智力资本与公司绩效的相关性_基于分量回归的实证分析.pdf

文档介绍：
山/ 西/ 财/ 经/ 大/ 学/ 学/ 报
2007 年 5 月 Journal of ShanXi Finance and Economics University May. , 2007
第 29 卷第 5 期 Vol. 29 No. 5
工商管理
智力资本与公司绩效的相关性

基于分量回归的实证分析
傅传锐
( 厦门大学经济学院, 福建厦门 361005)
[ 摘
要] 在新经济时代, 能否有效发挥智力资本的价值创造能力已经成为企业能否获得竞争优势的关键。本文以 2002
~ 2004 年间我国信息技术上市公司为研究对象, 利用条件分量回归方法重新审视了智力资本与公司业绩之间的相关性。研
究发现, 人力资本和物质资本对企业绩效具有显著的积极影响, 且随着公司业绩的不断提高, 两者的影响分别表现出逐步增
强和减弱的总体趋势; 只有在运营较佳的公司中, 结构资本才会对企业绩效产生正向效应。
[ 关键词] 智力资本;
盈利能力;
分量回归;
增值系数
[ 中图分类号] F045. 4; F276. 6
[ 文献标识码] A
[ 文章编号] 1007- 9556( 2007) 05- 0072- 07
The Association between Intellectual Capital and Corporate Performance

An Empirical Analysis Based on Quantile Regression
FU Chuan- rui
( School of Economics, Xiamen University, Xiamen 361005, China)
Abstract: In New Economy Era, whether pany can effectively promote the ability of its intellectual capital to create value or not has
e the key whether it can obtain petitive predominance. Based on Chinese listed information and technology firms data of 2002-
2004, this paper re- examines the relationship between intellectual capital pany performance in a conditional quantile regression frame
work. The empirical results indicate that both human capital and physical capital have significant positive effects on firms profitability, and
while firm performance gets better, their effects are escalating and di