1 中国企业智力资本指数 VAIC TM 研究发布会 Measuring Intellectual Capital Performance in Mainland China with VAIC TM 23 Dec 2010 朱启华博士 Dr. Sam Chu

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中国企业智力资本指数中国企业智力资本指数VAICVAICTM TM 研究发布会研究发布会

Measuring Intellectual Capital Performance in Mainland

China with VAICTM

23 Dec 2010朱启华博士Dr. Sam ChuDr. Sam Chu

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AgendaAgenda Introduction (Introduction (简介简介 ))

Literature Review ( 文献回顾 ) 10 Companies with highest VAICTM

among CSI 100 Knowledge Management (Knowledge Management (知识管理 ) References (References (参考文献 )

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Introduction 简介 1

Economy Worldwide is transforming into a knowledge-based economy全球经济正在转型为知识型经济 economic value ( 经济价值 ) is derived from

intellectual capital ( 智力资本 IC), rather than physical capital ( 物质资本 )

(Sveiby 1997; Pulic 1998; Bontis 2001; Chen st al. 2005)

way of value creation in new economy is shifting traditional accounting measures no longer

adequate in reflecting companies true performance 传统的会计核算办法不再足以反映公司的真实业绩

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Different IC models and valuations methods 不同的智力资本模型和估值方法 To better reflect the invisible value ( 无形价值 ) not captured in

financial statements ( 财务报表 ) (Lev & Zarowin 1999; Edvinsson & Malone 1997)

Forty-two valuation methodologies(42 类型估值方法 ) on measuring intangible assets ( 无形资产 ) (Sveiby 2010)

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Seems to have a Relationship between IC and business performance ( 智力资本和经营业绩似乎有关系 )

(Firer & Williams 2003; Chen et al. 2005; Shiu 2006; Chan 2009b; Zéghal & Maaloul 2010)

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Prior IC studies focused on companies in Europe and North America以前的智力资本研究重点着重在欧洲和北美企业

(Pulic 2000b; Zéghal & Maaloul 2010; Nazari & Herremans 2007; Riahi-Belkaoui 2003)

emerging economies (e.g. China) are gaining global importance新兴经济体 ( 例如中国 ) 对全球经济越来越重要

China second-largest economy in the world ( 第二大经济强国 ) The world’s number one exporter ( 世界头号出口国 )

(CIA, 2010a)

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Introduction 简介– Why this study? Lack of IC studies in Mainland China

中国大陆缺乏智力资本研究 This study aims to 这项研究的目的是

investigate on the current status ( 研究目前大陆的业务表现状况 ) of IC performance of businesses in mainland China

Heightening the awareness for corporate leaders ( 提高企业领导的意识 ) to manage intellectual capital utilization in their organizations

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AgendaAgenda IntroductionIntroduction (简介 )

Literature Review (文献回顾 )

10 Companies with highest VAICTM among CSI 100

Knowledge Management? (Knowledge Management? (知识管理 ) ReferencesReferences ( (参考文献 )

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Literature Review 文献回顾 1Intellectual Capital ( 智力资本 )

The concept of intellectual capital (IC) first appeared in a book published in 1836 by Nassau William Senior 智力资本的概念（ IC ）首次出现在西尼尔 (Senior) 的出版书

No single definition of IC 没有单一的定义

evolved from different academic disciplines从不同的学科演化

(Marr, 2007)

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Literature Review 文献回顾 2Intellectual Capital

A tripartite model for IC, comprising human capital ( 人力资本 ) external capital ( 外部资本 )

(e.g. relationships with customers and suppliers) internal capital ( 內部资本 )

(e.g. patents, technology and systems)(Sveiby, 1997)

Suresh Cuganesan 2000

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IC – economic value of structural capital and human capital of a company一家公司在结构资本和人力资的本经济价值

(Petty and Guthrie, 2000)

Human capital ( 人力资本 ) is “the individual knowledge stock of an organization as represented by its employees.”

(Bontis, 2000, p. 87)

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Structural capital ( 结构资本 )= all non-human storehouses of knowledge in organizations including databases 资料库 organizational charts 组织 process manuals strategies 策略 routines 常规 & anything whose value to the company is higher

than its material value(Bontis et al., 2000)

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Reviewed the 25 methods to measure the value of intangible assets ( 无形资产 ), and grouped them under four categories ( 类别 ): financial valuation 财务估值 value measurement 价值计量 value assessment 价值评估 Measurement 计量

(Andriessen, 2004)


Some of the more well-known methods一些较常见的方法

Economic value addedTM ( 经济增值 ), Market-to-book value, and VAICTM are categorized as financial valuation methods ( 财务估值法 ).

