智力资本与企业价值关系研究
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摘要
进入知识经济时代,人们普遍认识到,知识已成为企业最重要的生产要素。企业尤其是高科技企业的发展与价值提升在很大程度上依赖知识等无形资源,同物质资源相比,体现企业知识等无形资源的智力资本在企业价值创造中的贡献日益突出,被认为是二十一世纪企业价值的源泉与核心,是提升企业核心竞争力的关键。因此,如何充分发挥智力资本价值创造源泉作用,帮助企业在激烈的竞争环境保持竞争优势,提升企业价值与绩效就成为当前急需研究的重要课题。本文以中国新兴资本市场为背景,以高科技企业及传统制造业上市公司为研究样本,在对现有相关研究细致而深入评述的基础上,为了保证研究更加准确深入、更具有创新性,全文围绕智力资本核心概念、智力资本如何适应企业内外部复杂多变的环境提升企业价值等问题,开展了如下三方面研究工作。
首先,在回顾和整理已有研究的基础上,明确智力资本内涵,对智力资本构成要素进行重分类。根据智力资本的不同内涵将智力资本研究划分为会计学、战略管理、知识管理、价值链等四个研究流派。在汲取各流派学者关于智力资本定义学术养分基础上,进一步分析智力资本“知识”、“价值创造”的实质与功能,从知识与价值运动角度对本文中智力资本进行了界定。本文在总结与评价已有智力资本要素模型的基础上,紧扣智力资本的知识价值创造过程特征,以体现知识价值创造过程、转化、传递、创新的知识价值链为分析对象,通过对关键知识价值链的链条及其实体表现的深入分析,结合智力资本无形、非物质性特点,运用实体关系理论将智力资本分为人力资本、创新资本、流程资本和客户资本四要素。并用实证方法验证了智力资本四要素模型的恰当性,为研究的继续打下了良好的基础。
第二,深入分析基于知识价值创造的智力资本要素内在价值创造机理,揭示了智力资本价值创造过程与途径。为了探索智力资本要素的价值创造机理,本文在基于知识价值链重分类智力资本要素的基础上,深入分析知识价值链理论中的知识价值创造过程,既分析了知识创造、累积、共享及应用等知识运动创造价值的过程,同时分析了与此相对应的表现在价值链上的知识价值产生、价值提升与价值实现过程。根据上述分析,我们探索性的提出了对应于知识价值创造的人力资本的知识价值创造源泉、流程资本与创新资本的知识价值创造提升、客户资本的知识价值实现的智力资本要素价值创造流程,揭示了智力资本内在价值创造机理与途径以及智力资本要素与企业价值的内在关系。
第三,全面考虑企业内外部情境要素对智力资本与企业价值关系的影响,构建并验证了情境要素对智力资本与企业价值关系影响的动态调节效用模型。我们以基础资源观、知识基础观为理论依据,在理论分析及现有实证研究结论的基础上,提出了人力资本、创新资本、流程资本、客户资本是企业关键价值驱动要素；权变理论、动态能力理论认为智力资本的价值创造与价值实现受到企业内外部情境要素的影响,学习理论分析智力资本投资对企业价值的影响有一定的时间间隔。基于上述考虑,我们进一步构建包含环境、行业特性、企业规模、企业生命周期、冗余资源等内外部情境要素对智力资本与企业价值关系影响的动态调节效应模型,并提出了具体研究假设。
本文以我国高科技企业上市公司为样本,采用多渠道的二手数据,对研究假设和模型进行了实证分析。得出主要结论如下：(1)智力资本确实是企业内在价值的关键驱动要素,显著提升企业未来的盈利能力；创新资本显著提升企业隐藏价值,但流程资本显著侵蚀企业隐藏价值。(2)环境要素不但显著影响企业价值,而且显著调节智力资本与企业价值关系。环境适宜性反向调节人力资本和正向调节创新、流程资本与企业价值关系；环境动荡性反向调节流程资本与企业价值之间的关系。(3)高科技行业的企业价值创造与实现更加依赖智力资本；传统制造业除重视创新资本外,仍然依靠有形资本创造价值；企业规模对智力资本与企业价值关系有显著影响。(4)在不同企业生命周期,智力资本发挥不同的作用。在企业成熟期,智力资本总体发挥的作用最大。人力资本在成长期、客户资本在成熟期对企业价值的影响最大,创新资本在生命周期各个阶段正向影响企业隐藏价值。(5)冗余资源不但显著提升企业价值,而且显著提升智力资本对企业价值的作用。因此,企业应重视对冗余资源的应用与管理。本文研究结果为智力资本是企业内在价值的关键驱动要素提供了理论与实证支持,并为在不同的情境中企业应采取不同的智力资本投资、管理策略以提升企业价值、保持竞争优势提供了理论与实证支持。
In the era of knowledge-based economy, it is widely recognized that knowledge has become the most important factor for a company's development. The rapid development and value enhancement of enterprises, especially the high-tech enterprises, largely depend on such as knowledge, innovation and other intangible resources. Comparing with the physical resources, intellectual capital(IC) reflecting the knowledge, innovation and other intangible resources in the enterprises, plays an increasingly important role in value creation. In the 21st century, intellectual capital is considered to be the source and core of enterprise value and the key to enhance the core competitiveness. Therefore, how to give full play to the value creation role of IC and how to help corporates maintain competitive advantage and enhance their corporate value and performance have become an urgent issue worthy to do further research. In the context of China's emerging capital market, using the high-tech companies and traditional manufacturing companies as sample. In order to make the research more precise, comprehensive and innovative, following the core concept of intellectual capita and the relationship between intellectual capital and corporate value within the complex context, three parts of research work are conducted.
