创业企业智力资本对价值创造的影响研究

Research on the Influence of Intellectual Capital on Value Creation of Entrepreneurial Enterprises

摘要: 随着新经济时代的到来，智力资本将日益成为创新型企业可持续发展的关键性资本，逐渐成为创业企业价值提升的动力源泉。本文将创业企业的智力资本划分为人力资本、结构资本、社会资本和创新资本，分析了智力资本各要素对创业企业价值的作用机理，运用改进的VAIC模型衡量创业企业智力资本对企业价值的贡献，创新性地运用主成分分析方法选取创业企业价值创造测度指标。实证结果显示：智力资本各要素对创业企业价值创造有明显影响，人力资本与创业企业价值创造显著正相关，且其促进作用为智力资本各要素中最大的；企业结构资本与企业价值创造显著正相关，能够有效促进企业价值创造能力的提升；社会资本与企业价值创造能力显著负相关，创新资本与创业企业价值创造能力显著正相关。

Abstract: With the advent of the new economic era, intellectual capital will increasingly become the key capital for the sustainable development of innovative enterprises, and gradually become the power source for the value improvement of entrepreneurial enterprises. This article will divide the Intellectual capital of entrepreneurial enterprises into human capital, structural capital, social capital and innovation capital, analyze the elements of intellectual capital on the mechanism of the business enterprise value, using the improved VAIC model to measure business enterprise intel-lectual capital contribution to enterprise value, innovative use of principal component analysis method to select business enterprise value creation measure. The empirical results show that the factors of intellectual capital have significant influence on the value creation of entrepreneurial enterprises. Human capital is positively correlated with the value creation of entrepreneurial en-terprises, and its promoting effect is the largest among the factors of intellectual capital. Enterprise structural capital is significantly positively correlated with enterprise value creation, which can effectively promote the improvement of enterprise value creation ability. Social capital is negatively correlated with enterprise value creation ability, while innovative capital is positively correlated with entrepreneurial enterprise value creation ability.