Analysis on Financial Value of Relationship Capital: A Case Study of SAIC Motor

摘要

As the recessive financial capital outside the legal organizational structure of enterprises, relationship capital has the characteristics of dynamics, asymmetry and difficulty to measure, which indicates that it is extremely challenging to measure its financial value. Based on the measurement of financial value created by relationship capital, this paper constructs a quantitative index system to measure the financial value of relationship capital by sorting out the existing research literature and systematically summarizing the ways to create financial value of enterprise's relationship capital. Based on the empirical results from SAIC Motor, it is shown that the Tobin Q values of SAIC Motor in the past four years are all greater than 1 and show an increasing trend, that is, their market values are above the book value; Relationship capital is positively correlated with enterprise value. Among them, social and horizontal relationship capital plays a more significant role in promoting enterprise value, followed by vertical relationship capital, horizontal relationship capital and employee relationship capital.