CN110705840A - Method for evaluating correlation between intellectual capital and enterprise profitability - Google Patents

Abstract

The invention relates to a method for evaluating the correlation between intellectual capital and enterprise profitability, which is used for evaluating the correlation between intellectual capital and the profitability of electricity, heat production and supply industries. The method includes the following steps: S1, building a VAIC model; S2, collecting data The financial data of each enterprise in the region needs to be evaluated, input the VAIC model, and obtain the quantified intellectual capital IC; S3. Build a correlation evaluation model, select ROE from the perspective of the owner and ROA from the perspective of the manager as the explained variables. Set intellectual capital IC as the explanatory variable, and select the control variable; S4. Input the explanatory variable, the explained variable and the control variable into the correlation evaluation model respectively, and obtain the correlation coefficient between the explained variable, the explanatory variable and the control variable , the output reflects the correlation and magnitude of intellectual capital IC and profitability ROE from the owner's perspective and ROA from the manager's perspective. Compared with the prior art, the invention has the advantages of high reliability and high practicability.

Description

A method for evaluating the correlation between intellectual capital and corporate profitability

technical field

The invention relates to the development planning of enterprises in the electric power and heat production and supply industries, in particular to a method for evaluating the correlation between intellectual capital and enterprise profitability.

Background technique

Intellectual capital injects new impetus into the improvement of enterprise profitability, and the realistic impact of intellectual capital on enterprise performance has also become a key issue in enterprise management. The more common cognition of intellectual capital in academic circles is that it is owned by an organization, promotes organizational performance, and is an intangible asset. In addition to the business world, intellectual capital is of interest to both the scientific community and academics, leading to intense discussions on intellectual capital management.

Intellectual capital efficiency is very important to electricity and heat production and supply industries, and the relationship between intellectual capital and profitability of electricity and heat production and supply industries is worth exploring. From the dimension of resources and competitiveness, intellectual capital has a significant role in promoting the profitability of electricity and heat production and supply industries. From the perspective of competitiveness, the resources of the electricity and heat production and supply industries have the characteristics of value, scarcity, uniqueness and organization. Therefore, intellectual capital constitutes the core competitiveness of the electricity, heat production and supply industries. , the profitability of the heat production and supply industry plays a very important role.

From these two dimensions, it can be seen that intellectual capital can significantly promote the profitability of electricity and heat production and supply industries. However, the current research on intellectual capital and enterprise profitability is mainly concentrated in business, and there are fewer studies on the relationship between intellectual capital and profitability of electricity, heat production and supply industries. There are many differences in the industry, so there is no suitable method in the prior art to assess the correlation between intellectual capital and the profitability of the electricity, heat production and supply industry, making it impossible for relevant enterprises in the electricity, heat production and supply industry to Reasonable use of intellectual capital to enhance the profitability of the enterprise.

At the same time, the development characteristics and development conditions of the electricity and heat production and supply industries in different regions are also different. Therefore, it is necessary to design a reliable intellectual capital and corporate profitability that is suitable for different regions and suitable for the electricity and heat production and supply industries. Approaches for assessing competency-relatedness.

SUMMARY OF THE INVENTION

The purpose of the present invention is to provide a method for evaluating the correlation between intellectual capital and enterprise profitability in order to overcome the above-mentioned defects in the prior art.

The object of the present invention can be realized through the following technical solutions:

A method for evaluating the correlation between intellectual capital and enterprise profitability, which is used to evaluate the correlation between intellectual capital and profitability of electricity, heat production and supply industries, including the following steps:

S1. Build a VAIC model;

S2. Collect the financial data of each enterprise, input the VAIC model, and obtain the quantitative intellectual capital IC;

S3. Build a correlation evaluation model, select ROE from the perspective of the owner and ROA from the perspective of the manager as the explained variable, select the intellectual capital IC as the explanatory variable, and select the control variable;

S4. Input the explanatory variable, the explained variable and the control variable into the correlation evaluation model respectively, and output the correlation coefficient between the intellectual capital IC and the profitability ROE from the perspective of the owner and ROA from the perspective of the manager.

