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Along with the human society entered the era of knowledge economy, intellectual capital has become a new growth point of enterprise value. How does the factor of intellectual capital influence the enterprise value? This paper reviews the relevant literatures and analyzes the relationship between intellectual capital and the enterprise value through both theoretical method and empirical method. In the theoretical analysis, we explore the impact of intellectual capital on enterprise value by mechanism and behavior. Then we selected the data of GEM listed companies from 2010 to 2015 for empirical analysis. Through descriptive statistical analysis and multiple regression analysis, we find there is some correlation between the intellectual capital and enterprise value. The empirical results show that material capital, human capital and structural capital are all positively correlated with the enterprise value.

Abstract-In recent years, Internet technology has been developing continuously. Compared with the disclosure of intellectual capital in the traditional environment, the disclosure in big data environment has become diversified from content to form. As the provision and dissemination of capital market information is more timeliness, the means which the public access to information are becoming increasingly varied. Based on the theory of investor sentiment, this paper analyzes the relationship between multi-source intellectual capital information disclosure, investor confidence and corporate value. This paper selects the data of GEM listed companies in China from 2013 to 2015, and uses the regression analysis method to carry on the empirical test. The results show that there is a significant positive correlation between multi-source intellectual capital information disclosure and corporate value, and investor confidence plays a mediating role in the relationship between the intellectual capital information disclosure and the corporate value.