First of all, based on the review of the existing researches, a clear intellectual capital concept and re-classification of its elements are given. According to the former definition, the IC research can be divided into four schools:accounting, strategic management, knowledge management and value chain. Drawing on the various genres of academic scholars on IC definition and further analyzing the essence and function of "knowledge" and "value creation". From the perspective of knowledge and value movement, intellectual capital is defined as "corporate knowledge and knowledge creation which can be transformed into corporate economic value and social value, including the whole process of knowledge value creation, value enhancement and value achievement". Although intellectual capital is intangible and immaterial, from the definition aspect, its elements are always attached to a certain entity. So we choose entity-relationship theory to re-classify the IC elements. By summing up and evaluating the existed models and according to the characteristics of knowledge creation process, this dissertation put knowledge value chain as the study foundation, which can better reflect the knowledge value creation process, conversion, transfer and innovation. Through analyzing the critical knowledge value chain and the physical performance, intellectual capital will be re-classified to four elements:human capital, innovation capital, process capital and customer capital.
Second, basing on the knowledge value creation, this paper builds an intrinsic value creation model of IC elements to reveal the process and paths of IC value creation. Dynamic capabilities theory holds that the value creation of IC is a process, in which different IC elements play different role. In order to create value IC elements should interact and combine with each other. In order to explore the value creation mechanism of IC elements, this dissertation deeply analyzes the process of knowledge value creation based on the knowledge value chain theory. Knowledge value chain theory believes that knowledge is the wealth of an organization. It can be accumulated with the growth of organization and then creates value in continuous movement. Knowledge creates value, which presents on the one hand knowledge accumulation, on the other hand the knowledge creation, sharing and application. Correspondingly, in the value chain, it presents the creation, enhancement and implementation of knowledge value. According to the above analysis, we propose that in the value creation process:human capital is the source of value creation, process and innovation capital can enhance can leverage the capability of knowledge value creation, and customer capital can help to achieve knowledge value creation, which reveals the IC intrinsic value creation mechanism.
Third, we build and verify a dynamic moderating effects model, which can reflect the contextual factors impact on the relationship between IC and corporate value. Basing on the RBV and knowledge based view and the existing theoretical and empirical findings, we propose that human capital, innovation capital, process capital and customer capital are the key value drivers of business. Contingency theory and dynamic capabilities theory suggest that the internal and external situational factors have an impact on the value creation and achievement. Learning theory deems that the influence of the IC investment to enterprises' value have a certain time interval (time lagged). Based on the above considerations, we have built a dynamic moderating effects model which reflects the impact of the internal and external situational factors, which consisted of environment, industry characteristics, organization size, corporate life cycle, and slack resources, on the relationships between IC and corporate value. We built the research hypotheses and moderating theoretical model.
In this paper, we choose Chinese high-tech listed companies as samples, use the multi-channel secondary data, and analyze the assumptions and model in an empirical way. The main conclusions drawn are as follows:(1) IC is indeed a key driver of the intrinsic value and it can significantly enhance companies'future profitability. Innovation capital significantly improves the hidden value of enterprises. However, the process capital significantly eroded the hidden value. (2) Environment factors not only significantly affect the corporate value, but also moderate the relationship between IC and corporate value. Environment munificence moderates negatively the relationship between human capital and corporate value, but moderates positively the relationship innovation capital and process capital and corporate value. Environment dynamism moderates negatively the relationship between process capital and corporate value. (3) High-tech industry more depends on intellectual capital to create and achieve value creation comparing with traditional manufacturing industry. Although the traditional manufacturing industries pay attention on the innovation capital, they still largely rely on the physical capital to create value. The firm's size has a significant influence on the relation between IC and corporate value. (4) In the different enterprises life cycle, IC plays a different role. In the maturity period, the impact of IC on corporate value in general is the largest. Human capital in the growth stage and customer capital in the mature stage have the largest impact on corporate value. Innovation capital always has a positive effect on the hidden value of a company in its whole life cycle. (5) Slack resources will not only enhance corporate value, but also significantly improve the IC impact to enterprise value. So enterprises should pay more attention to its management and application. From theoretical and empirical results, the results support the view that intellectual capital is the key driver of the intrinsic value in a company. And they also support that in different contexts enterprises should adopt different IC investment, management strategies to enhance enterprises value and maintain their competitive advantage.
