中国企业智力资本指数
VAICTM 研究发布会
Measuring Intellectual Capital
Performance in Mainland
China with VAICTM
朱启华博士
Dr. Sam Chu
23 Dec 2010
1
Agenda

Introduction (简介)
Literature Review (文献回顾)
 10 Companies with highest VAICTM
among CSI 100
 Knowledge Management (知识管理)
 References (参考文献)

2
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
3
的真实业绩
Introduction 简介 2

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)
4
Introduction 简介 3

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)
5
Introduction 简介 4

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)6
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
7
Agenda

Introduction (简介)

Literature Review (文献回顾)
10 Companies with highest VAICTM
among CSI 100
 Knowledge Management? (知识管理)
 References (参考文献)

8
Literature Review 文献回顾 1
Intellectual 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)
9
Literature Review 文献回顾 2
Intellectual 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)
10
Suresh Cuganesan 2000
Literature Review 文献回顾 3
Intellectual Capital

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)
11
Literature Review 文献回顾 4
Intellectual Capital

Structural capital (结构资本)= all nonhuman 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)
12
Literature Review 文献回顾 5
Intellectual Capital

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)
13
Literature Review 文献回顾 6
Intellectual Capital

Some of the more well-known methods
一些较常见的方法

Economic value addedTM (经济增值), Market-tobook value, and VAICTM are categorized as
financial valuation methods (财务估值法).
(Andriessen, 2004)
14
Literature Review 文献回顾 7
Intellectual Capital
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)
15
Literature Review 文献回顾 8
Intellectual Capital

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)
16
Literature Review 文献回顾 1
VAICTM 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
17
Literature Review 文献回顾 2
VAICTM Methodology
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
18
Literature Review 文献回顾 3
VAICTM Methodology

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
19
Literature Review 文献回顾 4
VAICTM Methodology

Five steps for calculation VAICTM五个计算步骤
(Pulic 2000a; Kujansivu & Lonnqvist 2007; Chan 2009a)


Step 1
Calculate 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
20
有赚取的收入的开支), as they are treated as investments.
Literature Review 文献回顾 5
VAICTM Methodology
)
VA = R + DD + T + EC + D + A
Step
1
= OP + EC + D + A
Calculate 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)
21
Literature Review 文献回顾 6
VAICTM Methodology

Step 2
Calculate 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)
22
Literature Review 文献回顾 7
VAICTM Methodology

Step 3
Calculate 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).
23
Literature Review 文献回顾 8
VAICTM Methodology

Step 4
Calculate 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
24
Literature Review 文献回顾 9
VAICTM Methodology

Step 5
Calculate 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
25
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)
26
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)
27
(Firer and Williams, 2003)
Literature Review 文献回顾
Prior studies of IC outside Mainland China

UK -

Taiwan -

India -
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.
intellectual capital had a positive impact on
market value and financial performance (Chen et al.,
2005).
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.
28
Literature Review 文献回顾 1
Prior 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.
29
Literature Review 文献回顾 2
Prior studies of IC in Hong Kong

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
30
Literature Review 文献回顾 3
Prior studies of IC in Hong Kong



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
31
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
32
Agenda
Introduction (简介)
 Literature Review (文献回顾)


10 Companies with highest VAICTM
among CSI 100
Knowledge Management (知识管理)
 References (参考文献)

33
Top 10 companies with the highest
VAICTM among CSI 100 for year 2009
ID
Entity name
CSRC Sector
HCE
SCE
CEE
ICE
VAIC
上海陆家嘴金融贸易区开发股份有
限公司
Shanghai Lujiazui Finance and
600663 Trade Zone Development Co Ltd
Real estate
33.135
0.970
0.128
34.105
34.233
泸州老窖股份有限公司
000568 Lu Zhou Lao Jiao Co., Ltd
Manufacturing
(Food & Beverage)
12.607
0.921
0.430
13.527
13.958
中国长江电力股份有限公司
600900 China Yangtze Power Co Ltd
Utilities
11.351
0.912
0.054
12.263
12.317
保利房地产（集团）股份有限公司
600048 Poly Real Estate Group Co., Ltd
Real estate
11.059
0.910
0.065
11.969
12.033
申能股份有限公司
600642 Shenergy Co Ltd
Utilities
10.385
0.904
0.131
11.289
11.420
山东高速公路股份有限公司
600350 Shandong Expressway Co Ltd
Transportation
8.927
0.888
0.288
9.815
10.103
金融街控股股份有限公司
000402 Financial Street Holdings Co., Ltd
Real estate
8.894
0.888
0.053
9.782
9.835
青海盐湖钾肥股份有限公司
000792 Qinghai Salt Lake Potash Co., Ltd
Manufacturing
(Petrochemicals)
8.139
0.877
0.268
9.016
9.284
中国国际航空股份有限公司
601111 Air China Ltd
Transportation
7.917
0.874
0.123
8.791
8.914
紫金矿业集团股份有限公司
601899 Zijin Mining Group Co Ltd
Mining
7.754
0.871
0.286
8.625
8.910
34
Agenda
Introduction (简介)
 Literature Review (文献回顾)
 10 Companies with highest VAICTM
among CSI 100


