企业智力资本内容及计量模式研究

<正>关于智力资本对企业绩效的影响研究,采用的方法与模型数不胜数,而其中最典型的就是VAIC,而许多研究成果借鉴的VAIC模型不一致,且模型的含义也有所偏差。本文剖析智力资本形成过程,引用企业价值理论,提出独创性的智力资本增值系数法,为后续智力资本计量模式的研究提供参考。     

企业智力资本报告研究

知识经济使企业的资源结构发生了改变,智力资本成为企业创造价值的关键因素.首先对智力资本信息的提供方式(资本化法和扩展的报告法)和报告方式(渐进法、改革法和混合法)进行了分析;然后在智力资本的动态四分法模型的基础上构建了智力资本报告的模型框架,包括反映企业智力资本现状的智力资本状况表,动态体现智力资本流量情况的智力资本流量表,提供智力资本预测性信息和企业未来发展状况的智力资本预测表,对上述模块所包含的信息进行必要的补充和解释的智力资本备忘录;最后设计了联系智力资本报告和财务报告的智力会计记分卡.     

创业板上市公司智力资本的价值相关性——基于结构方程模型的实证分析

利用我国创业板上市公司2010-2012年的相关财务数据,对其智力资本的价值相关性及其价值创造路径进行了实证分析。结果表明,财务资本与智力资本(包括人力资本与结构资本)均对企业价值创造有积极的促进作用,其影响路径为财务资本通过结构资本和人力资本共同创造企业价值。引入智力资本要素后的模型,更真实地反映了企业价值创造路径,且智力资本对企业的长期价值有更重要的影响。     

基于智力资本的创业投资企业的价值分析

基于智力资本在知识型企业中的重要作用,本文将其引入创业投资企业的价值分析中,利用柯布-道格拉斯函数构建分离智力资本价值的模型,再结合创业投资企业的账面价值根据公式市场价值=账面价值 智力资本价值,计算出企业的市场价值,通过算例证实了该模型的可行性,并得出结论投资者在选择创业投资企业的时候不能仅看创业企业项目,还要注意企业本身的智力资本的价值,这是决定创业投资企业价值的关键环节.     

企业价值导向的智力资本投资优化研究

本文运用回归分析法、改进的智力增值系数法(VAIC)分析了智力资本评估指标对企业投资效益(即为价值增值)的影响,以此为基础建立了智力资本投资的线性优化模型。该模型的意义在于,以不影响智力资本投资效率为前提,有重点、有目的的改善某些智力资本评估指标,达到逐步提升企业智力资本的目的,为企业的智力资本投资提供战略依据。     

基于智力资本的财务管理创新

智力资本的使用者和所有者不是个人而是企业，所以，衡量智力资本贡献大小的判断依据不是个人收益的多少，而是企业价值增长的多少。 智力资本的主要特征体现在它是人力资本与组织资本的混合体，智力资本只有与组织资本相结合才能实现智力资本的价值。企业价值和竞争力的提高不是依靠单个的人力资本、结构资本或是物质资本，而是需要各种资本的相互配合，[第一段]     

基于企业生命周期的智力资本对企业价值影响研究

以我国高科技上市公司为样本的分组回归结果表明,高科技企业的智力资本不但显著影响企业价值创造结果,而且显著影响资本市场对企业市场价值的感知与评价;企业生命周期在智力资本与企业价值之间确实具有调节效应,智力资本要素在不同企业生命周期阶段发挥的价值作用不同,处于成熟期的高科技企业智力资本发挥的价值作用最大。在企业成长期,人力资本、创新资本都是高科技企业价值创造的主要要素,显著提升企业价值;在衰退期,只有人力资本是主要提升企业价值的要素。由此,企业管理者应根据企业生命周期具体阶段制定恰当的智力资本投资和管理策略,以在复杂而激烈的竞争环境中保持企业竞争优势。     

智力资本测度若干基本问题研究——利用视角交叉思想确定测度对象框架

智力资本测度是知识管理研究领域的一个重要分支。目前该领域的一些基本问题(如概念术语、智力资本测度与社会研究的层次、测度模型设计的基本出发点等)尚存在较大争议；另外研究对象不明确．解决方案覆盖面过大，阻碍研究进展。本文深入探讨了这些有争议的问题，提出“视角交叉”思想．设计了智力资本测度对象确定的基本框架，通过智力资本测度两个基本视角（组织性质和测度行为目的)的分析，提出了目前而言对促进智力资本测度研究的一个较为现实的研究方向。     

