Title Page
Contents
I. INTRODUCTION 10
1. Research Background 10
2. Research Methodology & Framework 12
II. LITERATURE REVIEW 16
1. Intellectual capital theory 16
1.1. Definition of intellectual capital 16
1.2. Intellectual capital composition 19
1.3. Evaluation method of intellectual capital 25
2. Enterprise value theory 26
2.1. Book value 26
2.2. Fair market value 27
2.3. Internal value 27
2.4. Liquidating value 28
3. Enterprise value assessment theory 29
3.1. Cost method 29
3.2. Market metho 30
3.3. Income metho 31
4. Relationship between intellectual capital and enterprise value 32
III. Analysis of the influence of intellectual capital on enterprise value 35
1. Factors influencing enterprise value 35
2. The direct influence of intellectual capital on enterprise value 39
2.1. Value-added process of intellectual capital and its influence on enterprise value 39
2.2. Accumulation of intellectual capital 40
2.3. Approaches for intellectual capital to creating enterprise value 43
3. Intellectual capital's indirect influence on enterprise value 46
4. Contribution of this researc 48
IV. Hypothesis and Model 51
1. Sample source 51
2. Hypothesis & Model 52
3. Dependent variables 54
4. Independent variables 57
5. Control variable 59
V. Empirical research 61
1. Data filtering and processing 61
2. Factor analysis 62
3. Descriptive analysis of variables 65
4. Correlation analysis 66
5. Panel regressio 68
5.1. Stationarity test of variables 68
5.2. Model 70
6. Research hypothesis result 74
VI. CONCLUSIONS AND IMPLICATIONS 75
1. Main Findings 75
2. Implications 79
3. Limitations and Suggestions 82
References 84
APPENDICES 94
ABSTRACT 97
〈Table 1〉 Typical representative of each view 24
〈Table 2〉 Comparison of evaluation models for different intellectual capital 25
〈Table 3〉 Indicators of enterprise value 56
〈Table 4〉 Comparison table of variables and implication 62
〈Table 5〉 Explained variance of factor analysis 63
〈Table 6〉 Calculation of composite score in 2011 65
〈Table 7〉 Descriptive statistical analysis of data 66
〈Table 8〉 Correlation between variables 67
〈Table 9〉 Test results for various indexes during 2011 to 2017 69
〈Table 10〉 Results of likelihood-ratio test 71
〈Table 11〉 Results of Hausman test 72
〈Table 12〉 Results of random effects model of Model 73
〈Table 13〉 Verification of the research hypothesis 74