分析了智力资本各要素单独对贝塔的影响路径以及各要素耦合作用时对贝塔的影响路径。人力资本、结构资本及关系资本含量越高,公司的贝塔越小,但是单要素对贝塔影响并不明显,只有三因素耦合作用时,才与公司贝塔显著负相关。在此基础上推导出了考虑智力资本的CAPM修正模型。
This paper discusses the impact mechanism paths of intellectual capital alone factor and intellectual capital cou- pling affecting on the Beta coefficient. Human capital, structural capital and relational capital all have a negative impact on Beta coefficient, But the effect of intellectual capital elements alone is not clear, the negative relation is very significant only when coupled to each of the three. It deduces the modified Capital Assets Pricing Model based on intellectual capital theory.