基于企业生命周期的智力资本对企业价值影响研究

以我国高科技上市公司为样本的分组回归结果表明,高科技企业的智力资本不但显著影响企业价值创造结果,而且显著影响资本市场对企业市场价值的感知与评价;企业生命周期在智力资本与企业价值之间确实具有调节效应,智力资本要素在不同企业生命周期阶段发挥的价值作用不同,处于成熟期的高科技企业智力资本发挥的价值作用最大。在企业成长期,人力资本、创新资本都是高科技企业价值创造的主要要素,显著提升企业价值;在衰退期,只有人力资本是主要提升企业价值的要素。由此,企业管理者应根据企业生命周期具体阶段制定恰当的智力资本投资和管理策略,以在复杂而激烈的竞争环境中保持企业竞争优势。

Relationship between Intellectual Capital and Corporate Value Based on Life Cycle Theory

The results from subgroup regression analysis of the high-tech listed companies show that intellectual capital not only has a significant influence on corporate value creation,but also on the perception and evaluation to companies’ market value by capital market.Enterprise life cycle indeed has significant effects between intellectual capital and corporate value.In different stage of life cycle,intellectual capital plays different roles in value creation and realization.The overall IC plays the most important role in the maturing stage of companies.While in the growth stage,human capital and innovation capital are the main elements of value creation and they both significantly enhance corporate value.In the stagnant stage,human capital becomes the main factor to enhance corporate value.Therefore,basing on specific stage of business life cycle managers should make appropriate strategies to invest and manage Intellectual capital to maintain competitive advantage in the complex and competitive environment.