基于二分法的企业智力资本评估研究

本文从智力资本的二分法结构入手,通过分析市账法、EVA法、余值法等现有智力资本评估模型的思路和不足的基础上,建立了基于二分法的企业智力资本评估模型,并以我国高新技术企业为例进行了实证分析。     

引入智力资本对企业财务的影响

智力资本作为衡量企业资源的新慨念，全面反映了企业价值增值能力。引入智力资本必然会对企业的财务活动产生深远影响。本文在分析智力资本概念和对财务理论影响的基础上，全面分析智力资本对企业财务核算，财务分析和信息披露的影响。     

风险资本与智力资本协同条件分析与效应检验

运用协同学的原理与方法对风险资本和智力资本的协同条件及变化进行了定性分析,并对二者的协同效应进行了基于风险投资持股比例的门槛效应检验。结果显示:(1)协同效应下智力资本对企业绩效显著地存在“单门槛效应”,风险投资持股比例可以作为判断风险资本与智力资本发生协同作用的条件;(2)当风险投资持股比例高于门槛值时,智力资本会加速提升企业的资产利用效率和市场价值,但这一现象在企业人力资本增值效率方面的表现并不理想。研究结论表明智力资本的增值作用仍有提升空间,但协同效应的发挥需要满足一定的条件,客观上要求创业企业要有针对性的引进风险投资,以便改革、增强并利用智力资本。     

Residual income valuation and management remuneration under uncertainty: a note

The so-called Residual Income Valuation theorem states that the value of a project or a firm can be determined either on the basis of cash flows between the firm and its owners or by using residual incomes, provided that cash flows and residual incomes are derived from a set of accounting data that fulfills certain regularity conditions. Residual income is defined as accounting earnings reduced by a capital charge on book equity capital. In this paper it is shown that this theorem also applies when residual incomes and in particular the discount factors are uncertain. Risk-aversion of principals and agents is taken into account on the basis of properly defined risk-adjusted discount rates. This approach is preferred as it facilitates practical application. Implications are drawn with regards to valuation but also to the design of management remuneration systems. It is shown that the capital charge rate used to determine the performance-related compensation component should be reduced below the risk-adjusted rate, if the fixed component falls below a certain threshold. Absent agency cost or other externalities, the reduction of the capital charge rate is required to avoid underinvestment.     

Investigating investment decisions in equity crowdfunding: The role of projects' intellectual capital

The study aims to investigate the signalling role played by the intellectual capital of entrepreneurial projects towards crowdfunders. The study argues that information on; the intellectual capital of entrepreneurial projects posted on equity crowdfunding platforms can be perceived by external small investors or crowdfunders as signals of the venture's quality and can induce them to invest. By leveraging on the role of signalling theory in the mitigation of information asymmetries, the study argues that the intellectual capital of projects looking for equity crowdfunding is a powerful signal that positively affects the investment decisions of crowdfunders. Three components of entrepreneurial projects' intellectual capital – human, structural, and relational capital – are considered as factors affecting the success of equity crowdfunding campaigns, measured in terms of funding collected and the number of investors. The findings reveal that relational capital positively affects the investment decisions of equity crowdfunders and thus explains the success of equity crowdfunding campaigns. Factors related to human capital and structural capital have a positive impact on investment decisions, but only to a limited extent. This study provides valid implications for entrepreneurs, platform managers, and policy-makers/authorities.     

A Social Capital Perspective of Innovation from Individuals to Nations: Where is Empirical Literature Directing Us?

Social capital is regarded as the bedrock of innovation. However, inadequate efforts have been made to synthesize the way in which different components of social capital dynamically influence innovation. This paper reviews existing empirical studies on the relationship between social capital and innovation of the individual, team, organization, city and nation. Analyses were carried out to identify consensus, discordances and gaps in the social capital–innovation connection. The findings suggested that the structural components of social capital, including ego network size, structural holes, tie strength and centrality have a significant impact on innovation. Their impact, however, tends to be moderated by contextual and intellectual factors, such as the nature and type of innovation, internal vs external ties, costs of maintaining the ties and existing intellectual capital. The relational components of social capital, trust and cognitive norms, demonstrated a consistently positive relationship with innovation across contexts. The cognitive components of social capital have not sufficiently established their contribution to innovation apart from the other two dimensions. Several insights regarding the general literature on social capital and innovation were identified, including the conceptualization of social capital, measurement of innovation, and the causal relationship between social capital and innovation. Suggestions are offered for future research agenda. Implications for managerial practices based on the study findings are also drawn.     

