我国上市公司智力资本与企业价值跨行业研究

Research on cross-industry of intellectual capital and enterprise value of listed companies in China

以2011—2016年我国信息技术业、房地产业、制造业三大行业上市公司为研究对象,构建面板数据,结合智力资本VAIC模型,探讨了知识密集型行业与非知识密集型行业智力资本及其要素与企业价值的作用关系,并首次对智力资本VAIC模型中的价值增值部分进行分解。研究发现:与预期不同,信息技术业智力资本与企业价值并不存在显著相关性;房地产业、制造业人力资本与企业价值显著相关,信息技术业人力资本与企业价值相关性不显著;信息技术业、制造业结构资本与企业价值显著正相关,但房地产业结构资本却对企业价值创造产生了阻碍作用;房地产业关系资本与企业价值显著相关,信息技术业与制造业关系资本均对企业价值形成存在毁损效应。

The present essay discusses the relationship between the intellectual capital and the value of the enterprise inthe knowledge-intensive industry and the non-knowledge-intensive industry,and constructs the panel data from2011to2016based on intellectual capital VAIC model,with listed companies in information technology,real estate andmanufacturing industry as the sample companies.And for the first time,the value-added part of the intellectual capitalVAIC model is decomposed.Conclusions are made as follows.In the information technology industry,there is noremarkable correlation between the intellectual capital and the enterprise value,which is different from expectation.Inreal estate and manufacturing,human capital and enterprise value are remarkably related,but in information technology,there is no obvious relation between human capital and enterprise value.In information technology and manufacturing,structure capital and enterprises are positively related,but in real estate,structure capital has created a hindrance toenterprise value.And in real estate industry,relation capital and enterprise value are remarkably related,but ininformation technology and manufacturing industry,relation capital has a damaging effect on the formation ofenterprise value.