智力资本与财务资本-谁对企业价值创造更有效.doc
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智力资本与财务资本-谁对企业价值创造更有效,智力资本与财务资本：谁对企业价值创造更有效？——来自于江浙地区企业的实证研究20页 1.4万字摘要：财务资本对于企业价值创造的作用是毋庸置疑的，而在知识经济时代，智力资本对于企业价值创造也发挥越来越重要的作用。智力资本包括人力资本、关系资本和结构资本三要素，本文关注于三个问题的回答：一、在智力资本对企业价值创造日趋重要...
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智力资本与财务资本：谁对企业价值创造更有效？
——来自于江浙地区企业的实证研究 20页 1.4万字
摘要：财务资本对于企业价值创造的作用是毋庸置疑的，而在知识经济时代，智力资本对于企业价值创造也发挥越来越重要的作用。智力资本包括人力资本、关系资本和结构资本三要素，本文关注于三个问题的回答：一、在智力资本对企业价值创造日趋重要的今天，在我国企业实践中，财务资本是否仍发挥重要主导作用？二、人力资本作为智力资本的三要素之一，对企业价值创造是直接发挥作用，还是需要通过其他中介因素？三、哪一种因素，财务资本还是智力资本，对于企业绩效的可持续增长即战略绩效更具有重要意义？研究以江苏、浙江等地的企业为分析样本，在智力资本三分法的基础上，通过结构化方程构建了四个嵌套模型。研究结果表明：（1）财务资本对于企业绩效具有重要意义，相对于人力资本更处于核心地位；（2）人力资本不能直接对企业绩效发挥作用，需要通过关系资本和结构资本作为中介；（3）智力资本对于企业绩效的可持续增长具有重要意义，企业要获得长期战略绩效，需要更关注于智力资本的积累与培育。
关键词：智力资本、财务资本、企业绩效
JEL： M100，M410，L200
Financial Capital and Intellectual Capital: Who is more important for Corporation’s Performance?
Abstract: The paper focuses on three questions: 1. Is financial capital still more important for corporation’s performance? 2. Does human capital have direct or indirect effect on corporation’s performance ? 3. Which is more important for continuable development of corporation, financial capital or intellectual capital? We take 126 corporations as sample and build up four nesting models by SEM based on trichotomies of intellectual capital. The paper finds several results: financial capital is important for performance and is a core of triangle which including financial capital 、human capital and performance. Intellectual capital is more important to corporation’s continuable increase. The corporations should pay attention to cultivation and accumulation of IC for its strategic performance.
Key words: Financial Capital, Intellectual Capital, Corporation’s Performance
JEL Classification：M100，M410，L200
参考文献
1、 Ahmed Riahi-Belkaoui, 2003，“Intellectual Capital and Firm Performance of Multinational Firms”，Journal of Intellectual Capital， (4)：5—6．
2、 Argyris,C.,Schon,D.A.,1978,“Organizational Learning: A theory of action perspective”，USA: Addison-Wesley Publishing Company.
3、 Baron, B. M., Kenny, D. A.，1986，“The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical consideration”, Journal of Personality and Social Psychology,51, 1173-1182.
4、 Bontis,N.,1998,“Intellectual Capital: An Exploratory study that develops measures and models ”，Management Decision,Vol.36,No.2, pp.63-76.
5、 Bontis,N.,1999, “Managing organizational knowledge by diagnosing intellectual capital: Framing and advancing the state of the field”, International Journal of Technology Management, Vol.18,No.5/6/7/8, pp.433-462.
6、 Bontis,N., Keow,W.C.C., and Richardson,S.,2000,“Intellectual capital and business performance in Malaysian industries”, Journal of Intellectual Capital,Vol.1,No.1, pp.85-100.
——来自于江浙地区企业的实证研究 20页 1.4万字
摘要：财务资本对于企业价值创造的作用是毋庸置疑的，而在知识经济时代，智力资本对于企业价值创造也发挥越来越重要的作用。智力资本包括人力资本、关系资本和结构资本三要素，本文关注于三个问题的回答：一、在智力资本对企业价值创造日趋重要的今天，在我国企业实践中，财务资本是否仍发挥重要主导作用？二、人力资本作为智力资本的三要素之一，对企业价值创造是直接发挥作用，还是需要通过其他中介因素？三、哪一种因素，财务资本还是智力资本，对于企业绩效的可持续增长即战略绩效更具有重要意义？研究以江苏、浙江等地的企业为分析样本，在智力资本三分法的基础上，通过结构化方程构建了四个嵌套模型。研究结果表明：（1）财务资本对于企业绩效具有重要意义，相对于人力资本更处于核心地位；（2）人力资本不能直接对企业绩效发挥作用，需要通过关系资本和结构资本作为中介；（3）智力资本对于企业绩效的可持续增长具有重要意义，企业要获得长期战略绩效，需要更关注于智力资本的积累与培育。
关键词：智力资本、财务资本、企业绩效
JEL： M100，M410，L200
Financial Capital and Intellectual Capital: Who is more important for Corporation’s Performance?
Abstract: The paper focuses on three questions: 1. Is financial capital still more important for corporation’s performance? 2. Does human capital have direct or indirect effect on corporation’s performance ? 3. Which is more important for continuable development of corporation, financial capital or intellectual capital? We take 126 corporations as sample and build up four nesting models by SEM based on trichotomies of intellectual capital. The paper finds several results: financial capital is important for performance and is a core of triangle which including financial capital 、human capital and performance. Intellectual capital is more important to corporation’s continuable increase. The corporations should pay attention to cultivation and accumulation of IC for its strategic performance.
Key words: Financial Capital, Intellectual Capital, Corporation’s Performance
JEL Classification：M100，M410，L200
参考文献
1、 Ahmed Riahi-Belkaoui, 2003，“Intellectual Capital and Firm Performance of Multinational Firms”，Journal of Intellectual Capital， (4)：5—6．
2、 Argyris,C.,Schon,D.A.,1978,“Organizational Learning: A theory of action perspective”，USA: Addison-Wesley Publishing Company.
3、 Baron, B. M., Kenny, D. A.，1986，“The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical consideration”, Journal of Personality and Social Psychology,51, 1173-1182.
4、 Bontis,N.,1998,“Intellectual Capital: An Exploratory study that develops measures and models ”，Management Decision,Vol.36,No.2, pp.63-76.
5、 Bontis,N.,1999, “Managing organizational knowledge by diagnosing intellectual capital: Framing and advancing the state of the field”, International Journal of Technology Management, Vol.18,No.5/6/7/8, pp.433-462.
6、 Bontis,N., Keow,W.C.C., and Richardson,S.,2000,“Intellectual capital and business performance in Malaysian industries”, Journal of Intellectual Capital,Vol.1,No.1, pp.85-100.