(Andriessen, 2004)

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Sveiby (2010) classified various methodologies into 4 categories分为四类方法

: return-on-assets methods ( 资产回报 ROA) direct intellectual capital methods ( 直接演算法 ) market capitalization methods ( 市场资本化法 ) scorecard methods ( 记分卡法 )

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VAICTM is best fit under the ROA method category ( 最合适的分类方法 ), useful to illustrate the financial value of

intangible assets对于说明无形资产的财务价值是有用的

can be compared between same-sector companies ( 比较同业 )

(Sveiby, 2010)

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Literature Review 文献回顾 1VAICTM Methodology

Value added intellectual coefficient ( 智力增值系数 VAICTM), developed by Ante Pulic, is a valuation methodology to assess the efficiency of key resources in business organizations ( 评估企业关键资源的效率 ) (Pulic, 2000a). adding value and creating wealth through

通过以下来增加价值和创造财富 employing physical capital 采用实物资本 , human capital 人力资本 , structural capital 结构资本

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The key assumption ( 关键假设 ) is that human capital is an investment, not a cost是人力资本是一种投资，而不是成本 .

Value-added 增值 = Output 输出 – Input 输入 Value-added intellectual coefficient defined

through its components: human capital coefficient 人力资本系数 , structural capital coefficient 结构资本系数 , physical capital employed coefficient 物质资本系

数


Business managers have an indicator with which to study and monitor the company’s value creation efficiency due to IC业务经理透过在智力资本的指标，用以研究和监测该公司的价值创造的效率

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Five steps for calculation VAICTM 五个计算步骤(Pulic 2000a; Kujansivu & Lonnqvist 2007; Chan 2009a)

Step 1Calculate value added ( 计算增值 VA):

VA = Output – Input

where “Output” represents total income from all the products and services sold on the market ( 从所有在市场上出售的产品和服务的收入 ) and “Input” contains all the expenses incurred in earning the revenue except manpower costs( 除了人力成本，所有赚取的收入的开支 ), as they are treated as investments.

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)

Step 1Calculate value added (VA):

VA = Output – Input

where R = retained earnings( 保留溢利 ); DD = dividends (红利 ); T = taxes( 税项 ); EC = total employee expenses viewed as investments( 被视为投资的总员工开支 )

; D + A = depreciation and amortization( 折旧及摊销 ); and OP = Operating profit ( 营业利润 )

VA = R + DD + T + EC + D + A = OP + EC + D + A

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Step 2Calculate human capital efficiency 计算人力资本效率 (HCE):

HCE is expressed as the amount of value-added generated per monetary unit invested in manpower ( 每投入人力货币单位的增值生产 ):

HCE = VA / HC

HC represents human capital, may be calculated using “payroll costs 薪酬成本” (Pulic, 2000a)

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Step 3Calculate structural capital efficiency 计算结构资本效率 (SCE):

SCE = SC / VA

SC (structural capital) = VA – HC SCE – proportion of total value added accounted for by

structural capital ( 总增加值占资本结构的比重 ).

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Step 4Calculate capital employed efficiency 运用资本的效率计算 (CEE):

CEE = VA / CE

CE = book value of firm’s net assets (such as physical assets and financial capital), which is a proxy for tangible resources. 公司账面价值的净资产 ( 如实物资产和金融资本 ) 是一个有形资源的代表

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Step 5Calculate VAICTM:

VAICTM = HCE + SCE + CEE

Sum of the results from steps 2 to 4从步骤 2 到 4 结果的总和

Mahesh 1996

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Literature Review 文献回顾Limitations 限制 of the VAICTM Methodology

Inability to handle companies with negative book value of equity ( 负账面资产值 )or negative operating profit ( 负营运利润 )

Interactions among the components of intellectual capital

(Bontis et al., 2000)

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Literature Review 文献回顾Advantages for using 使用的优点 VAICTM

Apply widely in different contexts 广泛应用在不同情况 due to its ease of administration 由于其易于管理

Objective and financially-based measure of IC efficiency as it makes use of audited financial data ( 经审计的财务数据 )

(Chan, 2009a)

Standardized and objective measurement ( 标准化和客观测量 )

(Firer and Williams, 2003)

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Literature Review 文献回顾Prior studies of IC outside Mainland China

UK - Zéghal and Maaloul (2010) investigated whether or not there was a correlation between IC and corporate performance in 300 UK businesses using data from the year 2005. They found a positive relationship with economic and financial performance only in high-tech industries.

Taiwan - intellectual capital had a positive impact on market value and financial performance (Chen et al., 2005).

India - high correlation between VAICTM score and business survival Most of the surveyed banks with low VAICTM score were

subsequently merged, liquated, or even ceased operation.

