CAJ | 학술논문

借鉴 ICTEM模型构建企业智力资本转化体系。为获取智力资本转化与企业价值之间的关系，构建对智力资本“投入—转化—产出”过程的指标测评，并采用国内475家上市公司4年的面板数据探讨影响智力资本转化的因素。研究表明，智力资本分别通过直接和间接的方式转化为企业价值，单纯的智力资本投入不经过有效的管理无法转化为企业价值；智力资本转化过程中创造的价值并不在于数量上收益的提高，而在于企业利润和价值有效率的增长；在智力资本由“投入”向“产出”的转化过程中，员工薪酬、领导者资质、研发投入、专利、营业额、企业规模与年龄等因素都将影响到企业价值创造，尤其是人力资本与结构资本的投入与企业价值增长显著正相关。
차감 ICTEM모형구건기업지력자본전화체계。위획취지력자본전화여기업개치지간적관계，구건대지력자본“투입—전화—산출”과정적지표측평，병채용국내475가상시공사4년적면판수거탐토영향지력자본전화적인소。연구표명，지력자본분별통과직접화간접적방식전화위기업개치，단순적지력자본투입불경과유효적관리무법전화위기업개치；지력자본전화과정중창조적개치병불재우수량상수익적제고，이재우기업리윤화개치유효솔적증장；재지력자본유“투입”향“산출”적전화과정중，원공신수、령도자자질、연발투입、전리、영업액、기업규모여년령등인소도장영향도기업개치창조，우기시인력자본여결구자본적투입여기업개치증장현저정상관。
This article uses the ICTEMmodel to build the system of the transformation of intellectual capital.To obtain the relationship between intellectual capital transformation and enterprise value,we construct the "input -transformation -output"indicators of intellectual capital.Using the 2009 -2012 panel data of the listed companies,we analyze the factors that affect the transformation.Research result shows that intellectual capital transforms into the enterprise value by means of direct and indirect ways.Without effective management,intellectual capital cannot transform into enterprise value.The val-ue created during the process is not the enterprise income,but the efficient growth of profits and value.During the process, wages,directors'qualification,R&D investment,patent,company size and age are the factors that influence the creation of value.The inputs of human capital and structural capital have a significant positive impact on the growth of enterprise val-ue.