Further, the VAIC model is used to quantify intellectual capital IC, and the quantified intellectual capital IC includes human capital efficiency HCE, structural capital efficiency SCE, and physical capital efficiency CEE, and the human capital efficiency HCE is used to measure human capital efficiency. The value-added efficiency of capital, the material capital efficiency CEE is used to measure the value-added efficiency of utilizing physical capital, and the structural capital efficiency SCE is used to measure the value-added efficiency of structural capital.

Further, the expression of described intellectual capital IC is:

IC=HCE+SCE+CEE

HCE=VA/HC

VA=I+R+T+D+HC

SCE=(VA-HC)/VA

CEE=VA/CE

Among them, VA is the value-added of the enterprise, HC is the employee compensation, I is the interest expense, R is the increase in retained earnings this year, T is the income tax expense, and D is the dividend.

Further, the profitability ROA from the manager's perspective is represented by the return on assets, the return on assets is obtained by the ratio of net profit to total assets, and the profitability ROE from the owner's perspective is represented by the return on equity, The stated ROE is obtained by the ratio of net profit to owner's equity.

Further, the control variables in the correlation evaluation model include macroeconomic GDP G, enterprise scale ES, material capital MC and financing leverage FL, and the macroeconomic GDP G is represented by the increase in gross national product, and the The enterprise scale ES is represented by the natural logarithm of operating income, the material capital MC is represented by the ratio of fixed assets to total assets, and the financing leverage FL is represented by the ratio of liabilities to owners' equity.

Further, the correlation evaluation model performs correlation analysis between the explained variables, the explanatory variables and the control variables to obtain the corresponding correlation coefficient, and the calculation formula of the correlation coefficient r is:

和

分别为两个进行相关性分析的变量的均值，l_XX为X的离均差平方和，l_YY为Y的离均差平方和，l_XY为X与Y之间的离均差积和。Among them, X and Y are two variables for correlation analysis, respectively,

and

are the mean values of the two variables for correlation analysis, lXX is the sum of squared deviations from the mean of X, _lYY is the sum of squared deviations from the mean of Y, and _lXY is the sum of the product of deviations from the mean between _X and Y.

Further, the evaluation method also includes the following steps:

S5. Through heteroscedasticity test and regression analysis, obtain the correlation and significance level between intellectual capital IC and each component of intellectual capital IC, and the profitability ROA from the perspective of managers and ROE from the perspective of owners, respectively.

Further, the step S5 specifically includes:

51) For intellectual capital IC and managerial profitability ROA, each component of intellectual capital IC and managerial profitability ROA, intellectual capital IC and owner's profitability ROE and intellectual capital IC each component and owner From the perspective of profitability ROE, perform regression analysis to obtain regression results;

52) According to the regression result, carry out the heteroscedasticity test to determine whether the corresponding regression analysis model has heteroscedasticity. If so, the standard error is corrected by White's heteroscedasticity as the regression result and execute step 53), if not, execute directly. step 53);

53) According to the T value in the regression result, the correlation and significance level between the variables are obtained.

Further, when the absolute value of the T value is greater than 2.50, the two variables are related at the 1% significance level; when the absolute value of the T value is greater than 2.00 and less than or equal to 2.50, the two variables are related at the 5% significance level ; When the T value is greater than the absolute value of 1.60 and less than or equal to 2.00, the two variables are correlated at the 10% significance level.

Compared with the prior art, the present invention has the following advantages:

1) Through the statistical analysis of a large number of samples, it is found that in the power and heat production and supply industries, there is a big difference in the data distribution of ROE from the perspective of the owner and ROA from the perspective of the manager. Therefore, the present invention provides intellectual capital and The evaluation method of profitability of electric power, heat production and supply industry, selecting the owner's perspective profitability ROE and manager's perspective profitability ROA as the explained variables of the evaluation model, can make a correlation between intellectual capital and profitability. more comprehensive and credible assessments;

2) Through statistical analysis of a large number of samples, it is obtained that in the electricity and heat production and supply industries, the minimum value of CEE for physical capital efficiency is -0.937, the minimum value for human capital efficiency HCE is -49.263, and the minimum value for structural capital efficiency SCE is -49.263. The value is -59.652, all showing a negative number, which shows that my country's electric power, heat production and supply enterprises use material capital, human capital, and structural capital to increase the profitability of enterprises. The effect of adding value is poor, and it needs to be further improved. Capital Efficiency HCE, Structural Capital Efficiency SCE, and Physical Capital Efficiency CEE to quantify intellectual capital IC to assess the correlation of intellectual capital IC with the profitability of electricity, heat production and supply industries to utilize materials for electricity, heat production and supply industries Capital, human capital and structural capital provide an effective reference for the appreciation of corporate profitability, with high practicability;

