智力资本、公司行为与公司价值：基于人力资本与组织资本的微观研究

With the rapid growth of science and information technology, the intellectual capital plays more and more important role in the firms' intangible asset. However, due to the data limitation, there are only rare academic studies on this issue. Meanwhile, in practice, the low level of intellectual capital also puts most China's firms in an inferior position with the international competition. By using several novel and unique datasets, we measure the intellectual capital (i.e. human capital and organization capital) in the firm-level and theoretically construct an analysis framework on intellectual capital. First, in the corporate finance field, we investigate the impact of intellectual capital on several important corporate behaviors: investment, innovation, governance, earnings quality, diversification, social responsibility. In doing so, we try to shed new lights on the underlying determine mechanism between intellectual capital and corporate behaviors. Second, based on the asset pricing theory, we investigate whether the intellectual capital is a pricing factor, can intellectual capital explain the anomaly of "book-to-market", and its effects on IPOs and investors. Last, we focus on the economic consequence of intellectual capital and its interaction with corporate behaviors on firm performances. Our research will greatly develop the analysis framework on intellectual capital and fill the gap in the literature. This will enhance our understanding on the intellectual capital in corporate finance and asset pricing theory. Meanwhile, our findings will provide valuable suggestions to the governments and firms on the issue how to increase and develop the intellectual capital.

随着科技发展与信息革命，智力资本作用凸显，并成为企业无形资产的重要内容。但囿于数据与方法，学术界对此问题仍然缺乏系统认识；在实践中，智力资本的欠缺，亦令我国企业在全球竞争中处于明显劣势。 基于多个独特数据库，我们在企业水平上测度智力资本(人力资本与组织资本)，并构建符合现实的智力资本分析体系与框架。首先，在公司财务层面，我们考察智力资本对公司投资与创新效率、治理以及战略(多元化与社会责任)等重要行为的影响，以全面解析智力资本对公司行为的作用机制。其次，在资产定价层面，我们探讨智力资本是否为市场定价因子、能否解释"账面市值比"异象以及对IPO 和投资者偏好的影响。最后，考察智力资本的价值效应，及其与公司行为交互效应的经济后果。 本项目将极大拓展智力资本的分析体系，并填补相关领域的空白。同时也将丰富公司金融、资产定价的研究视角和方法，并为我国政府与企业如何增进、运用智力资本提供极具价值的参考。

随着科技发展与信息革命，智力资本作用凸显，并成为企业无形资产的重要内容。但囿于数据与方法，学术上对此问题缺乏系统认识。同时，智力资本的欠缺，亦令我国企业在全球竞争的实践中处于显著劣势。.利用多个独特数据库，我们测度企业智力资本（人力资本与组织资本），并针对我国企业构建智力资本的理论分析体系与框架。首先，基于公司金融理论，考察智力资本如何影响公司投资、创新、治理、盈余质量、多元化与社会责任等重要行为，以全面解析智力资本与公司行为的内在决定机制。其次，基于资产定价理论，考察智力资本是否构成资产定价因子、能否解释“账面市值比”异象以及对IPO和投资者的影响。最后，考察智力资本的价值效应，及其与公司行为交互效应的经济后果。.本项目拓展了智力资本的分析框架与体系，并填补了相关领域的空白。同时，也丰富了公司金融、资产定价的研究视角和方法，并为我国监管部门与企业如何增进、运用智力资本提供价值参考。