创业板上市公司智力资本与公司价值关系的实证研究

发布时间：2018-04-06 01:23

本文选题：智力资本　切入点：公司价值　出处：《中南民族大学》2012年硕士论文

【摘要】：曾经风靡全球的“中国制造”近几年来面临发展危机，打破僵局，寻找提升公司竞争优势、增加公司价值的“利器”成为理论界和实践界共同的目标。知识经济时代的来临，智力资本被认为是企业价值创造的新推手，过去的几十年里许多学者对于智力资本的价值进行了探索式的研究，但基于中国背景下关于智力资本与公司价值关系的研究尚不多见。本文主要研究中国创业板上市公司智力资本与公司价值之间的关系，因为创业板市场是资本市场技术创新和商业模式创新的晴雨表，在一定程度上一个国家创业板市场的活跃程度反映了这个国家的经济活力和技术创新水平，提升“中国制造”的新生军在创业板市场，而且在创业板市场上市的公司基本上属于智力资本密集型。本文在阅读理论文献的基础上，，依次对智力资本概念、构成、测量、公司价值评估、智力资本与公司价值的相关研究进行梳理，建立本文的理论模型，并以此提出假设与各项指标的设计。本文主要是探讨不同公司背景下上市公司智力资本、公司价值是否存在差异，智力资本各构成要素人力资本、结构资本、关系资本和创新资本与公司财务价值、非财务价值之间具体关系。围绕于此，通过调查问卷、统计分析进行了假设检验，研究结论总结如下：（1）创业板上市公司在公司规模、成立时间、公司性质和地区分布的背景下，智力资本与公司价值情况并未表现出差异性，在行业分布、公司类型的背景下差异性显著；（2）创业板上市公司智力资本对公司财务价值有显著正向影响，上市公司智力资本对促进公司财务价值的提升有着重要意义，按照与公司财务价值关系强度由大到小排列顺序为创新资本、结构资本、关系资本、人力资本；（3）创业板上市公司智力资本对公司非财务价值有显著正向影响，上市公司智力资本对公司非财务价值作用不可忽视，关系强度由大到小排列顺序为关系资本、人力资本、创新资本、结构资本。
[Abstract]:"made in China", once popular all over the world, is facing development crisis in recent years. Breaking the deadlock, looking for the "sharp weapon" to enhance the competitive advantage and increase the value of the company has become the common goal of the theoretical and practical circles.With the advent of the era of knowledge economy, intellectual capital is regarded as a new driver of enterprise value creation. In the past few decades, many scholars have carried out exploratory research on the value of intellectual capital.However, there are few researches on the relationship between intellectual capital and corporate value under the background of China.This paper mainly studies the relationship between intellectual capital and corporate value of listed companies in gem, because gem is a barometer of technological innovation and business model innovation in capital market.To a certain extent, the activity of a country's gem market reflects the economic vitality and technological innovation level of this country, and promotes the "made in China" new army in the gem market.And in the gem market listed companies are basically intellectual capital-intensive.On the basis of reading the theoretical literature, this paper combs the related research on the concept, constitution, measurement, company value evaluation, intellectual capital and company value of intellectual capital, and establishes the theoretical model of this paper.And then put forward the hypothesis and the design of each index.This paper mainly discusses the intellectual capital of listed companies under different corporate backgrounds, whether there are differences in corporate value, the human capital, structural capital, relational capital, innovation capital and corporate financial value of intellectual capital.Specific relationship between non-financial value.Around this, through the questionnaire, the statistical analysis carries on the hypothesis test, the research conclusion is summarized as follows: 1) under the background of the company size, the time of establishment, the nature of the company and the regional distribution, the gem listed companies are listed in the background of company size, establishment time, company nature and regional distribution.There is no difference between intellectual capital and corporate value. In the background of industry distribution and company type, the difference is significant (2) the intellectual capital of listed companies on gem has a significant positive impact on the financial value of the company.The intellectual capital of listed companies plays an important role in promoting the promotion of the financial value of the company. According to the order of the relationship between the intellectual capital and the financial value of the company, the order is innovation capital, structural capital and relational capital.The intellectual capital of listed companies has a significant positive impact on the non-financial value of the company. The effect of intellectual capital on the non-financial value of the listed company can not be ignored, and the relationship intensity is arranged in the order of the relationship capital from large to small.Human capital, innovation capital, structural capital.
【学位授予单位】：中南民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272;F832.51

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