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

摘要：

　　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 has a significant influence on the perception and evaluation to companies market value by capital market.Companys life cycle indeed has significant effects on the relations 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 companies life cycle mangers should make appropriate strategies to invest and manage Intellectual capital to maintain competitive advantage in the complex and competitive environment.

关键词： Intellectual capital Life cycle Corporate value

作者: Jianliang Li Dongwei Li

作者单位: School of Economic and Management, East China Jiaotong University, China

会议类型: 国际会议

会议名称: The Twelfth Wuhan International Conference on E-Business(第十二届武汉电子商务国际会议)

会议地点: 武汉

会议语种:英文

页码: 350-359

在线出版日期: 2013-05-25（万方平台首次上网日期，不代表论文的发表时间）