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Keywords

intellectual capital, financial performance, life cycle, small and medium manufacturing enterprises

Abstract

Taking manufacturing companies listed on the small and medium enterprise board during 2015-2019 as the research sample,this paper divides the life cycle stages through Dickinson's cash flow portfolio,adopts the modified Value Added Intellectual Coefficient (MVAIC)model to measure intellectual capital,and through empirical analysis explores the impact of intellectual capital on financial performance at different stages of business life cycle.The results show that physical capital,human capital,and structural capital have a significant positive impact on financial performance at all stages of business life cycle;relational capital positively affects financial performance in the recession period,and innovation capital positively affects financial performance in the mature period.Based on the empirical results,this paper puts forward the relevant countermeasures and suggestions for the future development of small and medium manufacturing enterprises.

DOI

10.16315/j.stm.2021.02.005

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