首先,在回顾和整理已有研究的基础上,明确智力资本内涵,对智力资本构成要素进行重分类。根据智力资本的不同内涵将智力资本研究划分为会计学、战略管理、知识管理、价值链等四个研究流派。在汲取各流派学者关于智力资本定义学术养分基础上,进一步分析智力资本“知识”、“价值创造”的实质与功能,从知识与价值运动角度对本文中智力资本进行了界定。本文在总结与评价已有智力资本要素模型的基础上,紧扣智力资本的知识价值创造过程特征,以体现知识价值创造过程、转化、传递、创新的知识价值链为分析对象,通过对关键知识价值链的链条及其实体表现的深入分析,结合智力资本无形、非物质性特点,运用实体关系理论将智力资本分为人力资本、创新资本、流程资本和客户资本四要素。并用实证方法验证了智力资本四要素模型的恰当性,为研究的继续打下了良好的基础。
第二,深入分析基于知识价值创造的智力资本要素内在价值创造机理,揭示了智力资本价值创造过程与途径。为了探索智力资本要素的价值创造机理,本文在基于知识价值链重分类智力资本要素的基础上,深入分析知识价值链理论中的知识价值创造过程,既分析了知识创造、累积、共享及应用等知识运动创造价值的过程,同时分析了与此相对应的表现在价值链上的知识价值产生、价值提升与价值实现过程。根据上述分析,我们探索性的提出了对应于知识价值创造的人力资本的知识价值创造源泉、流程资本与创新资本的知识价值创造提升、客户资本的知识价值实现的智力资本要素价值创造流程,揭示了智力资本内在价值创造机理与途径以及智力资本要素与企业价值的内在关系。
第三,全面考虑企业内外部情境要素对智力资本与企业价值关系的影响,构建并验证了情境要素对智力资本与企业价值关系影响的动态调节效用模型。我们以基础资源观、知识基础观为理论依据,在理论分析及现有实证研究结论的基础上,提出了人力资本、创新资本、流程资本、客户资本是企业关键价值驱动要素；权变理论、动态能力理论认为智力资本的价值创造与价值实现受到企业内外部情境要素的影响,学习理论分析智力资本投资对企业价值的影响有一定的时间间隔。基于上述考虑,我们进一步构建包含环境、行业特性、企业规模、企业生命周期、冗余资源等内外部情境要素对智力资本与企业价值关系影响的动态调节效应模型,并提出了具体研究假设。
本文以我国高科技企业上市公司为样本,采用多渠道的二手数据,对研究假设和模型进行了实证分析。得出主要结论如下：(1)智力资本确实是企业内在价值的关键驱动要素,显著提升企业未来的盈利能力；创新资本显著提升企业隐藏价值,但流程资本显著侵蚀企业隐藏价值。(2)环境要素不但显著影响企业价值,而且显著调节智力资本与企业价值关系。环境适宜性反向调节人力资本和正向调节创新、流程资本与企业价值关系；环境动荡性反向调节流程资本与企业价值之间的关系。(3)高科技行业的企业价值创造与实现更加依赖智力资本；传统制造业除重视创新资本外,仍然依靠有形资本创造价值；企业规模对智力资本与企业价值关系有显著影响。(4)在不同企业生命周期,智力资本发挥不同的作用。在企业成熟期,智力资本总体发挥的作用最大。人力资本在成长期、客户资本在成熟期对企业价值的影响最大,创新资本在生命周期各个阶段正向影响企业隐藏价值。(5)冗余资源不但显著提升企业价值,而且显著提升智力资本对企业价值的作用。因此,企业应重视对冗余资源的应用与管理。本文研究结果为智力资本是企业内在价值的关键驱动要素提供了理论与实证支持,并为在不同的情境中企业应采取不同的智力资本投资、管理策略以提升企业价值、保持竞争优势提供了理论与实证支持。
In the era of knowledge-based economy, it is widely recognized that knowledge has become the most important factor for a company's development. The rapid development and value enhancement of enterprises, especially the high-tech enterprises, largely depend on such as knowledge, innovation and other intangible resources. Comparing with the physical resources, intellectual capital(IC) reflecting the knowledge, innovation and other intangible resources in the enterprises, plays an increasingly important role in value creation. In the 21st century, intellectual capital is considered to be the source and core of enterprise value and the key to enhance the core competitiveness. Therefore, how to give full play to the value creation role of IC and how to help corporates maintain competitive advantage and enhance their corporate value and performance have become an urgent issue worthy to do further research. In the context of China's emerging capital market, using the high-tech companies and traditional manufacturing companies as sample. In order to make the research more precise, comprehensive and innovative, following the core concept of intellectual capita and the relationship between intellectual capital and corporate value within the complex context, three parts of research work are conducted.