3) The present invention uses the financial data of the same type of enterprises in the region where the enterprise is located as the data basis, and carries out corresponding evaluation, and after completing the correlation evaluation, it is analyzed by regression to further evaluate the components of intellectual capital IC and the profitability of the enterprise. The correlation level of ability, the evaluation result obtained by the method of the present invention is more targeted and the result is more accurate.

Description of drawings

Fig. 1 is the schematic flow chart of the evaluation method of the present invention;

Detailed ways

The present invention will be described in detail below with reference to the accompanying drawings and specific embodiments. Obviously, the described embodiments are some, but not all, embodiments of the present invention. Based on the embodiments of the present invention, all other embodiments obtained by those of ordinary skill in the art without creative work shall fall within the protection scope of the present invention.

Example

As shown in Figure 1, the present invention provides a method for evaluating the correlation between intellectual capital and enterprise profitability, for evaluating the correlation between intellectual capital and profitability of electricity, heat production and supply industries, including the following steps:

S1. Build a VAIC model;

S2. Collect the financial data of each enterprise, input the VAIC model, and obtain the quantitative intellectual capital IC;

S3. Build a correlation evaluation model, select ROE from the perspective of the owner and ROA from the perspective of the manager as the explained variable, select the intellectual capital IC as the explanatory variable, and select the control variable;

S4. Input the explanatory variable, the explained variable and the control variable into the correlation evaluation model respectively, and output the correlation coefficient between the intellectual capital IC and the profitability ROE from the perspective of the owner and ROA from the perspective of the manager.

The variables of the correlation evaluation model are designed as follows:

(1) Explanatory variable: intellectual capital IC.

Intellectual capital IC includes human capital efficiency HCE, structural capital efficiency SCE and physical capital efficiency CEE. Human capital efficiency HCE is used to measure the value-added efficiency of human capital, physical capital efficiency CEE is used to measure the value-added efficiency of utilizing physical capital, and structural capital efficiency SCE It is used to measure the value-added efficiency of structural capital.

The expression of intellectual capital IC is:

IC=HCE+SCE+CEE

The expression of human capital efficiency HCE is:

HCE=VA/HC

VA=I+R+T+D+HC

Among them, VA is the value-added of the enterprise, HC is the employee compensation, I is the interest expense, R is the increase in retained earnings this year, T is the income tax expense, and D is the dividend;

The expression of structural capital efficiency SCE is:

SCE=(VA-HC)/VA

The expression of physical capital efficiency CEE is:

CEE=VA/CE

(2) Explained variables: ROE from the owner's perspective and ROA from the manager's perspective.

The profitability ROA from the manager's perspective is expressed by the return on assets, the return on assets is obtained by the ratio of net profit to total assets, the profitability ROE from the owner's perspective is expressed by the return on equity, and the return on equity is expressed by the ratio of net profit to owner's equity. ratio is obtained.

(3) Control variables: macroeconomic GDP G, enterprise scale ES, material capital MC and financing leverage FL.

Macroeconomic GDP G is represented by the growth rate of gross national product, enterprise scale ES is represented by the natural logarithm of operating income, material capital MC is represented by the ratio of fixed assets to total assets, and financing leverage FL is represented by the ratio of liabilities to owners' equity.

In this embodiment, 193 financial data samples of electric power, heat production and supply industries are subjected to statistical analysis of explanatory variables, explained variables, and control variables, as shown in Table 1:

Table 1 Descriptive statistics of model variables

From the table, the minimum value of physical capital efficiency CEE is -0.937, the minimum value of human capital efficiency HCE is -49.263, and the minimum value of structural capital efficiency SCE is -59.652, all showing negative numbers, which shows that my country's electricity, The thermal power production and supply enterprises use material capital, human capital, and structural capital to increase the value of the profitability of the enterprise. Capital IC, in order to evaluate the correlation between intellectual capital IC and the profitability of power, heat production and supply industries, can provide an effective method for the power, heat production and supply industries to use material capital, human capital, and structural capital to add value to corporate profitability. refer to;

At the same time, it can be seen that there is a big difference in the data distribution of ROE from the perspective of the owner and ROA from the perspective of the manager. Therefore, it is necessary to select the ROE from the owner's perspective and the ROA from the manager's perspective as the explained variables of the evaluation model. of.

