智力资本信息披露具有价值相关性吗
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摘要
以中国高科技上市公司的智力资本信息披露大样本数据为基础,分析智力资本信息披露与企业市场价值间相关性,实证结果表明,总体智力资本信息披露与企业市值间存在显著为正的相关性,但在智力资本内部,只有人力资本信息披露存在对企业市值显著为正的作用,结构资本信息披露与市场价值间不存在显著的相关性。总体智力资本、人力资本信息披露与市场价值间的相关性在不同的公司治理水平、产权性质下表现出异质性。相较于国有控股的企业,非国有控股的企业的总体智力资本、人力资本信息披露与市场价值间具有更强的相关性。对于结构资本信息披露而言,不管企业国有控股与否,其都不具有价值相关性。在科创板即将推出之际,建议监管部门加快制定科创企业的智力资本信息披露规范,推进其现代公司治理机制的建设;同时,科创板企业应积极培育结构资本要素,提高信息透明度。
Based on the large sample data on intellectual capital information disclosed by China's listed hi-tech companies,we empirically investigated the correlation between the disclosure of intellectual capital information and the market value of enterprises. The empirical results showed that the disclosure of general intellectual capital information was significantly positively correlated with the market value of enterprises. Within the intellectual capital,however,the disclosure of only human capital information was significantly positively correlated with the market value of enterprises,whereas the disclosure of structural capital information was not significantly correlated with the market value of enterprises. The degree of correlation between the disclosure of general intellectual capital information and human capital information and market value varied with the level of corporate governance and nature of property rights. Compared with state-controlled listed companies,the disclosure of general intellectual capital information and human capital information by non-state-controlled listed companies was more significantly correlated with market value. The disclosure of structural capital information by listed companies( regardless of whether state-controlled) was not value-relevant. As the Science and Technology Innovation Board is about to be launched,we offer the following suggestions: 1) the regulatory authorities should promulgate the norms for disclosure of intellectual capital information by hi-tech startups,thus promoting the construction of modern corporate governance mechanisms; 2) hi-tech startups should actively foster structural capital elements and improve the transparency of their information disclosure.
Based on the large sample data on intellectual capital information disclosed by China's listed hi-tech companies,we empirically investigated the correlation between the disclosure of intellectual capital information and the market value of enterprises. The empirical results showed that the disclosure of general intellectual capital information was significantly positively correlated with the market value of enterprises. Within the intellectual capital,however,the disclosure of only human capital information was significantly positively correlated with the market value of enterprises,whereas the disclosure of structural capital information was not significantly correlated with the market value of enterprises. The degree of correlation between the disclosure of general intellectual capital information and human capital information and market value varied with the level of corporate governance and nature of property rights. Compared with state-controlled listed companies,the disclosure of general intellectual capital information and human capital information by non-state-controlled listed companies was more significantly correlated with market value. The disclosure of structural capital information by listed companies( regardless of whether state-controlled) was not value-relevant. As the Science and Technology Innovation Board is about to be launched,we offer the following suggestions: 1) the regulatory authorities should promulgate the norms for disclosure of intellectual capital information by hi-tech startups,thus promoting the construction of modern corporate governance mechanisms; 2) hi-tech startups should actively foster structural capital elements and improve the transparency of their information disclosure.
引文
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[10]傅传锐.公司治理改进了智力资本的价值创造效率吗?——基于我国A股上市公司的分位数回归估计[J].中大管理研究,2014(3).
[11]钟海燕,冉茂盛,文守逊.政府干预、内部人控制与公司投资[J].管理世界,2010(7).
[12]杨瑞龙,王元,聂辉华.“准官员”的晋升机制:来自中国央企的证据[J].管理世界,2013(3).
[13]傅传锐,洪运超.公司治理、产品市场竞争与智力资本自愿信息披露——基于我国A股高科技行业的实证研究[J].中国软科学,2018(5).
[14]Lee A.,White G.,and Tower G.,2007. Drivers of Voluntary Intellectual Capital Disclosure in Listed Biotechnology Companies. Journal of Intellectual Capital,Vol. 8,No. 3:517-537.
[15]Cordazzo M.,and Vergauwen P. G.,2012. Intellectual Capital Disclosure in the UK Biotechnology IPO Prospectuses. Journal of Human Resource Costing&Accounting,Vol. 16,No. 1:4-19.
[16]Boujelbene M. A.,and Affes H.,2013. The Impact of Intellectual Capital Disclosure on Cost of Equity Capital:A Case of French Firms. Journal of Economics,Finance and Administrative Science,Vol. 18,No. 34:45-53.
