellectual capital of equipment manufacturing enterprises on their performance.Research shows that physical capital of equipment manufacturing companies is significantly negatively correlated with corporate performance.Intellectual capital is significantly positively related to corporate performance.Among them,Human capital has a negative impact on enterprise performance,while structural capital has a positive role in promoting enterprise performance.The empirical results show that the impact of intellectual capital components on the performance of equipment manufacturing enterprises has typical heterogeneity of ownership nature.Compared with non-state-owned enterprises,state-owned enterprises can alleviate the negative effect of human capital on corporate performance,and structural capital can improve corporate performance level to a greater extent.In addition,there is an interaction between human capital and structural capital.On the Basis of empirical analysis,this thesis propose establishing a learning-oriented enterprise,accelerating the accumulation of human capital in state-owned enterprises,strengthening the management and development of structural capital in non-state-owned enterprises,innovating the development conception of equipment manufacturing enterprises and other Suggestions.