Knowledge Management (知识管理)

References (参考文献)
35
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)
36
Intellectual Capital and Knowledge
Management 智力资本与知识管理

Hermans (2005)
37
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
38
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 Studies
Deputy Director, CITE
Faculty of Education, The University of Hong Kong
Pokfulam Road, Hong Kong.
Tel: (852) 2241-5894
Email: samchu@hku.hk
Homepage: http://web.edu.hku.hk/academic_staff.php?staffId=samchu
39
40
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
Malaysian industries”, Journal of Intellectual Capital, Vol. 1 No. 1, pp. 85-100.
Bontis, N. (2001), “Assessing knowledge assets: a review of the models used to measure
intellectual 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
41
Erlbaum, New Jersey.
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:
http://www.discoverhongkong.com/mice/eng/html/exhibitions/exhibitions-china-gateway.html (accessed 8
September 2010).
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/specialaddress/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.
Lev, B. and Zarowin, P. (1999), “The boundaries of financial reporting and how to extend them”, Journal of
Accounting Research, Vol. 37 No. 2, pp. 353-385.
Marr, B. (2007), “What is intellectual capital?”, in L. A. Joia (Ed.), Strategies for information technology and
intellectual capital, Idea Group Pub., Hershey, PA, pp. 1-9.
Nazari, J. and Herremans, I. (2007), “Extended VAIC model: measuring intellectual capital components”,
42
Journal of Intellectual Capital, Vol. 8 No. 4, pp. 595-609.
References 3











Kamath, G. B. (2007), “The intellectual capital performance of Indian banking sector”, Journal of
Intellectual Capital, Vol. 8 No. 1, pp. 96-123.
Kaplan, R. and Norton, D. (2004), Strategy maps: converting intangible assets into tangible outcomes,
Harvard Business School Publishing Corporation, Boston, MA.
Kujansivu, P. and Lonnqvist, A. (2007), “Investigating the value and efficiency of intellectual capital”,
Journal of Intellectual Capital, Vol. 8 No. 2, pp. 272-287.
Oxford Journals (n.d.), “Regression Diagnostics”, Research Methods II: Multivariate Analysis, available at:
http://www.oxfordjournals.org/our_journals/tropej/online/ma_chap5.pdf (accessed 10 June 2010).
Petty, R., and Guthrie, J. (2000), “Intellectual capital literature review – measurement, reporting and
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. 4050.
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.vaicon.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.vaicon.net/download/Papers/Physical%20and%20intellectual%20Capital%20of%20Austrain%20Banks.htm
(accessed 18 February 2010)
Pulic, A. (2000a), “VAIC – an accounting tool for IC management”, International Journal of Technology
Management, Vol. 20 Nos. 5-8, 702-714.
Pulic, A. (2000b), “MVA and VAIC analysis of randomly selected companies from FTSE 250”, available at:
http://www.vaic-on.net/download/ftse30.pdf (accessed 17 February 2010)
Riahi-Belkaoui, A. (2003), “Intellectual capital and firm performance of US multinational firms – a study of 43
the resource-based and stakeholder views”, Journal of Intellectual Capital, Vol. 4 No. 2, pp. 215-226.
References 4







Shiu, H. (2006), “The application of the value added intellectual coefficient to measure corporate
performance: evidence from technological firms”, International Journal of Management, Vol. 23 No. 2, pp.
356-65.
Sveiby, K. E. (1997), The new organizational wealth: managing and measuring knowledge based assets,
Berrett-Koehler, San Francisco, CA.
Sveiby, K. E. (2010), “Method of measuring intangible assets”, available at:
http://www.sveiby.com/articles/IntangibleMethods.htm (accessed 9 August 2010)
Tan, H., Plowman, D. and Hancock, P. (2008), “The evolving research on intellectual capital”, Journal of
Intellectual Capital, Vol. 9 No. 4, pp. 585-608.
Zéghal, D. and Maaloul, A. (2010), “Analysing value added as an indicator of intellectual capital
and its consequences on company performance”, Journal of Intellectual Capital, Vol. 11 No. 1,
pp. 39-60.
Z/Yen Group (2010), Global Financial Centres 7, City of London, London.
Zagreb, 2007, Intellectual Capital Handbook of IC Management in Companies
44