智力资本与中小企业可持续增长关系的实证研究

An Empirical Study on the Relationship Between Intellectual Capital and the Sustainable Growth of Small and Medium-Sized Enterprises

智力资本会对企业绩效产生影响,进而影响可持续增长。论文基于智力资本四元论,根据面板数据模型和修正后的智力资本增值系数法,选取2010-2017年创业板上市公司的面板数据,探究智力资本(人力资本,结构资本,关系资本,创新资本)对可持续增长的影响,结果发现:智力资本对可持续增长显著促进,但影响小于财务资本;构成智力资本的四元素对可持续增长均显著促进,创新资本影响最大。中小企业应重视智力资本,实现可持续发展。

Intellectual capital will affect the performance of enterprises, and then affect the sustainable growth. Based on the quadruplicitism of intellectual capital, according to the panel data model and the modified value added intellectual capital coefficient method, this paper selects the panel data of listed companies in the gem from 2010-2017 to explore the impact of intellectual capital（human capital, structural capital, relational capital） on sustainable growth. The results show that intellectual capital contributes significantly to sustainable growth, but its impact is smaller than that of financial capital. The four elements that make up the intellectual capital are all contribute significantly to the sustainable growth, and the innovation capital has the greatest impact. Small and medium-sized enterprises should attach importance to intellectual capital and realize sustainable development.