智力资本、冗余资源与企业价值——基于一个调节效应模型的实证分析

Intellectual Capital,Slack Resources and Corporate Value:Empirical Analysis of A moderating Effect Model

以我国高科技上市公司为样本的层次回归结果显示,高科技企业的智力资本不但显著影响企业价值创造结果,而且显著影响资本市场对企业市场价值的感知与评价;冗余资源在智力资本与企业价值关系之间确实具有显著的调节效应,冗余资源不但显著提升企业价值,而且促进人力资本、创新资本与客户资本的价值创造与价值实现,说明企业拥有冗余资源的丰富程度不但直接影响企业价值,而且影响智力资本的价值创造与价值实现,企业拥有的冗余资源越丰富,智力资本对企业价值的影响作用越显著。

This paper choose Chinese high-tech listed companies as the samples to testify the slack resources＇ moderating role between intellectual capital and corporate value.The results based on hierarchical moderating regression（HMR） show that intellectual capital of high-tech listed companies not only has a significant influence on corporate value creation,but also has a significant impact on the perception and evaluation to corporate market value by capital market in China.Slack resources indeed have a significant moderating effect between intellectual capital and corporate value.It can significantly moderate the relationship between human capital,innovation capital and customer capital and corporate value.That is to say,slack resources not only can promote the elements of intellectual capital to create more value,but also improve value realization of intellectual capital on capital market.The more slack resources the firms have,the more significant and stronger of intellectual capital affecting enterprises value.