我国上市公司智力资本与股价相关性的实证研究

作者利用分量回归方法对2001年～2005年间我国上市公司的智力资本与股价的相关性进行实证分析.研究发现:投资者可以对不同资源的价值增值效率区别定价.并且在股价较低时,人力资本有较大的定价能力.随着股价的上升,虽然人力资本、结构资本和物质资本的定价能力都有所增强,但物质资本的定价能力仍逐渐占据主导地位.

An Empirical Study on the Corelation between China' s Listed Companies' Intellectual Capital and Stock Price

Using the quantile regression method,the author empirically analyzes the relationship between the intellectual capital of the listed companies of our country and stock prices in the years of 2001~ 2005.The research finds that the investors can distinguish the value-added efficiency of various resources.Further more, human capital has a strong pricing power when stock price is low.With the rise of stock price,though the pricing powers of human capital,structure capital and material capital all get stronger,the pricing power of material capital gradually occupies the dominant place.