智力資本與企業(yè)財務(wù)績效外文翻譯文獻

1、精選優(yōu)質(zhì)文檔-傾情為你奉上文獻信息：文獻標題：An Empirical Research on the Relationship between Intellectual Capital and Corporate Financial Performance on Indonesian Listed Companies（印尼上市公司智力資本與企業(yè)財務(wù)績效之間的關(guān)系的實證研究）國外作者：Dominique Razafindrambinina，Talita Anggreni文獻出處：International Conference on accounting and business, 2008,

2、1263(32):590-594字數(shù)統(tǒng)計：英文2555單詞，14475字符；中文4389漢字外文文獻：An Empirical Research on the Relationship between Intellectual Capital and Corporate Financial Performance on Indonesian Listed CompaniesAbstract The main focus of the research is to investigate the relationship between Intellectual Capital and Corp

3、orate Financial Performance of Indonesian listed companies. Intellectual Capital (IC) has gained in importance and has been increasingly viewed as a significant contributor to the process of value-creation in corporations (Sullivan, 2000). Unlike financial and physical assets, intangible assets are

4、difficult to emulate, which makes them a powerful source of competitive advantage.The study uses data from consumer goods firms listed on the Jakarta Stock Exchange. Pulics Value Added Intellectual Coefficient (VAIC) model is utilized as the efficiency measure of capital employed, human capital and

5、structural capital. The regression models explore the relationship between intellectual capital and its contribution to the financial performance of firms in both current and future years.The research reveals that Intellectual Capital does contribute to the financial performance, with the exception

6、of revenue growth, of consumer goods firms in Indonesia. Furthermore, findings suggest that future performance is also affected by the level of intellectual capital. Finally, evidence is presented that physical/financial capital and structural capital are the most significant underlying drivers of c

7、orporate performance. Although insignificant, human capital has a positive and consistent role in revenue growth.In creating corporate value, Indonesian investors put less weight on intellectual capital potential. Improvement in understanding the importance of intellectual capital in the region, esp

8、ecially in Indonesia, could bring in more advantages for its economy and reinforce the competitiveness of the region as a whole in terms of attracting more investments.Key words：Intellectual Capital, Financial Performance, Consumer Goods, Jakarta Stock Exchange, IndonesiaIntroductionOver the last de

9、cade, Intellectual Capital (IC) has gained in importance. IC has been increasingly viewed as a significant contributor to the process of value-creation in corporations (Sullivan, 2000), and also to their performance.In the new “knowledge-based” economy that started to develop in the 1990s (Williams,

10、 2000), intellectual capital, rather than physical capital, has become the key factor of a firms potential future performance and success. Unlike financial and physical assets, intangible assets are hard to emulate by competitors, which makes them a powerful source of competitive advantage.Intellect

11、ual capital is generally considered to be a vital strategic asset (Mouritsen, 1988). This qualification of intellectual capital as a strategic asset rests on a potential link between intellectual capital and firm performance. Empirical research findings vary among countries due to differences in eco

12、nomic, political, legal, social, and cultural factors. (Firer and Williams 2003), (Belkaoui, 2003), (Chen et al. 2005; Shiu, 2006), (Zhang et al. 2006), (Tan et al. 2007).Research on intellectual capital and how it affects the profitability of Indonesian companies is significant because not only do

13、these companies compete amongst themselves, but with foreign companies as well. Clearly, Indonesian organizations must have a strategy to compete and survive in such a dynamic international environment. One way for these Indonesian organizations to gain competitive advantage is to manage their intel

14、lectual capital.This paper aims to study whether the intellectual capital of Indonesian corporations relates to their financial performance. The sample used comprises 36 consumer goods companies listed on the Jakarta Stock Exchange between 2003 and 2006. The Value Added Intellectual Coefficient (VAI

15、C) developed by Pulic (1998) is employed as an extent measure of intellectual capital. The corporate performance of the companies will be measured by four ratios: Return on Assets (ROA), Asset Turnover (ATO), Revenue Growth (RG), and Operating Cash Flow ratio (OCF).The contribution of this research