[17]靳庆鲁,原红旗.公司治理与股改对价的确定[J].经济学(季刊),2008(1).
[18]张会丽,陆正飞.现金分布、公司治理与过度投资——基于我国上市公司及其子公司的现金持有状况的考察[J].管理世界,2012(3).
[19]姚颐,赵梅.中国式风险披露、披露水平与市场反应[J].经济研究,2016(7).
[20]陈信元,陈冬华,朱红军.净资产、剩余收益与市场定价:会计信息的价值相关性[J].金融研究,2002(4).
[21]Ohlson J. A.,1995. Earnings,Book Values,and Dividends in Equity Valuation. Contemporary Accounting Research,Vol. 11,No. 2:661-687.
(1)标准化公式为:s=(x-m)/d,其中,s为标准化后的特征变量,x、m与d分别为标准化前的特征变量及其均值与标准差。
[2]Orens R.,Aerts W.,and Lybaert N.,2009. Intellectual Capital Disclosures,Cost of Finance and Firm Value. Management Decision,Vol. 47,No. 10:1536-1554.
[3]Anam O. A.,Fatima A. H.,and Majdi A. R. H.,2011. Effects of Intellectual Capital Information Disclosed in Annual Reports on Market Capitalization:Evidence from Bursa Malaysia. Journal of Human Resource Costing&Accounting,Vol. 15,No. 2:85-101.
[4]Vafaei A.,Taylor D.,and Ahmed K.,2011. The Value Relevance of Intellectual Capital Disclosures. Journal of Intellectual Capital,Vol. 12,No. 3:407-429.
[5]Gamerschlag R.,2013. Value Relevance of Human Capital Information. Journal of Intellectual Capital,Vol. 14,No. 2:325-345.
[6]Ellis H.,and Seng D.,2015. The Value Relevance of Voluntary Intellectual Capital Disclosure:New Zealand Evidence. Corporate Ownership&Control,Vol. 13,No. 1:863-879.
[7]冉秋红,罗嫣,赵丽.上市公司智力资本信息披露的实证分析及改进设想[J].经济管理,2007(22).
[8]张丹.我国企业智力资本报告建立的现实基础:来自上市公司年报的检验[J].会计研究,2008(1).
[9]Anifowose M.,Abdul Rashid H. M.,and Annuar H. A. et al.,2017. Intellectual Capital Disclosure and Corporate Market Value:Does Board Diversity Matter? Journal of Accounting in Emerging Economies,Vol. 7,No. 3:369-398.
[10]傅传锐.公司治理改进了智力资本的价值创造效率吗?——基于我国A股上市公司的分位数回归估计[J].中大管理研究,2014(3).
[11]钟海燕,冉茂盛,文守逊.政府干预、内部人控制与公司投资[J].管理世界,2010(7).
[12]杨瑞龙,王元,聂辉华.“准官员”的晋升机制:来自中国央企的证据[J].管理世界,2013(3).
[13]傅传锐,洪运超.公司治理、产品市场竞争与智力资本自愿信息披露——基于我国A股高科技行业的实证研究[J].中国软科学,2018(5).
[14]Lee A.,White G.,and Tower G.,2007. Drivers of Voluntary Intellectual Capital Disclosure in Listed Biotechnology Companies. Journal of Intellectual Capital,Vol. 8,No. 3:517-537.
[15]Cordazzo M.,and Vergauwen P. G.,2012. Intellectual Capital Disclosure in the UK Biotechnology IPO Prospectuses. Journal of Human Resource Costing&Accounting,Vol. 16,No. 1:4-19.
[16]Boujelbene M. A.,and Affes H.,2013. The Impact of Intellectual Capital Disclosure on Cost of Equity Capital:A Case of French Firms. Journal of Economics,Finance and Administrative Science,Vol. 18,No. 34:45-53.
[17]靳庆鲁,原红旗.公司治理与股改对价的确定[J].经济学(季刊),2008(1).
[18]张会丽,陆正飞.现金分布、公司治理与过度投资——基于我国上市公司及其子公司的现金持有状况的考察[J].管理世界,2012(3).
[19]姚颐,赵梅.中国式风险披露、披露水平与市场反应[J].经济研究,2016(7).
[20]陈信元,陈冬华,朱红军.净资产、剩余收益与市场定价:会计信息的价值相关性[J].金融研究,2002(4).
[21]Ohlson J. A.,1995. Earnings,Book Values,and Dividends in Equity Valuation. Contemporary Accounting Research,Vol. 11,No. 2:661-687.
(1)标准化公式为:s=(x-m)/d,其中,s为标准化后的特征变量,x、m与d分别为标准化前的特征变量及其均值与标准差。