Intellectual capital can not only help companies to obtain sustainable competitive advantage, but also serve as a key factor in corporate performance improvement and value creation. For knowledge-intensive and technology-intensive renewable energy companies, the effective management of intellectual capital is particularly important. However, there is a huge gap between the book value of renewable energy companies and their market value. It will be difficult to establish the most appropriate development strategy for companies by evaluating the corporate performance only based on financial indicators. Therefore, studying the value creation effect of intellectual capital will not only make new energy companies pay more attention to the intellectual capital management, but also help renewable energy companies achieve sustainable corporate performance. By choosing the listed renewable energy companies from 2010 to 2016, this paper conducts an empirical research based on the Ohlson model and use quantile regression to analyze the impacts of value-added intellectual coefficient (VAIC) on sustainable performance at different life cycle stages. The results confirm that increasing the VAIC creates value for enterprises. It also examines the effect of life cycle on this impact, and the result shows that it does not change the significant positive correlation with the economic sustainable performance at different life cycle quantiles. This paper also concludes that value-added human capital coefficient (VAHU) and value-added capital assets coefficient (VACA) are the most important component of intellectual capitals to economic sustainable performance at the growth stage, maturation stage, and decline stage. Thus, it is suggested that renewable energy enterprises should emphasize on corporate intellectual capital management activities and design intellectual capital management solutions specifically for a certain life cycle stage.

中文翻译：

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如何使可再生能源企业保持经济可持续发展绩效：从智力资本和生命周期的角度

智力资本不仅可以帮助公司获得可持续的竞争优势，而且可以作为改善公司绩效和创造价值的关键因素。对于知识密集型和技术密集型可再生能源公司而言，有效管理智力资本尤为重要。但是，可再生能源公司的账面价值与其市场价值之间存在巨大差距。仅根据财务指标评估公司绩效将难以为公司建立最合适的发展战略。因此，研究智力资本的价值创造效应，不仅使新能源公司更加重视智力资本管理，而且有助于可再生能源公司实现可持续的企业绩效。通过选择2010年至2016年间上市的可再生能源公司，本文基于Ohlson模型进行了实证研究，并使用分位数回归分析了增值智力系数（VAIC）在不同生命周期阶段对可持续绩效的影响。结果证实，增加VAIC可以为企业创造价值。它还检查了生命周期对此影响的影响，结果表明，在不同生命周期分位数下，它并未改变与经济可持续表现的显着正相关。本文还得出结论，增值人力资本系数（VAHU）和增值资本资产系数（VACA）是智力资本在增长阶段，成熟阶段，和下降阶段。因此，建议可再生能源企业应着重于公司的智力资本管理活动，并针对特定生命周期阶段设计智力资本管理解决方案。