Research on the Impact of Intellectual Capital on Corporate Value—Based on the Panel Data of Companies Listed on GEM

Abstract

Along with the human society entered the era of knowledge economy, intellectual capital has become a new growth point of enterprise value. How does the factor of intellectual capital influence the enterprise value? This paper reviews the relevant literatures and analyzes the relationship between intellectual capital and the enterprise value through both theoretical method and empirical method. In the theoretical analysis, we explore the impact of intellectual capital on enterprise value by mechanism and behavior. Then we selected the data of GEM listed companies from 2010 to 2015 for empirical analysis. Through descriptive statistical analysis and multiple regression analysis, we find there is some correlation between the intellectual capital and enterprise value. The empirical results show that material capital, human capital and structural capital are all positively correlated with the enterprise value.