*VAICTM Measuring Intellectual Capital Performance in Mainland China with VAICTM

23 Dec 2010Dr. Sam Chu

*AgendaIntroduction ()

Literature Review ()10 Companies with highest VAICTM among CSI 100Knowledge Management ()References ()

*Introduction 1Economy Worldwide is transforming into a knowledge-based economyeconomic value () is derived from intellectual capital (IC), rather than physical capital ()(Sveiby 1997; Pulic 1998; Bontis 2001; Chen st al. 2005)way of value creation in new economy is shiftingtraditional accounting measures no longer adequate in reflecting companies true performance

*Introduction 2Different IC models and valuations methods To better reflect the invisible value () not captured in financial statements () (Lev & Zarowin 1999; Edvinsson & Malone 1997)Forty-two valuation methodologies(42) on measuring intangible assets () (Sveiby 2010)

*Introduction 3Seems to have a Relationship between IC and business performance ()(Firer & Williams 2003; Chen et al. 2005; Shiu 2006; Chan 2009b; Zghal & Maaloul 2010)

*Introduction 4Prior IC studies focused on companies in Europe and North America(Pulic 2000b; Zghal & Maaloul 2010; Nazari & Herremans 2007; Riahi-Belkaoui 2003)emerging economies (e.g. China) are gaining global importance()China second-largest economy in the world ()The worlds number one exporter ()

(CIA, 2010a)

*Introduction Why this study?Lack of IC studies in Mainland China This study aims to investigate on the current status () of IC performance of businesses in mainland ChinaHeightening the awareness for corporate leaders () to manage intellectual capital utilization in their organizations

*AgendaIntroduction ()

Literature Review ()

10 Companies with highest VAICTM among CSI 100Knowledge Management? ()References ()

*Literature Review 1Intellectual Capital ()The concept of intellectual capital (IC) first appeared in a book published in 1836 by Nassau William Senior IC (Senior)

No single definition of IC evolved from different academic disciplines

(Marr, 2007)

*Literature Review 2Intellectual CapitalA tripartite model for IC, comprising human capital ()external capital ()(e.g. relationships with customers and suppliers)internal capital ()(e.g. patents, technology and systems)(Sveiby, 1997)

Suresh Cuganesan 2000

*Literature Review 3Intellectual CapitalIC economic value of structural capital and human capital of a company(Petty and Guthrie, 2000)Human capital () is the individual knowledge stock of an organization as represented by its employees.(Bontis, 2000, p. 87)

*Literature Review 4Intellectual CapitalStructural capital ()= all non-human storehouses of knowledge in organizations includingdatabasesorganizational chartsprocess manualsstrategiesroutines &anything whose value to the company is higher than its material value(Bontis et al., 2000)

*Literature Review 5Intellectual CapitalReviewed the 25 methods to measure the value of intangible assets (), and grouped them under four categories (): financial valuation value measurement value assessment Measurement (Andriessen, 2004)

Literature Review 6Intellectual CapitalSome of the more well-known methods

Economic value addedTM (), Market-to-book value, and VAICTM are categorized as financial valuation methods (). (Andriessen, 2004)

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*Literature Review 7Intellectual CapitalSveiby (2010) classified various methodologies into 4 categories:return-on-assets methods ( ROA)direct intellectual capital methods ()market capitalization methods ()scorecard methods ()

*Literature Review 8Intellectual CapitalVAICTM is best fit under the ROA method category (),useful to illustrate the financial value of intangible assetscan be compared between same-sector companies ()

(Sveiby, 2010)

*Literature Review 1VAICTM MethodologyValue added intellectual coefficient ( VAICTM), developed by Ante Pulic, is a valuation methodology to assess the efficiency of key resources in business organizations () (Pulic, 2000a). adding value and creating wealth through employing physical capital , human capital , structural capital

*Literature Review 2VAICTM MethodologyThe key assumption () is that human capital is an investment, not a cost. Value-added = Output InputValue-added intellectual coefficient defined through its components:human capital coefficient,structural capital coefficient,physical capital employed coefficient

Literature Review 3VAICTM MethodologyBusiness managers have an indicator with which to study and monitor the companys value creation efficiency due to IC

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*Literature Review 4VAICTM MethodologyFive steps for calculation VAICTM(Pulic 2000a; Kujansivu & Lonnqvist 2007; Chan 2009a)

Step 1Calculate value added ( VA): VA = Output Input

where Output represents total income from all the products and services sold on the market () and Input contains all the expenses incurred in earning the revenue except manpower costs(), as they are treated as investments.

*Literature Review 5VAICTM Methodology

)

Step 1Calculate value added (VA): VA = Output Input

where R = retained earnings(); DD = dividends (); T = taxes(); EC = total employee expenses viewed as investments(); D + A = depreciation and amortization(); and OP = Operating profit ()

VA = R + DD + T + EC + D + A = OP + EC + D + A

*Literature Review 6VAICTM MethodologyStep 2Calculate human capital efficiency (HCE):

HCE is expressed as the amount of value-added generated per monetary unit invested in manpower ():HCE = VA / HC

HC represents human capital, may be calculated using payroll costs (Pulic, 2000a)

*Literature Review 7VAICTM MethodologyStep 3Calculate structural capital efficiency (SCE):

SCE = SC / VA

SC (structural capital) = VA HC SCE proportion of total value added accounted for by structural capital ().

