Intellectual Capital, Slack Resources and Corporate Value: Empirical Analysis of a Moderating Effect Model

This paper choose Chinese high-tech listed companies as the samples to testify the slack resources’ moderating role between intellectual capital and corporate value. The results based on hierarchical moderating regression (HMR) show that intellectual capital of high-tech listed companies not only has a significant influence on corporate value creation, but also has a significant impact on the perception and evaluation to corporate market value by capital market in China. Slack resources indeed have a significant moderating effect between intellectual capital and corporate value. It can significantly moderate the relationship between human capital, innovation capital and customer capital and corporate value. That is to say, slack resources not only can promote the elements of intellectual capital to create more value, but also improve value realization of intellectual capital on capital market. The more slack resources the firms have, the more significant and stronger of intellectual capital affecting enterprises value

Research on the Relationship between Intellectual Capital and Corporate Value: Based on Life Cycle Theory

The results from subgroup regression analysis of the high-tech listed companies show that intellectual capital not only has a significant influence on corporate value creation, but also has a significant influence on the perception and evaluation to companies’ market value by capital market. Company’s life cycle indeed has significant effects on the relations between intellectual capital and corporate value. In different stage of life cycle, intellectual capital plays different roles in value creation and realization. The overall IC plays the most important role in the maturing stage of companies. While in the growth stage, human capital and innovation capital are the main elements of value creation and they both significantly enhance corporate value. In the stagnant stage, human capital becomes the main factor to enhance corporate value. Therefore, basing on specific stage of companies life cycle managers should make appropriate strategies to invest and manage Intellectual capital to maintain competitive advantage in the complex and competitive environment

Reverse time migration for inverse acoustic scattering by locally rough surfaces

Consider the inverse scattering of time-harmonic point sources by an infinite rough surface which is supposed to be a local perturbation of a plane. A novel version of reverse time migration is proposed to reconstruct the shape and location of the rough surface. The method is based on a modified Helmholtz-Kirchhoff identity associated with a special rough surface, leading to a modified imaging functional which always reaches a peak on the boundary of the rough surface for sound-soft case and penetrable case, and hits a nadir on the boundary of the rough surface for sound-hard case. Numerical experiments are presented to show the powerful imaging quality, especially for multi-frequency data.Comment: 29 pages,26 figure

Simultaneous recovery of a locally rough interface and the embedded obstacle with the reverse time migration

Consider the inverse acoustic scattering of time-harmonic point sources by an unbounded locally rough interface with bounded obstacles embedded in the lower half-space. A novel version of reverse time migration is proposed to reconstruct both the locally rough interface and the embedded obstacle. By a modified Helmholtz-Kirchhoff identity associated with a planar interface, we obtain a modified imaging functional which has been shown that it always peaks on the local perturbation of the interface and on the embedded obstacle. Numerical examples are presented to demonstrate the effectiveness of the method.Comment: 21 pages, 19 figure