16、relates to numerous groups. The study contributes to the development of literature and studies on intellectual capital by focusing in Indonesia, a developing country. Previous studies on intellectual capital have mostly focused on businesses in developed countries. For the organizations, the results

17、 may increase their awareness of the importance and advantages of effective intellectual capital management within an organization. Also, accounting regulators of the Indonesian business environment can make use of findings to determine possible necessary changes to present policies that will suppor

18、t developing the groundwork of the nations intellectual capital. Findings can help investors to gain a better understanding of the changes taking place in Indonesian businesses and to know what to look for in a company. Academically, this study provides a basis for further research regarding intelle

19、ctual capital by local as well as international academics. Therefore, more knowledge on intellectual capital may be obtained and distributed within the academic community.The remainder of this paper is organized as follows. Section two introduces the literature review of the theoretical foundations

20、on intellectual capital. The research method used in the study is outlined in Section three. The next section presents the findings of the empirical analysis. The last section offers final conclusions on this study. Literature reviewIntangible assets are only those intangibles that would be recogniz

21、ed by the financial standards and allowed to be recorded in the balance sheet (Starovic and Marr, 2003). Intellectual property is also defined as intangible assets, and includes patents, trademarks and copyrights, which can also be included in the traditional financial statement. Intellectual capita

22、l can be the knowledge that is transformed into intellectual property or the end result of the process itself. Intellectual assets are a part of intellectual capital. They are “the codified knowledge and know-how of the firms human capital” (Sullivan, 2000).Annie Brooking (consultant and author of I

23、ntellectual Capital: Core Asset for the Third Millennium Enterprise) describes intellectual capital (IC) as the “combined intangible assets which enable the company to function.” In other words, an enterprise is the sum of its tangible assets and its intellectual capital, as follows:Enterprise = Tan

24、gible Assets + Intellectual CapitalThe range of views and the number of terms used to define and describe intellectual capital are broad and ambiguous. Due to the close ties between intellectual capital, the industry and specific companies, IC implemented by one company might be different from other

25、 companies (Abdolmohammadi, 2005, p. 397). Similarly, Sullivan (2000) states that a wide range of interests and perspectives on the subject of IC cause the diversity of opinion on the definition.The elements of intellectual capital (IC) by Edvinsson have been expanded by Brinker (1997) and Stewart (

26、1997). They stated that intellectual capital is the sum of Human Capital, Structural Capital and Customer Capital.1.Human Capital: The capabilities of the companys employees necessary to provide solutions to customers, to innovate and to renew. In addition to individual capabilities, human capital i

27、ncludes the dynamics of a learning organization in a changing competitive environment, its creativity, and innovativeness.2.Structural Capital: The infrastructure of human capital, including the organizational capabilities to meet market requirements. Infrastructure includes the quality and reach of

28、 information technology systems, company images, databases, organizational concept and documentation.3.Customer Capital: The relationships with people with whom a company does business. It can mean relationships with clients and customers as well as suppliers; hence, it has also been referred to as

29、relationship capital.It is the interaction between human, structural and customer capital that helps determine the true value of a companys overall intellectual capital.Pulic (1998, 2000) developed the Value Added Intellectual Coefficient (VAIC) to measure the IC of companies. His model uses the con

30、cept of Skandia2 models that the market value of the company is made up of capital operation and intellectual capital. The evaluation of performance includes evaluation of the efficiency of capital employed and evaluation of the efficiency of intellectual capital. VAIC is used to measure the value a

31、dded by both the efficiency of capital employed (CEE) and intellectual capital (ICE): VAIC = CEE + ICEAccording to Skandia models, intellectual capital is divided into two main parts, human capital and structural capital, thus intellectual capital efficiency coefficient is the sum of human capital e

32、fficiency (HCE) and structural capital efficiency coefficient (SCE), thus,VAIC = CEE + HCE + SCE.The use of VAIC from Pulics model as a measure of firms intellectual capital, is widely used because of its simplicity (Pulic, 1998, 2000). It uses publicly available data (historical financial statement

