智力资本的测度及其对公司盈利能力的影响

通过引入智力资本的积累和折旧因子,对剩余价值模型加以修正,构建了智力资本测量模型,并以高科技上市公司为样本,测算了智力资本积累率、折旧率及其水平。按公司所有权性质和规模的分类标准,采用多元分析方法实证考察了不同所有权性质、不同规模公司中智力资本对盈利能力的影响及其差异。结果发现:公司智力资本投资的确会转化为下一年度的智力资本,中国高科技公司的智力资本水平普遍较低;智力资本对公司盈利能力有正向作用,相对于民营公司、中小公司而言,智力资本对国有公司、大型公司盈利能力的提高有着更为显著的作用。最后提出了完善财务核算制度,加强中小企业、民营企业智力资本投资等建议。

Through introducing intellectual capital accumulation and depreciation factors,this paper modifies the residual income model,constructs a measurement model of intellectual capital,and then,takes Chinese high-tech listed companies as samples to measure accumulation rate,depreciation rate and level of intellectual capital.Furthermore,according to the classification standard of ownership nature and scale,it uses the empirical multivariate analysis method to explore the effects of intellectual capital on profitability and the difference among different ownership and different scale companies.The results show that: the company's intellectual capital investment will indeed be transformed into next year's intellectual capital,and Chinese firms' intellectual capital level is low generally;intellectual capital has a positive effect on corporate profitability,and compared with private companies and SMEs,intellectual capital plays a more important role in improving the profitability of state-owned companies and large companies.Finally,some suggestions are put forward,such as improving the financial accounting system and strengthening the intellectual capital investment of SMEs and private enterprises.