摘要
在知识经济背景下,智力资本已经成为公司价值的主要驱动力,公司价值又与贝塔系数存在着关联性。文章依据手工搜集的2011-2014年高新技术公司的年报数据,使用因子探索、多元线性回归和主成分分析法分析了智力资本各要素单独对贝塔系数的影响路径以及各要素耦合作用对贝塔系数的影响路径。研究表明人力资本、结构资本及关系资本含量越高的公司,其贝塔系数越小,但是智力资本各要素单独对贝塔系数影响作用并不明显,只有人力资本、结构资本以及关系资本耦合作用时,才与公司贝塔系数显著负相关。文章的创新是提出了修正贝塔系数的思路,推导出了兼顾智力资本的CAPM修正模型。
In the context of knowledge economy, intellectual capital has become the main driving force of corporate value, the corporate value is related to beta coefficient, how intellectual capital affects beta coefficient is worth exploring. According to the manual reporting date of the high-tech industry from 2011 to 2014, this paper explores the influence paths that the elements of intellectual capital alone and the coupling effect of each element on beta coeffieient by employing the factor exploration, multiple linear regression and principal eomponent analysis. The study results show that human capital, structural capital and relational capital all have a negative influenee on beta coefficient. However, the influence of the elements of intellectual capital alone on beta coefficient is not significant, only the coupling effect of human capital, struetural capital and relational capital has a significant negative influence on eompany＇ s beta eoeffieient. The highlights of the paper are proposing amendment framework of beta, and deducing an amendment model of CAPM which is based on intellectual capital.
出处
《华东经济管理》
CSSCI
北大核心
2017年第2期134-142,共9页
East China Economic Management
基金
云南省社会科学规划基金项目(201305)
云南省社会科学规划教育科学基金项目(AC15010)
云南省教育厅基金项目(2014Y025)
云南大学人文社会科学青年项目(13YNUHSS006)
云南大学教学改革基金项目(2016Y07)
云南大学第四批中青年骨干教师资助课题(XT412003)
关键词
智力资本
资本资产定价模型
贝塔系数
耦合作用
intellectual capital
capital asset pricing model
beta eoeffieient
coupling effect
