摘要：随着知识经济的到来，知识在企业生产要素中的地位日趋提升，知识在企业价值创造和实现的过程中起到了重要作用。相对于其它形态的企业资本，智力资本是以无形的知识作为其内涵，在企业中对企业的成长和竞争力的形成过程中发挥着巨大影响。智力资本由人力资本、结构资本及市场资本三分组成，本文采用VAIC(智力增值系数，Value Added Intellectual Coefficient )方法，选取的我国沪深两市上市的20家通信制造企业样本，研究企业智力资本投资对企业业绩的影响。

关键词：智力资本；结构资本；市场资本；VAIC

Abstract：With the coming of knowledge economy, knowledge in enterprise production elements in the status of the increasingly upgrading, knowledge in the enterprise value creation and Realization of process played an important role. Relative to other forms of capital, intellectual capital is intangible knowledge as its connotation, in the enterprise for the development of enterprises and the competitiveness of the formation process plays a great influence. Intellectual capital by manpower capital, structure capital and market capital is composed of three parts, this paper adopts VAIC ( Value Added Intellectual intelligence increment coefficient, Coefficient ) method, selected China's Shanghai and Shenzhen two listed20communication manufacturing enterprises samples, research enterprise intelligence capital investment on the enterprise performance.

Key words: Intellectual capital; Structural capital; Capital market;VAIC

智力资本是使企业的经济活动得以正常运行的所有无形资产的总称，它相对于传统的物质资本而言，是一种潜在的、无形的、动态的、能够带来企业价值增值的非物质资源。关于企业智力资本内涵的定义，国内外的学者还没有形成统一认识。本文在斯堪的亚集团(Skandia Group)所确立的智力资本的基础上，增加了社会责任理念，对智力资本进行了重新组合分类如图1所示。