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Literature Review 文献回顾 1Prior studies of IC in Hong Kong

Petty & Cuganesan (2005) did content analysis of 250 annual reports collected in three different years (1992, 1998, and 2002) Low levels (水平低 ) of voluntary IC disclosure, but

grew over time company financial success was positively

correlated (呈正相关 ) with voluntary IC disclosure higher level of growth was observed in companies

which voluntarily disclosed their IC in their annual reports.

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Chan (2009a, 2009b) laid the groundwork (奠定基础 ) for IC research and developed the framework for empirical IC studies in Hong Kong no strong association (并无强烈关联 ) between

IC and four corporate financial indicators in constituent companies of the Hang Seng Index for 2001 - 2005

moderate association was found between the individual components of IC and corporate financial indicators


Chu, Chan & Wu (2011) studied the constituent companies of the Hang Seng Index for 2001 - 2009

As measured by VAICTM, IC was positively associated with profitability of businesses.计量 VAICTM ，与企业盈利能力呈正关联

In particular, structural capital, a key component of IC, played a notable part in enhancing corporate profitability结构资本对于提升企业盈利能力起到了显着的部分

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Literature Review 文献回顾

Literature gap: Can’t find IC studies for mainland China找不到在中国的智力资本研究

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AgendaAgenda IntroductionIntroduction ( 简介 ) Literature Review (文献回顾 )

10 Companies with highest VAICTM among CSI 100

Knowledge Management (Knowledge Management (知识管理 ) ReferencesReferences ( (参考文献 )

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ID Entity name CSRC Sector HCE SCE CEE ICE VAIC

600663

上海陆家嘴金融贸易区开发股份有限公司 Shanghai Lujiazui Finance and Trade Zone Development Co Ltd Real estate 33.135 0.970 0.128 34.105 34.233

000568泸州老窖股份有限公司 Lu Zhou Lao Jiao Co., Ltd

Manufacturing (Food & Beverage) 12.607 0.921 0.430 13.527 13.958

600900中国长江电力股份有限公司 China Yangtze Power Co Ltd Utilities 11.351 0.912 0.054 12.263 12.317

600048保利房地产（集团）股份有限公司 Poly Real Estate Group Co., Ltd Real estate 11.059 0.910 0.065 11.969 12.033

600642申能股份有限公司 Shenergy Co Ltd Utilities 10.385 0.904 0.131 11.289 11.420

600350山东高速公路股份有限公司 Shandong Expressway Co Ltd Transportation 8.927 0.888 0.288 9.815 10.103

000402金融街控股股份有限公司 Financial Street Holdings Co., Ltd Real estate 8.894 0.888 0.053 9.782 9.835

000792青海盐湖钾肥股份有限公司 Qinghai Salt Lake Potash Co., Ltd

Manufacturing (Petrochemicals) 8.139 0.877 0.268 9.016 9.284

601111中国国际航空股份有限公司 Air China Ltd Transportation 7.917 0.874 0.123 8.791 8.914

601899紫金矿业集团股份有限公司 Zijin Mining Group Co Ltd Mining 7.754 0.871 0.286 8.625 8.910

Top 10 companies with the highest VAICTM among CSI 100 for year 2009

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AgendaAgenda IntroductionIntroduction (简介 ) Literature Review (文献回顾 ) 10 Companies with highest VAICTM

among CSI 100

Knowledge Management (Knowledge Management (知识管理 )

ReferencesReferences ( (参考文献 )

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What is KM? KM is the systematic( 系統化 ), explicit and

deliberate building, renewal and application of knowledge to maximize an enterprise’s knowledge-related effectiveness and returns from knowledge assets ( 知识资产 ) (Karl Wiig, 1997)

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Intellectual Capital and Knowledge Management 智力资本与知识管理

Hermans (2005)

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Next Phase of research 下一阶段研究 : Linking IC to KM Survey & interview mainland companies’

investment in IC and KM统计调查及采访大陆企业在智力资本和知识管理的投资

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Contact me Questions? 答问时间！

Dr. Sam Chu 朱启华博士Assistant Professor 助理教授Division of Information & Technology StudiesDeputy Director, CITEFaculty of Education, The University of Hong KongPokfulam Road, Hong Kong.

