产品市场竞争、内部治理与智力资本价值创造效率——来自2002-2012年中国A股上市公司的经验证据

An Empirical Study on China's A-share Listed Firms from 2002 to 2012

在知识经济社会,企业能否实现长期价值创造取决于其是否积极培育、有效管理智力资本要素。本文选取2002—2012年间中国A股上市公司为样本,运用面板数据回归模型考察了产品市场竞争、内部治理机制与智力资本价值创造效率间的关系。实证结果表明,激烈的产品市场竞争虽然能提升物质资本价值创造效率,却抑制了智力资本价值创造效率。而且不同的内部公司治理机制对各类资源价值创造效率存在着差异化的影响。其中,机构投资者持股是最为重要的治理机制,其有助于增进包括智力资本、物质资本在内的全要素价值创造效率。最后,本文根据实证结论针对性地提出了关于构建智力资本导向型的公司治理机制的若干建议。

In the era of knowledge economy, long-term value creation depends on whether the firm management would effectively nurture, develop and leverage the intellectual capital. This paper adopts panel data regression model to empirically examine the impacts of product market competition and various internal corporate governance mechanisms on the value added efficiency of intellectual capital with a sample of China＇s A-share listed firms during 2002 to 2012. It demonstrates that product market competition reduces the value added efficiency of intellectual capital though it helps to improve the value added efficiency of physical capital. And different internal governance mechanisms also have different effects on the value added efficiencies of intellectual capital and physical capital. Among them, institutional investors play the most important role on enhancing the value added efficiencies for all resource factors. Finally, the paper puts forward some suggestions about how to construct the intellectual capital oriented corporate governance system based on the empirical evidence.