如何创造并保持自身核心优势是企业战略管理领域的研究热点。知识经济时代， 智力资本由于难以被竞争对手复制和模仿，已被公认为企业发展的有效驱动因素，越 来越多的企业在管理实践中加大智力资本投资力度，旨在通过对智力资本的高效管理， 使企业获得更大收益。然而一些高智力资本储备、低成长绩效的实际案例表明，超竞 争环境下智力资本并非企业长足发展的充分条件。因此智力资本对企业绩效的影响机 理并不明晰，有必要进一步深入探索。资源基础论指出，企业竞争优势源于异质资源， 能力基础论则认为企业竞争优势取决于企业能力的高低。能力基础论作为资源基础论 的延伸和拓展，揭示了资源和能力间的相互关系，两种理论的核心观点实际并不矛盾。 因此，在动态变化的知识经济环境下，本文基于知识动态能力角度实证研究智力资本 与企业成长绩效的相关关系，旨在为企业绩效管理提供新的视角。 本文首先通过文献梳理界定智力资本、知识动态能力和企业成长绩效的内涵，并 将智力资本划分为人力资本、结构资本和关系资本三维度，将知识动态能力划分为知 识获取、知识创造和知识整合三维度。同时构建三变量间的相关关系模型，通过选取 326家有效企业样本，基于知识动态能力的视角实证研究智力资本与企业成长绩效的 内在关系。研究结果表明，智力资本三维度对成长绩效有显著正向影响，智力资本三 维度对知识动态能力三维度有显著正向影响，知识动态能力三维度对成长绩效有显著 正向影响。此外，知识动态能力的三个维度均在人力资本与成长绩效、结构资本与成 长绩效、关系资本与成长绩效间起部分中介作用。继而，基于实证结果、结合现实背 景，分别从智力资本和知识动态能力的管理提升两方面对我国企业的健康发展提出行 之有效的对策建议，主要包括注重智力资本的培育，建立智力资本管理体制，加强动 态能力的培育及提升和重视资源与能力的转化。 本研究的价值体现如下： II 第一，目前，动态能力研究多基于组织管理的视角进行界定和划分，且国内在这 方面的研究多集中于高科技企业，本文基于知识管理的视角对动态能力进行界定、划 分，并将研究扩展至传统企业和高科技企业领域，具有一定的探索性意义。 第二，重新整理、归纳并扩充了智力资本、动态能力和企业绩效的相关理论，并 以资源基础理论、动态能力理论和知识基础理论为支撑，搭建智力资本——基于知识 的动态能力——成长绩效分析模型，拓展了相关领域实证研究的视角。 第三，通过实证分析研究智力资本和成长绩效之间的因果关系，可帮助企业管理 者厘清哪些智力资本对企业成长的影响程度较大，哪些智力资本值得重点关注，以充 分发挥智力资本的价值功效，降低投资风险，具有较强的应用价值。 第四，基于实证结果、结合现实背景，本文分别从智力资本和动态能力的管理提 升两方面对我国企业的绩效管理提出对策建议，为现代企业的绩效管理实践提供了新 的思路。 关键词：智力资本；知识管理；动态能力；成长绩效 III RESEARCH ON THE RELATIONSHIP BETWEEN INTELLECTUAL CAPITAL AND GROWTH PERFORMANCE FROM THE PERSPECTIVE OF KNOWLEDGE DYNAMIC CAPABILITY ABSTRACT How to create and maintain its own core advantages is a research hotspot in the field of enterprise strategic management. In the era of knowledge economy, intellectual capital is recognized as an effective driving factor for the development of enterprises because it is difficult to be copied and imitated by competitors. More and more enterprises increase their investment in intellectual capital in the management practice, aiming to make enterprises obtain more profits through the efficient management of intellectual capital. However, some practical cases of high intellectual capital reserve and low growth performance show that intellectual capital is not the sufficient condition for the rapid development of enterprises in the super competitive environment. Therefore, the influence mechanism of intellectual capital on enterprise performance is not clear, so it is necessary to further explore. The resource-based theory points out that the competitive advantage of an enterprise originates from heterogeneous resources, while the capacity-based theory holds that the competitive advantage of an enterprise depends on its capacity. As the extension and expansion of resource-based theory, capacity-based theory reveals the relationship between resources and capacity. The core viewpoints of the two theories are not contradictory in practice. Therefore, in the dynamic environment of knowledge-based economy, this paper empirically studies the relationship between intellectual capital and enterprise growth performance based on the perspective of knowledge dynamic capability, in order to provide a new perspective for enterprise performance management. IV This paper first defines the connotation of intellectual capital, knowledge dynamic capability and enterprise growth performance through literature review, and divides intellectual capital into three dimensions of human capital, structural capital and relational capital, and divides knowledge dynamic capability into three dimensions of knowledge acquisition, knowledge creation and knowledge integration. At the same time, this paper constructs a correlation model among the three variables, and empirically studies the internal relationship between intellectual capital and enterprise growth performance from the perspective of knowledge dynamic capability by selecting 326 effective enterprise samples. The results show that the three-dimensional degree of intellectual capital has a significant positive impact on growth performance, the three-dimensional degree of intellectual capital has a significant positive impact on the three-dimensional degree of knowledge dynamic ability, and the three-dimensional degree of knowledge dynamic ability has a significant positive impact on growth performance. In addition, the three dimensions of knowledge dynamic capability all play a part of intermediary role between human capital and growth performance, structural capital and growth performance, relational capital and growth performance. Then, based on the empirical results and combined with the practical background, the paper puts forward effective countermeasures and suggestions for the healthy development of Chinese enterprises from the aspects of intellectual capital and the management improvement of knowledge dynamic capability, mainly including paying attention to the cultivation of intellectual capital, establishing intellectual capital management system, strengthening the cultivation and promotion of dynamic capability and attaching importance to the transformation of resources and capabilities. The values of this study are as follows: First, at present, the research of dynamic capability is mostly based on the perspective of organizational management, and the research in this field in China is mostly concentrated in high-tech enterprises. This paper defines and divides the dynamic capability based on the perspective of knowledge management, and extends the research to the fields of traditional enterprises and high-tech enterprises, which has certain exploratory significance. Second, it reorganizes, summarizes and expands the related theories of intellectual capital, dynamic capability and enterprise performance, and builds the analysis model of intellectual capital - knowledge-based dynamic capability - growth performance based on the support of resource-based theory, dynamic capability theory and knowledge-based theory, which expands the perspective of empirical research in related fields V Third, through empirical analysis of the causal relationship between intellectual capital and growth performance, it can help managers to clarify which intellectual capital has a greater impact on the growth of enterprises, which intellectual capital should be focused on, in order to give full play to the value of intellectual capital, reduce investment risk, and have strong application value. Fourth, based on the empirical results, combined with the practical background, this paper puts forward countermeasures and suggestions on the performance management of Chinese enterprises from the aspects of intellectual capital and dynamic capability management improvement, which provides a new idea for the performance management practice of modern enterprises. KEY WORDS：Intellectual capital; Knowledge management; Dynamic capability; Growth performance VI 目 录 摘要 I ABSTRACT ................... III 目 录 ............................ VI 一、绪论 ................