智力资本对企业绩效影响研究——基于长三角高新技术企业面板数据

Study on effect of intellectual capital on enterprise performance: based on the panel data of high-tech listed companies in Yangtze Delta

经济结构调整时期,智力资本在高新技术企业价值创造中的作用日益凸显。在分析国内外相关研究成果基础上,选择长三角地区2009—2012年上市的高新技术企业为研究对象,建立面板数据模型进行实证分析,考察财务资本、智力资本对企业绩效的影响。结果表明,在高新技术企业中,智力资本各要素均对企业的财务绩效和经营绩效具有显著正向影响,但对股票市场绩效影响不显著;智力资本中结构资本的作用最为明显,创新资本作用得到显现;财务资本仍然是促进企业绩效提升的重要因素。高新技术企业要协调财务资本与智力资本之间的关系,提高创新能力及资源利用效率,充分发挥智力资本的作用,使企业绩效获得持续增长。

In the period of economic restructuring, the role of intellectual capital in the value creation of hi-tech en- terprise is highlighted. Based on the analysis of the relevant research results at home and abroad, this paper selects the listed companies during 2009 to 2012 Panel Yangtze Delta and constructed panel data model to explore the effect of intellectual capital and financial capital on enterprise performance. Result shows in high technology enter- prises, element of intellectual capital has a significantly positive impact on financial performance and business per- formance, except for intellectual capital ; the role of intellectual capital in the capital structure is most obvious, and effect of innovation capital appears gradually; the financial capital is still an important factors to promote the enter- prise performance improvement. High-tech enterprises need to coordinate the relationship between financial capital and intellectual capital, improve the innovation ability and the efficiency to use resources, fully make use of intel- lectual capital, making enterprise performance grow continually.