企业智力资本有助于提升企业绩效吗?——基于企业社会责任的调节作用  

Does Corporate Intellectual Capital Enhance Corporate Performance?--Based on the Moderating Role of Corporate Social Responsibility

作　　者：李井林 蔡燕 LI Jing-Lin;CAI Yan

机构地区：[1]湖北经济学院会计学院/湖北会计发展研究中心 [2]湖北经济学院会计学院

出　　处：《财务研究》2020年第5期66-79,共14页Finance Research

基　　金：国家社会科学基金青年项目(17CGL013)。

摘　　要：本文以2007〜2017年中国沪深交易所A股主板上市公司为研究样本,研究发现:(1)企业智力资本及其构成要素(人力资本、结构资本和关系资本)能显著提升企业绩效;(2)社会责任在企业智力资本及其构成要素与企业绩效之间关系中存在显著的正向调节效应;(3)与衰退期相比,企业智力资本及其构成要素对企业绩效的促进作用在成长期与成熟期更为明显;(4)分位数回归结果显示,企业绩效水平较高的企业中智力资本及其构成要素对企业绩效的促进作用更大。本文研究深化了对企业智力资本价值创造功能的认知,也为上市公司重视并提升智力资本提供了经验证据。This article uses 2007-2017 A-share main board listed companies on the Shanghai and Shenzhen Stock Exchange in China as the research sample.The results show that:(1)Corporate intellectual capital and its components(human capital,structural capital and relational capital)can significantly improve corporate performance.(2)Corporate social responsibility has a significant positive moderating effect on the relationship between corporate intellectual capital and its components and corporate performance.(3)Compared with the recession period,the promotion effect of corporate intellectual capital and its components on corporate performance is more obvious in the growth and maturity periods.(4)Quantile regression results show that intellectual capital and its components in companies with higher level of corporate performance have a greater role in promoting corporate performance.This study deepens the cognition of the value creation function of corporate intellectual capital,and also provides empirical evidence for listed companies to value and enhance intellectual capital.

关 键 词：智力资本 企业绩效 企业社会责任 

分 类 号：F275[经济管理—企业管理]