The correlation evaluation model conducts Pearson correlation analysis between the explained variables, explanatory variables and control variables, and obtains the corresponding Pearson correlation coefficient. The calculation formula of the Pearson correlation coefficient r is:

和分别为两个进行相关性分析的变量的均值，l_XX为X的离均差平方和，l_YY为Y的离均差平方和，l_XY为X与Y之间的离均差积和。Among them, X and Y are two variables for correlation analysis, respectively,

and are the mean values of the two variables for correlation analysis, lXX is the sum of squared deviations from the mean of X, _lYY is the sum of squared deviations from the mean of Y, and _lXY is the sum of the product of deviations from the mean between _X and Y.

After obtaining the correlation coefficient between intellectual capital IC and owner's point of view profitability ROE and manager's point of view profitability ROA, in order to further evaluate the correlation between the components of intellectual capital IC on owner's point of view profitability ROE and manager's point of view profitability ROA This embodiment also adds step S5, and the specific steps of step S5 include:

51) For intellectual capital IC and managerial profitability ROA, each component of intellectual capital IC and managerial profitability ROA, intellectual capital IC and owner's profitability ROE and intellectual capital IC each component and owner From the perspective of profitability ROE, perform regression analysis to obtain regression results;

52) According to the regression result, carry out the heteroscedasticity test to determine whether the corresponding regression analysis model has heteroscedasticity. If so, the standard error is corrected by White's heteroscedasticity as the regression result and execute step 53), if not, execute directly. step 53);

53) According to the T value in the regression result, the correlation and significance level between the variables are obtained.

When the absolute value of the T value is greater than 2.50, the two variables are related at the 1% significance level; when the absolute value of the T value is greater than 2.00 and less than or equal to 2.50, the two variables are related at the 5% significance level; When the absolute value of the value is greater than 1.60 and less than or equal to 2.00, the two variables are correlated at the 10% significance level.

In this embodiment, the financial data of 97 enterprises related to electric power and heat production and supply industries in a certain area are processed, and the evaluation method provided by the present invention is used to evaluate the correlation between intellectual capital and enterprise profitability. The data processing tool for Stata10.

The correlation coefficients between the explained variables, explanatory variables and control variables are obtained as shown in Table 2:

Table 2 Pearson correlation coefficients of model variables

It can be seen from Table 2 that in the 97 enterprises in the selected area of this example, ROA from the perspective of managers and ROE from the perspective of owners are both positively correlated with intellectual capital IC.

After obtaining the Pearson correlation coefficient between the variables, regression analysis was carried out in this embodiment, and the results are as follows:

(1) Intellectual capital IC and managerial profitability ROA

On the basis of the regression results, the heteroscedasticity test was carried out, and Prob>chi2=0.0000 was obtained. Therefore, the model has heteroscedasticity. Select the robust option in the options option of the regression, and the regression results are shown in Table 3:

Table 3 Regression results of intellectual capital IC and managerial profitability ROA

Among them, ***, **, and * represent the significant levels of 1%, 5%, and 10%, respectively.

Combine the F value with the P value to judge the significance of the linear relationship. Since Prob>F=0.0000<0.0001, the confidence level is above 99.99%.

The regression results show that the intellectual capital IC is positively correlated with the ROA of the profitability of the manager's perspective at a significant level of 5%, that is, for the electricity, heat production and supply industries, intellectual capital has a significant positive effect on the ROA of the profitability of the manager's perspective. . Managerial profitability ROA is negatively correlated with financing leverage FL and macroeconomic GDP G at a significant level of 1%, and positively correlated with enterprise scale ES at a significant level of 1%.

