Intellectual Capitals Leverage on Corporate Value
Nowadays, a companys market value relies not only on its financial value but also on the companys ability to exchange its intellectual capital. Our first hypothesis proves that there is a correlation between intellectual capital and market value in the Chinese capital market. The correlation is significant over the entire examined period. What this strong correlation further implies is that Chinese listed companys perceived value, to a certain extent, in todays knowledge economy, is related to the companys intellectual capital. The second hypothesis has been proven to be correct. There is a correlation between IC Multiplier and intellectual capital. The results prove that companies in information and technology industry do not have enough structural capital to exploit the value of its employees. This is something we consider alarming since knowledge intensity is increasing within the companies and in the whole economy of today. However, the IC Multiplier is not low in other three industries, but the structural capital still constrains the employees. We think the main reasons are that human capital doesnt lever with structural capital effectively that creates the value. Organization capital and rela tion capital of most Chinese listed companies are not suitable for the depositing and converting of the employees knowledge, which constrains employees value creation potential. Being short of the internal atmosphere which helps the knowledge to be communicated, converted and shared among the employees within the company is another reason.
Intellectual Capital Intellectual Capital Multiplier Corporate Value Leverage
Dongwei LI Keyi WANG
School of Management,Dalian University of Technology,China;School of Economics and Management,East C School of Management,Dalian University of Technology,China
国际会议
南京
英文
301-309
2008-06-06（万方平台首次上网日期，不代表论文的发表时间）