本对企业盈利能力的影响效果进行系统探究。同时，具体研究智力资本的各个
II
摘要
知识经济时代，知识正逐步取代资金、设备、原料或劳工等，成为企业运
营发展重要的生产要素。知识与企业发展的相关研究已成为目前管理学领域研
究的重要方向，而智力资本理论为此类研究提供了新的角度和思路。本文通过
多元线性回归法研究智力资本及其构成要素对中国制造业上市公司盈利能力的
影响，并进一步对比研究2005年和2012年智力资本对盈利能力的影响差异。
在研究设计上，本文用智力增值系数（VAIC）模型对中国上市公司智力资
构成要素对企业盈利能力的影响，比已往关于智力资本对盈利能力的影响研究
更加系统。在研究对象上，本文参照中国证监会于 2012 年公布的《上市公司行
业分类指引》中的分类标准选取制造业上市公司。并且将制造业上市公司再细
分类别，分别研究制造业中不同类别的上市公司智力资本对盈利能力的影响，
使研究具备更强的针对性。在研究方法上，采用对比分析法，选取制造业上市
公司 2005 年与 2012 年的相关数据，对比研究企业智力资本对盈利能力的影响，
避免了已有研究大多采用企业一个年度或 3-5 年间的相关数据为样本的局限性，
拓展了已有研究的内容。研究发现，中国制造业上市公司的智力资本各要素对
盈利能力有正面影响，且影响程度与行业性质有关。从中国着手建设创新型国
家至今，制造业上市公司智力资本各构成要素对企业盈利能力的影响逐渐趋于
均衡。
基于以上研究结论，建议中国制造业企业从行业性质入手，有针对性地进
行智力资本开发管理，实现智力资本各要素的均衡发展，以提升企业盈利能力，
增强在国际市场上的优势。
关键词: 智力资本；盈利能力；制造业III
ABSTRACT
In the knowledge economy time, knowledge is gradually replacing traditional
factors of production, such as equipment、fund、raw material and labor, as a chief
resource of corporate development. Research of knowledge and corporate
development is now occupying an important area of management research, while
Intellectual Capital Theory provides a new angle to these researches. This paper
studies the impact of intellectual capital and its inscape upon corporate profitability of
manufacturing companies by building multiple linear regression model. It also makes
a comparative research using data of 2005 and 2012.
In the respect of research design, this paper uses Value Added Intellectual
Coefficient （ VAIC ） model to make systematically research on the impact of
intellectual capital and its inscape upon Chinese corporate profitability, making this
paper more systemic than previous relevant research. In the respect of research
subject, this paper chooses manufacturing listed companies refer to the 《Industry
Classification of Listed Company》 published by China's Securities Regulatory
Commission. I divide manufacturing listed companies into seven segments to make
this research more specific. As to research method, this paper compares the impact
effect between 2005 and 2012, to avoid limitations and broaden extent of previous
research.The result of research reveals the positive impact of intellectual capital and
its inscape upon corporate profitability, whose degree related to the nature of the
industry. The result also shows a balance trend of the impact effect in recent years.
On the basis of the research conclusion, I suggest manufacturing companies to
develop and manage intellectual capital without neglecting their nature of industry to
achieve balanced development of intellectual capital, thus improve the corporate
profitability and secure an invincible position on world market.
Keywords: Intellectual Capital Corporate Profitability Manufacturing Industry