*Literature Review 8VAICTM MethodologyStep 4Calculate capital employed efficiency (CEE):CEE = VA / CE

CE = book value of firms net assets (such as physical assets and financial capital), which is a proxy for tangible resources. ()

*Literature Review 9VAICTM MethodologyStep 5Calculate VAICTM:VAICTM = HCE + SCE + CEE

Sum of the results from steps 2 to 424

Mahesh 1996

*Literature Review Limitations of the VAICTM MethodologyInability to handle companies with negative book value of equity ()or negative operating profit ()

Interactions among the components of intellectual capital

(Bontis et al., 2000)

*Literature Review Advantages for using VAICTMApply widely in different contexts due to its ease of administration

Objective and financially-based measure of IC efficiency as it makes use of audited financial data () (Chan, 2009a)Standardized and objective measurement ()(Firer and Williams, 2003)

*Literature Review Prior studies of IC outside Mainland ChinaUK - Zghal 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.Taiwan - intellectual capital had a positive impact on market value and financial performance (Chen et al., 2005).India - high correlation between VAICTM score and business survivalMost of the surveyed banks with low VAICTM score were subsequently merged, liquated, or even ceased operation.

*Literature Review 1Prior studies of IC in Hong KongPetty & Cuganesan (2005) did content analysis of 250 annual reports collected in three different years (1992, 1998, and 2002)Low levels () of voluntary IC disclosure, but grew over time company financial success was positively correlated () with voluntary IC disclosurehigher level of growth was observed in companies which voluntarily disclosed their IC in their annual reports.

*Literature Review 2Prior studies of IC in Hong KongChan (2009a, 2009b) laid the groundwork () for IC research and developed the framework for empirical IC studies in Hong Kong no strong association () between IC and four corporate financial indicators in constituent companies of the Hang Seng Index for 2001 - 2005moderate association was found between the individual components of IC and corporate financial indicators

Literature Review 3Prior studies of IC in Hong KongChu, Chan & Wu (2011) studied the constituent companies of the Hang Seng Index for 2001 - 2009As measured by VAICTM, IC was positively associated with profitability of businesses.VAICTMIn particular, structural capital, a key component of IC, played a notable part in enhancing corporate profitability

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*Literature Review

Literature gap: Cant find IC studies for mainland China

*AgendaIntroduction ()Literature Review ()

10 Companies with highest VAICTM among CSI 100

Knowledge Management ()References ()

*Top 10 companies with the highest VAICTM among CSI 100 for year 2009

IDEntity nameCSRC Sector HCE SCE CEE ICE VAIC 600663 Shanghai Lujiazui Finance and Trade Zone Development Co LtdReal estate33.1350.9700.12834.10534.233000568 Lu Zhou Lao Jiao Co., LtdManufacturing (Food & Beverage)12.6070.9210.43013.52713.958600900 China Yangtze Power Co LtdUtilities11.3510.9120.05412.26312.317600048 Poly Real Estate Group Co., LtdReal estate11.0590.9100.06511.96912.033600642 Shenergy Co LtdUtilities10.3850.9040.13111.28911.420600350 Shandong Expressway Co LtdTransportation8.9270.8880.2889.81510.103000402 Financial Street Holdings Co., LtdReal estate8.8940.8880.0539.7829.835000792 Qinghai Salt Lake Potash Co., LtdManufacturing (Petrochemicals)8.1390.8770.2689.0169.284601111 Air China LtdTransportation7.9170.8740.1238.7918.914601899 Zijin Mining Group Co LtdMining7.7540.8710.2868.6258.910

*AgendaIntroduction ()Literature Review ()10 Companies with highest VAICTM among CSI 100

Knowledge Management ()

References ()

*What is KM? KM is the systematic(), explicit and deliberate building, renewal and application of knowledge to maximize an enterprises knowledge-related effectiveness and returns from knowledge assets () (Karl Wiig, 1997)

*Intellectual Capital and Knowledge Management Hermans (2005)

*Next Phase of research: Linking IC to KMSurvey & interview mainland companies investment in IC and KM

*Contact meQuestions?

Dr. Sam Chu Assistant Professor Division of Information & Technology StudiesDeputy Director, CITEFaculty of Education, The University of Hong KongPokfulam Road, Hong Kong.

Tel: (852) 2241-5894Email: samchu@hku.hkHomepage: http://web.edu.hku.hk/academic_staff.php?staffId=samchu

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References 1Andriessen, 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 Erlbaum, New Jersey.

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References 2Edvinsson, L. and Malone, M.S. (1997), Intellectual Capital: Realizing Your Companys 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/special-address/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, Journal of Intellectual Capital, Vol. 8 No. 4, pp. 595-609.

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References 3Kamath, 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. 40-50.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.vaic-on.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.vaic-on.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 the resource-based and stakeholder views, Journal of Intellectual Capital, Vol. 4 No. 2, pp. 215-226.

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References 4Shiu, 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.Zghal, 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

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