高新技术企业智力资本价值创造效率的影响因素分析——基于研发投入、行业竞争与内部现金流的角度  

Analysis of Influence Factors on Value Creation Efficiency of Intellectual Capital in High-Tech Enterprise

作　　者：李连燕[1] 张东廷[2] Li Lianyan Zhang Dongting(School of Accountancy, Central University of Finance and Economics School of Accountancy, Shandong Management University)

机构地区：[1]中央财经大学会计学院 [2]山东管理学院会计学院

出　　处：《数量经济技术经济研究》2017年第5期55-71,共17页Journal of Quantitative & Technological Economics

基　　金：山东省社会科学规划会计研究专项重点项目"智力资本驱动企业价值创造有效性研究:以高新技术企业为例"(15BKJJ02)的资助

摘　　要：研究目标:探索智力资本价值创造效率的提升受到哪些要素的影响。研究方法:以我国沪深A股上市高新技术行业企业2015年的数据进行多元回归分析。研究发现:在高新技术企业中,研发投入强度对人力资本、智力资本价值创造效率提升有着积极促进作用,影响存在滞后性,滞后期分别为2~3年和2年。行业竞争程度不同,其对人力资本、智力资本价值创造效率的影响存在差异性,行业竞争程度越高,其对人力资本、智力资本价值创造效率的影响越大。此外,充裕的内部现金流对人力资本、智力资本价值创造效率提升有着积极的促进作用。研究创新:将研发投入、行业竞争、内部现金流作为智力资本价值创造效率的影响因素进行分析。研究价值:有益于高新技术企业的战略性管理方向的选择。Research Objectives： This article explores factors affecting the value creation efficiency of intellectual capital. Research Methods： This paper makes a multiple linear regression analysis based on the data of Shanghai and Shenzhen A shares listed enterprises of high-tech industries in 2015. Research Findings. The results show that R＆D intensity has a positive effect on the value creation efficiency of human capital and Intellectual capital, and the impact has hysteresis nature, the lag period is 2 to 3 years, and with different degree of competition between industries, there are different impacts. The higher degree of industry competition is, the greater impact causes. In addition, the adequacy of internal cash flow also exerts a positive influence on the human capital and intellectual capital. Research Innovations： The paper takes R＆D, industrial competition, internal cash flow as factors which would affect the value creation efficiency of intellectual capital. Research Value： It is beneficial for the choice of direction of the strategic management in high-tech enterprises.

关 键 词：R&D 行业竞争 内部现金流 智力资本 价值创造 

分 类 号：F275.5[经济管理—企业管理]