智力資本與財務(wù)資本：誰對企業(yè)價值創(chuàng)造更有效？

——來自于江浙地區(qū)企業(yè)的實證研究 20頁 1.4萬字


摘要：財務(wù)資本對于企業(yè)價值創(chuàng)造的作用是毋庸置疑的，而在知識經(jīng)濟時代，智力資本對于企業(yè)價值創(chuàng)造也發(fā)揮越來越重要的作用。智力資本包括人力資本、關(guān)系資本和結(jié)構(gòu)資本三要素，本文關(guān)注于三個問題的回答：一、在智力資本對企業(yè)價值創(chuàng)造日趨重要的今天，在我國企業(yè)實踐中，財務(wù)資本是否仍發(fā)揮重要主導(dǎo)作用？二、人力資本作為智力資本的三要素之一，對企業(yè)價值創(chuàng)造是直接發(fā)揮作用，還是需要通過其他中介因素？三、哪一種因素，財務(wù)資本還是智力資本，對于企業(yè)績效的可持續(xù)增長即戰(zhàn)略績效更具有重要意義？研究以江蘇、浙江等地的企業(yè)為分析樣本，在智力資本三分法的基礎(chǔ)上，通過結(jié)構(gòu)化方程構(gòu)建了四個嵌套模型。研究結(jié)果表明：（1）財務(wù)資本對于企業(yè)績效具有重要意義，相對于人力資本更處于核心地位；（2）人力資本不能直接對企業(yè)績效發(fā)揮作用，需要通過關(guān)系資本和結(jié)構(gòu)資本作為中介；（3）智力資本對于企業(yè)績效的可持續(xù)增長具有重要意義，企業(yè)要獲得長期戰(zhàn)略績效，需要更關(guān)注于智力資本的積累與培育。
關(guān)鍵詞：智力資本、財務(wù)資本、企業(yè)績效
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


參考文獻
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.