First of all, based on the review of the existing researches, a clear intellectual capital concept and re-classification of its elements are given. According to the former definition, the IC research can be divided into four schools:accounting, strategic management, knowledge management and value chain. Drawing on the various genres of academic scholars on IC definition and further analyzing the essence and function of "knowledge" and "value creation". From the perspective of knowledge and value movement, intellectual capital is defined as "corporate knowledge and knowledge creation which can be transformed into corporate economic value and social value, including the whole process of knowledge value creation, value enhancement and value achievement". Although intellectual capital is intangible and immaterial, from the definition aspect, its elements are always attached to a certain entity. So we choose entity-relationship theory to re-classify the IC elements. By summing up and evaluating the existed models and according to the characteristics of knowledge creation process, this dissertation put knowledge value chain as the study foundation, which can better reflect the knowledge value creation process, conversion, transfer and innovation. Through analyzing the critical knowledge value chain and the physical performance, intellectual capital will be re-classified to four elements:human capital, innovation capital, process capital and customer capital.
Second, basing on the knowledge value creation, this paper builds an intrinsic value creation model of IC elements to reveal the process and paths of IC value creation. Dynamic capabilities theory holds that the value creation of IC is a process, in which different IC elements play different role. In order to create value IC elements should interact and combine with each other. In order to explore the value creation mechanism of IC elements, this dissertation deeply analyzes the process of knowledge value creation based on the knowledge value chain theory. Knowledge value chain theory believes that knowledge is the wealth of an organization. It can be accumulated with the growth of organization and then creates value in continuous movement. Knowledge creates value, which presents on the one hand knowledge accumulation, on the other hand the knowledge creation, sharing and application. Correspondingly, in the value chain, it presents the creation, enhancement and implementation of knowledge value. According to the above analysis, we propose that in the value creation process:human capital is the source of value creation, process and innovation capital can enhance can leverage the capability of knowledge value creation, and customer capital can help to achieve knowledge value creation, which reveals the IC intrinsic value creation mechanism.
Third, we build and verify a dynamic moderating effects model, which can reflect the contextual factors impact on the relationship between IC and corporate value. Basing on the RBV and knowledge based view and the existing theoretical and empirical findings, we propose that human capital, innovation capital, process capital and customer capital are the key value drivers of business. Contingency theory and dynamic capabilities theory suggest that the internal and external situational factors have an impact on the value creation and achievement. Learning theory deems that the influence of the IC investment to enterprises' value have a certain time interval (time lagged). Based on the above considerations, we have built a dynamic moderating effects model which reflects the impact of the internal and external situational factors, which consisted of environment, industry characteristics, organization size, corporate life cycle, and slack resources, on the relationships between IC and corporate value. We built the research hypotheses and moderating theoretical model.
In this paper, we choose Chinese high-tech listed companies as samples, use the multi-channel secondary data, and analyze the assumptions and model in an empirical way. The main conclusions drawn are as follows:(1) IC is indeed a key driver of the intrinsic value and it can significantly enhance companies'future profitability. Innovation capital significantly improves the hidden value of enterprises. However, the process capital significantly eroded the hidden value. (2) Environment factors not only significantly affect the corporate value, but also moderate the relationship between IC and corporate value. Environment munificence moderates negatively the relationship between human capital and corporate value, but moderates positively the relationship innovation capital and process capital and corporate value. Environment dynamism moderates negatively the relationship between process capital and corporate value. (3) High-tech industry more depends on intellectual capital to create and achieve value creation comparing with traditional manufacturing industry. Although the traditional manufacturing industries pay attention on the innovation capital, they still largely rely on the physical capital to create value. The firm's size has a significant influence on the relation between IC and corporate value. (4) In the different enterprises life cycle, IC plays a different role. In the maturity period, the impact of IC on corporate value in general is the largest. Human capital in the growth stage and customer capital in the mature stage have the largest impact on corporate value. Innovation capital always has a positive effect on the hidden value of a company in its whole life cycle. (5) Slack resources will not only enhance corporate value, but also significantly improve the IC impact to enterprise value. So enterprises should pay more attention to its management and application. From theoretical and empirical results, the results support the view that intellectual capital is the key driver of the intrinsic value in a company. And they also support that in different contexts enterprises should adopt different IC investment, management strategies to enhance enterprises value and maintain their competitive advantage.
引文
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