智力資本與財(cái)務(wù)資本：誰(shuí)對(duì)企業(yè)價(jià)值創(chuàng)造更有效？

——來(lái)自于江浙地區(qū)企業(yè)的實(shí)證研究 20頁(yè) 1.4萬(wàn)字


摘要：財(cái)務(wù)資本對(duì)于企業(yè)價(jià)值創(chuàng)造的作用是毋庸置疑的，而在知識(shí)經(jīng)濟(jì)時(shí)代，智力資本對(duì)于企業(yè)價(jià)值創(chuàng)造也發(fā)揮越來(lái)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(gè)問(wèn)題的回答：一、在智力資本對(duì)企業(yè)價(jià)值創(chuàng)造日趨重要的今天，在我國(guó)企業(yè)實(shí)踐中，財(cái)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(duì)企業(yè)價(jià)值創(chuàng)造是直接發(fā)揮作用，還是需要通過(guò)其他中介因素？三、哪一種因素，財(cái)務(wù)資本還是智力資本，對(duì)于企業(yè)績(jī)效的可持續(xù)增長(zhǎng)即戰(zhàn)略績(jī)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(guò)結(jié)構(gòu)化方程構(gòu)建了四個(gè)嵌套模型。研究結(jié)果表明：（1）財(cái)務(wù)資本對(duì)于企業(yè)績(jī)效具有重要意義，相對(duì)于人力資本更處于核心地位；（2）人力資本不能直接對(duì)企業(yè)績(jī)效發(fā)揮作用，需要通過(guò)關(guān)系資本和結(jié)構(gòu)資本作為中介；（3）智力資本對(duì)于企業(yè)績(jī)效的可持續(xù)增長(zhǎng)具有重要意義，企業(yè)要獲得長(zhǎng)期戰(zhàn)略績(jī)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(cái)務(wù)資本、企業(yè)績(jī)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


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