Tel: (852) 2241-5894Email: [email protected]: http://web.edu.hku.hk/academic_staff.php?staffId=samchu

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References 1 Andriessen, D. (2004), Making sense of intellectual capital: designing a method for the valuation of

intangibles, Elsevier Butterworth-Heinemann, Burlington, MA. Bontis, N., Keow, W. and Richardson, S. (2000), “Intellectual capital and business performance in

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capital”, International Journal of Management Reviews, Vol. 3 No.1, pp. 41-60. Census and Statistics Department, HKSAR (2009), Hong Kong social and economic

trends – 2009 edition. Census and Statistics Department, HKSAR. Central Intelligence Agency (2010a), “East & Southeast Asia: China”, The World Factbook, available at:

https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html (accessed 25 November 2010).

Central Intelligence Agency (2010b), “East & Southeast Asia: Hong Kong”, The World Factbook, available at: https://www.cia.gov/library/publications/the-world-factbook/geos/hk.html (accessed 25 Novemeber 2010).

Chan, K, H. (2009a), “Impact of intellectual capital on organizational performance: An empirical study of companies in the Hang Seng Index (Part 1)”, The Learning Organization, Vol. 16 No. 1, pp. 4-12.

Chan, K, H. (2009b), “Impact of intellectual capital on organizational performance: An empirical study of companies in the Hang Seng Index (Part 2)”, The Learning Organization, Vol. 16 No. 1, pp. 22-39.

Chen, M., Cheng, S. and Hwang, Y. (2005), “An empirical investigation of the relationship between intellectual capital and firms' market value and financial performance”, Journal of Intellectual Capital, Vol. 6 No.2, pp. 159-176.

Cohen, J. (1988), Statistical power analysis for the behavioral sciences (2nd ed.). Lawrence Erlbaum, New Jersey.

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References 2 Edvinsson, L. and Malone, M.S. (1997), Intellectual Capital: Realizing Your Company’s True Value by Finding Its

Hidden Brainpower, Harper Business, New York, NY. Firer, S. and Williams, M. (2003), “Intellectual capital and traditional measures of corporate performance”, Journal of

Intellectual Capital, Vol. 4 No. 3, pp. 348-360. Hong Kong Information Services Department (2010), “Hong Kong as major gateway to China”, available at:

http://www.info.gov.hk/gia/general/201002/25/P201002250146.htm (accessed 8 September 2010). Hong Kong Tourism Board (2008). “Gateway to China and key Asian markets”, available at:

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HSBC (2010), “Hong Kong – the Gateway to China”, available at: http://www.hsbc.com.hk/1/PA_1_3_S5/content/greaterchina/pdf/gateway2china.pdf (accessed 24 November 2010).

InvestHK – The Government of the Hong Kong Special Administrative Region (2010), “Gateway to Mainland China”, available at: http://www.investhk.gov.hk/default_bodies/whyhk/en_gateway.html (accessed 23 November 2010).

Lamy, P. (2010), “Reshuffling the Deck of Global Economic Cards”, Special Address for the Bahrain Global Forum at the IISS Geo-economic Strategy Summit, Manama, Bahrain, available at: http://www.iiss.org/conferences/bahrain-global-forum/bahrain-global-forum-2010/speeches/special-address/special-address-pascal-lamy/ (accessed 25November 2010).

Lee, Lin and Tsui (2009), “Home country effects of foreign direct investment: from a small economy to a large economy”, Economic Modelling, Vol. 26 No. 5, pp. 1121-1128.

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References 3 Kamath, G. B. (2007), “The intellectual capital performance of Indian banking sector”, Journal of Intellectual

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Intellectual Capital, Vol. 8 No. 2, pp. 272-287. Oxford Journals (n.d.), “Regression Diagnostics”, Research Methods II: Multivariate Analysis, available at:

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management”, Journal of Intellectual Capital, Vol. 1 No. 2, pp. 155-176. Petty, R., and Cuganesan, S. (2005), “Voluntary disclosure of intellectual capital by Hong Kong companies:

Examining size, industry and growth effects over time”, Australian Accounting Review, Vol. 15 No. 2, pp. 40-50. Pulic, A. (1998), “Measuring the performance of intellectual potential in knowledge economy”, paper presented

at the 2nd McMaster World Congress on Measuring and Managing Intellectual Capital by the Austrian Team for Intellectual Potential, February 1998, available at: http://www.vaic-on.net/download/Papers/Measuring%20the%20Performance%20of%20Intellectual%20Potential.pdf (accessed 17 February 2010)

Pulic, A. and Bornemann, M. (1997), “The physical and intellectual capital of Austrian banks”, available at: http://www.vaic-on.net/download/Papers/Physical%20and%20intellectual%20Capital%20of%20Austrain%20Banks.htm (accessed 18 February 2010)

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Documents

1 中国企业智力资本指数 VAIC TM 研究发布会 Measuring Intellectual Capital Performance in Mainland China with VAIC TM 23 Dec 2010 朱启华博士 Dr. Sam Chu