33、s) and allows the comparison between companies and countries (Firer and Williams, 2003). VAIC does not generate an amount for intellectual capital however; it shows how well a company converts its intellectual capital into value added. The higher the VAIC indicator, the better is the management in u

34、tilizing the companys potential.MethodologyThe data used in this research is taken from the annual reports of Consumer Goods companies listed on the Jakarta Stock Exchange during 2003-2006. The consumer goods sector is considered to be reliant on intangible assets, such as their brand image and pate

35、nts. Moreover, the sample companies were taken from one industry sector to obtain a homogenous sample.The aim of the paper is to show whether intellectual capital has an influence on the performance of companies in Indonesia. The authors main research questions are as follows:RQ1:Does companies inte

36、llectual capital influence their current financial performance?RQ2:Does companies intellectual capital influence their future financial performance?RQ3: Do any of the components of VAIC (CEE, HCE, or SCE) have a more positive influence on the financial performance of the companies?The independent va

37、riables Capital Employed Efficiency (CEE), Human Capital Efficiency (HCE), and Structural Capital Efficiency (SCE) are components of the Value Added Intellectual Coefficient (VAIC), which is a measure of the companys IC in this research. The VAIC will be tested for correlation with the dependent var

38、iables: ROA, ATO, RG and OCF.The four dependent variables return on assets (ROA), asset turnover (ATO), revenue growth (RG), and operating cash flow ratio (OCF) relate to the dimensions of profitability, productivity, and growth.1.Return on Assets (ROA)ROA is an indicator of how profitable a company

39、 is relative to its total assets. Intellectual capital is presumed to positively affect earnings, hence, if this assumption is true, ROA will increase as IC increases. This ratio is calculated by dividing the net income (less preference dividends) divided by book value of total assets as reported in

40、 the 2004-2006 annual report. This ratio has been used in several literatures (Chen et al. 2005; Firer & Williams, 2003; Shiu, 2006) to represent corporate performance in testing its relationship with intellectual capital. The formula used by Chen et al (2005) is used to eliminate the tax effect

41、 for the calculation of ROA.ROA = Pre-tax income / Total Assets 2.Asset Turnover (ATO)The productivity level is the turnover of assets of a company. It measures a firm's efficiency at using its assets in generating sales or revenue. This variable was also used by Firer & Williams (2003) and

42、Shiu (2006) as a proxy measure of productivity (P).P = ATO = Sales Revenue/Book Value of Total assets3.Growth in Revenue (GR)Growth in revenue measures the changes in companies revenues, in this case, from year to year. Increases in revenues signal companies opportunities for growth. Growth in reven

43、ue is measured by dividing firms revenue from the latest financial report by the previous years revenue. This variable was used by Chen et al. (2005) as a proxy measure of profitability and the researcher chooses to use the same variable.GR = (Revenue t / Revenue t-1)-1) x 100%Where e.g., t = 2005 a

44、nd t-1 =20044.Operating Cash Flow Ratio (OCF)Operating cash flow is the net cash generated from operations. It is produced by taking net income, adding back the amount of depreciation, and making adjustments to reflect changes in the working capital accounts, i.e. receivables, payables, inventories

45、and other current accounts, on the balance sheet. Operating cash flow is debatably a better measure of a business's profits than earnings because a company can show positive net income on the income statement and still not be able to pay its liabilities. The formula to calculate Operating Cash F

46、low Ratio is as follows:OCF = Total Operating Cash Flow/ Total AssetsThese dependent variables will be tested for any correlation with the following independent variables: Human Capital Efficiency (HCE), Capital Employed Efficiency (CEE) and Structural Capital Efficiency (SCE)FindingsIn brief, the p

47、ositive relationship between intellectual capital in one year and the return on assets, asset turnover, revenue growth, and operating cash flow in the following years suggest that intellectual capital does have a significant relationship with future financial performance. This indicates that compani

