Digital investment, intellectual capital and enterprise value: evidence from China

IF 6.2 2区 管理学 Q1 BUSINESS Journal of Intellectual Capital Pub Date : 2023-12-22 DOI:10.1108/jic-07-2022-0149
Fuping Bai, Mengting Shang, Yujie Huang, Donghui Liu
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Abstract

PurposeBased on resource-based theory and intellectual capital theory, this paper aims to investigate the impact of digital investment on enterprise value and the mediating role of intellectual capital. Additionally, it explores the heterogeneous impacts of digital investment on enterprise value and intellectual capital.Design/methodology/approachThe study utilizes a sample of listed companies in Chinese A-shares from 2013 to 2020. The entropy-weighted method is applied to measure digital investment from two dimensions: scale and increment. Finally, the research hypotheses are tested through multiple regression analysis.FindingsThe empirical results demonstrate that digital investment significantly and positively impacts enterprise value. From the channel mechanism test, digital investment can enhance enterprise value by influencing intellectual capital through human, structural and relational capital. Of these, the mediating effect of human capital is the most significant. Moreover, the impacts of digital investment on enterprise value and intellectual capital are related to the industry sectors. In the agricultural sector, digital investment has adverse effects. In the industrial and service sectors, digital investment promotes intellectual capital and enterprise value. However, in the service sector, the impact on relational capital is not significant, and the mediating effect of relational capital does not hold.Research limitations/implicationsThis research has a limited potential for generalization due to the lack of standard measurement models for the exploration of digital investment.Practical implicationsThe research findings are valuable for assessing the economic effects of digital investment comprehensively and providing essential information for policy formulation and strategy implementation.Originality/valueThis study represents the first attempt to evaluate the relationship between digital investment and enterprise value using the entropy-weighted method. In addition, this study investigates the mediating role of intellectual capital.
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数字投资、智力资本和企业价值:来自中国的证据
目的本文基于资源基础理论和智力资本理论,研究数字化投资对企业价值的影响以及智力资本的中介作用。设计/方法/途径本研究以 2013 年至 2020 年中国 A 股上市公司为样本。采用熵权法从规模和增量两个维度衡量数字化投资。实证结果表明,数字化投资对企业价值产生了显著的正向影响。从渠道机制检验来看,数字化投资可以通过人力资本、结构资本和关系资本影响智力资本,从而提升企业价值。其中,人力资本的中介效应最为显著。此外,数字投资对企业价值和智力资本的影响与行业部门有关。在农业部门,数字投资会产生不利影响。在工业和服务业领域,数字投资促进了知识资本和企业价值。研究的局限性/意义由于缺乏探索数字投资的标准测量模型,本研究的推广潜力有限。此外,本研究还探讨了智力资本的中介作用。
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来源期刊
CiteScore
14.50
自引率
13.30%
发文量
27
期刊介绍: The Journal of Intellectual Capital is a peer-reviewed international publication dedicated to the exchange of the latest research and best practice information on all aspects of creating, identifying, managing and measuring intellectual capital in organisations. The journal publishes original research and case studies by academic, business and public sector contributors on intellectual capital strategies, approaches, frameworks, tools, techniques and technologies in order to increase the understanding of intellectual capital within the context of the modern knowledge economy. The focus of this journal is on the identification of innovative intellectual capital strategies and the application of theoretical concepts to real-world situations.
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