Setting objectives in terms of added value

The concept of added value is not new but this paper examines some new aspects of the implications of added value for corporate policy making. Whilst the concept has been recognised as a sound basis for the measurement of performance what implications has it for the wider corporate objectives which are often an accepted part of company policy? The author examines the many different ‘stakeholder’ interests from the point of view of added value and examines some of the implications and limitations of the added value concept to the nonmarketed services such as education and health.The author concludes by examining the implications of use of the added value concept for capital appraisal and investment analysis. In this context the author proposes a broadening of the views taken of capital investment analysis and postulates a number of interesting future avenues for study.     

智力资本对顾客参与的驱动影响：转化式学习视角

当前,智力资本影响顾客参与的复杂化发展趋势越来越明显。借鉴资源基础理论、企业吸收能力理论和开放式创新理论的代表性观点,探索智力资本对顾客参与的直接影响和转化式学习视角的间接影响机制是顺应企业实践发展趋势和弥补已有研究缺憾的必然。 在解构智力资本和顾客参与维度的基础上,引入转化式学习的概念,构建智力资本直接影响顾客参与及其通过转化式学习间接影响顾客参与机制的框架模型并提出具体假设,以江苏省创新型企业的独立新产品开发项目为取样单元,收集到255份有效问卷,运用Lisrel 8.70软件中的结构方程模型方法进行假设验证。 研究结果表明,作为智力资本的3个维度,人力资本、结构资本、关系资本对顾客参与的参与制度和参与程度具有直接而积极的影响;转化式学习在人力资本、结构资本和关系资本影响参与制度和参与程度的关系中起到一定程度的中介效应。 研究结果从学术层面厘清了智力资本、顾客参与的关键维度构成以及两者之间的复杂影响关系,为企业重新认识智力资本和顾客参与的丰富实践内涵提供理论依据,使企业从人力资本、结构资本和关系资本组成视角积累有益于直接驱动顾客参与的智力资本成为可能,向企业提供了通过构建转化式学习机制以充分发挥智力资本对顾客参与的间接驱动效应的可操作工具。     

Clarifying the Effect of Intellectual Capital on Performance: The Mediating Role of Dynamic Capability

Recent studies suggest a potential relationship between intellectual capital and dynamic capability in achieving performance. This is unsettling for managers because these studies contain little effort to develop a framework for understanding the relationship. To examine this unnerving potential, we develop and test a theoretical model that explains how dynamic capability mediates the impact of intellectual capital on performance. In this study, the scope of intellectual capital includes human capital, relational capital and structural capital. This study examines the pooled data of 242 high‐technology firms from 2001 to 2008. Results from Bayesian regression analysis suggest that the effect of structural capital on performance is completely mediated by dynamic capability. Furthermore, the findings show that dynamic capability does not completely mediate the respective effects of human capital and relational capital on performance, but does so only partially. These results provide convincing support for the importance of dynamic capability through accumulating R&D and marketing capability over time, thereby enhancing firm performance. The empirical findings and the ensuing discussion will be of interest to managers and practitioners.     

Investment and planning in R & D

When planning investment in R & D the required resources must be available—including intellectual resources. Ideally all the issues should be clear: and the R & D programme itself should be the most direct route to the objective, avoiding costly lavishness that may divert attention and effort. Innovation involves using intellectual capital and resources to their best advantage, for commercially worthwhile technical progress in industry. Planning is one of the ‘tools’ and both R & D and investment are ‘materials’ of progress. In this paper, the author examines the many implications behind this statement.     

Social information within the intellectual capital report

The objective of our work is to propose the integration of two complementary statements on financial information: the social report and the intellectual capital report. Both are statements of great importance in the current business context. The motive behind our proposal is that, in reviewing the current situation, we observed an overlap in the contents and goals of the two reports. For instance, information of a social nature is dealt with in the different blocks of analysis of intangibles in the intellectual capital report. Furthermore, these disclosures share the direct or indirect goal of improving the company's corporate image, which also reflects the links between the two types of reports. Hence, given the observed similarities and the greater flexibility and scope of the intellectual capital report, we propose incorporating the social report into the intellectual capital report. The benefits of this will be twofold: a reduction in the direct costs of preparing the report, and a simplification of the non-financial information for the different stakeholders.