Empirical Study on the Relationship between Intellectual Capital and Corporate Value: A Quantile Regression Approach

Based on Chinese listed companies' data of 2003-2005, this paper adopts quantile regression approach to empirically investigate the relationship between various resources and corporate value. The results show that the physical capital has a significant positive impact on all listed companies' value, and the impact becomes stronger when the company's value goes up. Human capital has a stable positive effect on corporate value for most companies, but it can't significantly influence the companies with high value. Structural capital only positively affects those companies with median value. And the authors still find that in all companies the influence of physical capital on corporate value is stronger than that of intellectual capital. Accordingly, we analyze the factors that may affect the findings.