48、es will reap benefits in the future from intellectual capital invested today. Also, the relationship between intellectual capital invested today and future performance is more significant than that between intellectual capital and current performance. This means that it takes time to yield results f

49、rom the efficiency of intellectual capital.The results of the regression analysis show that CEE and SCE have a more positive influence in the financial performance of the sample companies, both in the same period and in the following years. This indicates that physical capital (included in CEE) rema

50、ins a significant fundamental resource of corporate performance in Indonesian listed companies, especially in the consumer goods industry sector. Moreover, this implies that structural capital is also a major driver of performance in the consumer goods sector. As mentioned earlier in chapter 2, Stew

51、art (2007) stated that structural capital comprises patents, plans and trademarks. The empirical findings suggest that these brands, patents and trademarks and other intangible assets invested in the company have contributed to the increase of the companies performance. HCE, on the other hand, is ne

52、gatively associated in most of the models. This indicates that human resources were not really capable of increasing performance.ConclusionIntellectual capital is believed to play an important role in increasing the performance of a company. Throughout this research, the components of the Value Adde

53、d Intellectual Capital (VAIC) coefficient were used to measure the efficiency of IC. These components were used to investigate their relationship with financial performance in Indonesian consumer goods companies. Based on the calculations, analyses and findings discussed in previous chapters, three

54、main conclusions can be made.First, intellectual capital positively affects the current financial performance of companies in the consumer goods sector, although revenue growth was not significantly influenced. Second, the study provides empirical evidence that companies with greater intellectual ca

55、pital yield greater profitability, productivity and growth in the following years. However, intellectual capital seems to have a significant effect on revenue growth on the lagged one year result but not on the lagged two years result. Findings revealed that physical and financial assets have a shor

56、t-term role in revenue growth. Third, capital employed efficiency (CEE) and structural capital efficiency (SCE) are the most influential variables in the increase of future performance of a firm, and human capital efficiency (HCE) has a weak and negative role in a firms profitability and productivit

57、y.Better results are obtained if the efficiency of intellectual capital is analyzed with the ROA, ATO, and OCF, which are measures of efficiency (profitability and productivity) of a company. Based on the empirical findings, it is time for Indonesia to give more importance to intellectual capital as

58、 a way of creating value to increase its potential competitive advantage. For that, companies in Indonesia should improve the quality and productivity of their human resources.專心-專注-專業(yè)中文譯文：印尼上市公司智力資本與企業(yè)財務(wù)績效之間的關(guān)系的實證研究摘要本研究的主要焦點是探討印尼上市公司的智力資本與企業(yè)財務(wù)績效之間的關(guān)系。智力資本(IC)十分的重要，而且它被看作是公司價值創(chuàng)造中一種有力的工具（沙利文，2000）。與

59、金融和實物資產(chǎn)相比，無形資產(chǎn)難以被效仿，這使得它們成為競爭優(yōu)勢的有力來源。這項研究使用的數(shù)據(jù)來自在雅加達證券交易所上市的消費商品公司。彼得斯的智力資本增值系數(shù)（VAIC）模型可以用來計量雇傭資本、人力資本和結(jié)構(gòu)資本?；貧w模型探索智力資本與企業(yè)當(dāng)前和未來幾年的財務(wù)績效之間的關(guān)系。研究表明，在印度尼西亞的消費品公司，智力資本除了增加收入，還有助于財務(wù)績效。此外，研究結(jié)果表明，未來的績效也受到智力資本水平的影響。最后，證據(jù)表明，實物/金融資本和結(jié)構(gòu)資本是企業(yè)績效的最重要的基本驅(qū)動力。雖然微不足道，人力資本對收入增長有著積極和持續(xù)的作用。在創(chuàng)造企業(yè)價值方面，印度尼西亞投資者對智力資本潛力的重視程度較低。提高智力資本對地區(qū)特別是印尼的重要性的認識，可以為其經(jīng)濟帶來更多的優(yōu)勢，并且吸引更多投資，加強該地區(qū)的整體競爭力。關(guān)鍵詞：智力資本，財務(wù)績效，消費品，雅加達證券交易所，