(2) Human Capital Efficiency HCE, Structural Capital Efficiency SCE, Physical Capital Efficiency CEE and Managerial Profitability ROA

On the basis of the regression results, the heteroscedasticity test was carried out, and it was concluded that Prob>chi2=0.7390, so the model did not have heteroscedasticity. The regression results are shown in Table 4:

Table 4 Regression results of each component of intellectual capital and managerial profitability (ROA)

Among them, ***, **, and * represent the significant levels of 1%, 5%, and 10%, respectively.

Combine the F value with the P value to judge the significance of the linear relationship. Since Prob>F=0.0000<0.0001, the confidence level is above 99.99%.

From the regression results of each component of intellectual capital and the ROA of profitability from the perspective of managers, the human capital efficiency HCE is positively correlated with the ROA of profitability from the perspective of managers at a significant level of 5%, and the efficiency of structural capital SCE and the ROA of profitability from the perspective of managers The relationship between physical capital efficiency CEE and managerial profitability ROA is positively correlated at a significant level of 1%. That is to say, from the evaluation results, it can be concluded that for the electric power and heat production and supply industries, the significant promoting effect of intellectual capital on the profitability ROA from the perspective of managers mainly comes from material capital and human capital. The effect is not significant.

(3) Intellectual capital IC and profitability ROE from the perspective of owners

On the basis of the regression results, the heteroscedasticity test is carried out, and it is concluded that Prob>chi2=0.0000, so the model has heteroscedasticity. Select the robust option in the options option of the regression, and the regression results are shown in Table 5:

Table 5 Regression results of intellectual capital IC and owner's perspective profitability ROE

Among them, ***, **, and * represent the significant levels of 1%, 5%, and 10%, respectively.

Combine the F value with the P value to judge the significance of the linear relationship. Since Prob>F=0.0000<0.0001, the confidence level is above 99.99%.

According to the regression results, the intellectual capital IC is positively correlated with the ROE of the owner's profitability at a significant level of 1%, that is, for the electricity, heat production and supply industries, the intellectual capital IC has a significant positive effect on the ROE of the owner's profitability. From the perspective of owners, profitability ROE is negatively correlated with financing leverage FL and macroeconomic GDP G at a significant level of 1%, and positively correlated with enterprise scale ES at a significant level of 1%.

(4) Human Capital Efficiency HCE, Structural Capital Efficiency SCE, Physical Capital Efficiency CEE and Owner’s Perspective Profitability ROE

On the basis of the regression results, the heteroscedasticity test is carried out, and it is concluded that Prob>chi2=0.0000, so the model has heteroscedasticity. Select the robust option in the options option of the regression, and the regression results are shown in Table 6:

Table 6 Regression results of each component of intellectual capital and ROE of profitability from the owner's perspective

Among them, ***, **, and * represent the significant levels of 1%, 5%, and 10%, respectively.

Combine the F value with the P value to judge the significance of the linear relationship. Since Prob>F=0.0000<0.0001, the confidence level is above 99.99%.

From the regression results of each component of intellectual capital and the profitability ROE from the owner's perspective, the human capital efficiency HCE is positively correlated with the owner's profitability ROE at a significant level of 5%, and the structural capital efficiency SCE, physical capital efficiency CEE and Owner's perspective profitability ROE is positively correlated at a significant level of 1%. That is to say, for the power and heat production and supply industries, the material capital, human capital and structural capital in intellectual capital all have a significant role in promoting the profitability of the owner's ROE.

The above are only specific embodiments of the present invention, but the protection scope of the present invention is not limited to this. Any person familiar with the technical field can easily think of various equivalents within the technical scope disclosed by the present invention. Modifications or substitutions should be included within the protection scope of the present invention. Therefore, the protection scope of the present invention should be subject to the protection scope of the claims.

Claims (9)

1. A method for evaluating the correlation between intellectual capital and enterprise profitability, for evaluating the correlation between intellectual capital and profitability of electricity, heat production and supply industries, characterized in that it comprises the following steps: S1. Build a VAIC model; S2. Collect the financial data of each enterprise, input the VAIC model, and obtain the quantitative intellectual capital IC; S3. Build a correlation evaluation model, select ROE from the perspective of the owner and ROA from the perspective of the manager as the explained variable, select the intellectual capital IC as the explanatory variable, and select the control variable; S4. Input the explanatory variable, the explained variable and the control variable into the correlation evaluation model respectively, and output the correlation coefficient between the intellectual capital IC and the profitability ROE from the perspective of the owner and ROA from the perspective of the manager. 2. the evaluation method of a kind of intellectual capital and enterprise profitability correlation according to claim 1, is characterized in that, described VAIC model is used for quantifying intellectual capital IC, and the intellectual capital IC of described quantification comprises human capital Efficiency HCE, Structural Capital Efficiency SCE, and Physical Capital Efficiency CEE, the Human Capital Efficiency HCE is used to measure the value-added efficiency of human capital, and the Physical Capital Efficiency CEE is used to measure the value-added efficiency of utilizing physical capital. The structural Capital Efficiency SCE is used to measure the value-added efficiency of structural capital. 3. the evaluation method of a kind of intellectual capital according to claim 2 and enterprise profitability correlation, it is characterized in that, the expression of described intellectual capital IC is: IC=HCE+SCE+CEE HCE=VA/HC VA=I+R+T+D+HC SCE=(VA-HC)/VA CEE=VA/CE Among them, VA is the value-added of the enterprise, HC is the employee compensation, I is the interest expense, R is the increase in retained earnings this year, T is the income tax expense, and D is the dividend. 4. The method for evaluating the correlation between intellectual capital and enterprise profitability according to claim 1, wherein the profitability ROA from the perspective of the manager is represented by the return on assets, and the return on assets is represented by the net return on assets. The ratio of profit to total assets is obtained, the profitability ROE from the owner's perspective is expressed by the return on equity, and the return on equity is obtained by the ratio of net profit to owner's equity. 5. the assessment method of a kind of intellectual capital and enterprise profitability correlation according to claim 4, is characterized in that, the control variable in described correlation assessment model comprises macroeconomic GDP G, enterprise scale ES, material capital MC and financing leverage FL, the macroeconomic GDP G is expressed by the increase in gross national product, the enterprise scale ES is expressed by the natural logarithm of operating income, and the material capital MC is expressed by the ratio of fixed assets to total assets said that the financing leverage FL is expressed by the ratio of liabilities to owners' equity. 6. The method for evaluating the correlation between intellectual capital and enterprise profitability according to claim 5, wherein the correlation evaluation model correlates between explained variables, explanatory variables and control variables. The corresponding correlation coefficient can be obtained by analyzing the correlation coefficient. The calculation formula of the correlation coefficient r is:

Among them, X and Y are two variables for correlation analysis, respectively,

and

are the mean values of the two variables for correlation analysis, lXX is the sum of squared deviations from the mean of X, _lYY is the sum of squared deviations from the mean of Y, and _lXY is the sum of the product of deviations from the mean between _X and Y. 7. The evaluation method of the correlation between intellectual capital and enterprise profitability according to claim 1, wherein the evaluation method further comprises the following steps: S5. Through heteroscedasticity test and regression analysis, obtain the correlation and significance level between intellectual capital IC and each component of intellectual capital IC, and the profitability ROA from the perspective of managers and ROE from the perspective of owners, respectively. 8. The method for evaluating the correlation between intellectual capital and enterprise profitability according to claim 7, wherein the step S5 specifically comprises: 51) For intellectual capital IC and managerial profitability ROA, each component of intellectual capital IC and managerial profitability ROA, intellectual capital IC and owner's profitability ROE and intellectual capital IC each component and owner From the perspective of profitability ROE, perform regression analysis to obtain regression results; 52) According to the regression result, carry out the heteroscedasticity test to determine whether the corresponding regression analysis model has heteroscedasticity. If so, the standard error is corrected by White's heteroscedasticity as the regression result and execute step 53), if not, execute directly. step 53); 53) According to the T value in the regression result, the correlation and significance level between the variables are obtained. 9. The method for evaluating the correlation between intellectual capital and enterprise profitability according to claim 8, characterized in that, when the absolute value of the T value is greater than 2.50, the two variables are correlated at a significance level of 1%; When the absolute value of the T value is greater than 2.00 and less than or equal to 2.50, the two variables are related at the 5% significance level; when the absolute value of the T value is greater than 1.60 and less than or equal to 2.00, the two variables are related at the 10% significance level .

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