Research On The Impact Of Intellectual Capital Information Disclosure On Enterprise Value Of Listed Companies

In a new era dominated by knowledge,supported by capital and driven by scientific and technological innovation,intellectual resources such as knowledge and reputation are gradually replacing traditional production factors such as labor force,land and equipment,and intellectual capital has become a key resource for enterprises to win competitive advantages.It is that breakthrough issue of enterprise development and the important support of investor to make decision on how to obtain full intellectual capital information so as to effectively utilize intellectual capital.It has been proved that the disclosure of intellectual capital information can promote the innovation technology of enterprises,ease the financing constraints,and significantly improve the competitiveness of enterprises,as well as enhance the value of enterprises.As it turns out,the promotion effect of intellectual capital information disclosure on enterprise value has been perceived and utilized by people.Enterprise managers,market investors and government regulators all try to pursue more intellectual capital information.Meanwhile,as the development of information technology and the popularization of intelligent mobile phone,the creation of Weibo,WeChat and so on self-media has certainly speeded up the disclosure and acquisition speed of intelligence capital information.Since the arrival of the media era,what are the impacts of the traditional information dissemination and market information,and what are the challenges and opportunities of the capital markets and the public corporation? Few existing literature have conducted in-depth discussions on this issue,mostly focusing on the impact of information disclosure on enterprise value.Few people have conducted in-depth analysis of the impact of information disclosure of multi-source intellectual capital on enterprise value,while studies on the impact of information disclosure of intellectual capital on enterprise value under different approaches are more rare.In view of this,this document is based on that theory of signal transmission,entrustment agent,financing constraint and investor behavior,the research on the value of intellectual capital information is influenced by intellectual capital information,and it builds the framework of theoretical analysis on the value of intellectual capital information,which reveals the mechanism of the action of intellectual capital information on the value of the enterprise.To build a multi-source intellectual capital information disclosure index and expand the research ideas of intellectual capital information disclosure affecting enterprise value,in order to provide practical reference for enterprise development,investor decision-making and government department supervision.The main contents include:First,based on the theories of signal transmission,principal-agent,financing constraints and investor behavior,this paper uses literature research and normative research to theoretically analyze the impact of intellectual capital information disclosure on enterprise value and build an overall theoretical analysis framework for the impact of intellectual capital information on enterprise value.In the theoretical analysis,the mechanism and transmission path of intellectual capital information disclosure affecting enterprise value are emphasized.Based on the signal transmission theory,the direct impact of intellectual capital information disclosure on enterprise value is taken as the research basis.Then,from the perspective of market response and financing constraint,the path of intellectual capital information disclosure affecting enterprise value is analyzed,and the indirect impact of intellectual capital information disclosure on enterprise value is analyzed.Secondly,it constructs the theoretical model of dynamic intellectual capital information disclosure influencing enterprise value,derives the influence of intellectual capital information disclosure on enterprise value from mathematical logic deduction,analyzes the mechanism of intellectual capital information disclosure affecting enterprise value,puts forward research hypothesis,builds the multi-source intellectual capital information disclosure index,and tests it through empirical analysis.The empirical test results show that the information disclosure of intellectual capital can improve the enterprise value,and further analysis finds that the degree of impact of intellectual capital information disclosure on enterprise value is lagging.Thirdly,based on the single-path analysis of the impact of intellectual capital information disclosure on enterprise value from the perspective of market reaction and financing constraints,the empirical models under the single path were constructed respectively to test the impact of intellectual capital information disclosure on enterprise value under the single path.The empirical test results show that the disclosure of intellectual capital information can improve enterprise value.Further analysis shows that investor confidence and financing constraints play a part in the relationship between intellectual capital information disclosure and enterprise value,that is,intellectual capital information disclosure can improve enterprise value by improving investor confidence and alleviating financing constraints.Finally,based on external factors,this paper analyzes the impact of intellectual capital information disclosure on enterprise value,and builds an empirical model from three aspects,namely institutional environment,property nature and investor structure,to test the regulating effects of institutional environment,property nature and investor structure on intellectual capital information disclosure on enterprise value.Empirical test results show that institutional environment,property nature and investor structure play a regulating role in the relationship between intellectual capital information disclosure and enterprise value.Scholars at home and abroad have mostly studied the impact of intellectualcapital on the value of the enterprise,and it has less to do with the impact of intellectual capital disclosure on the value of the enterprise,and most of it is based on a direct,static,direct impact perspective,and very few scholars have been doing it from a dynamic perspective.In addition to the disclosure of intellectual capital,most scholars have only been able to collect from the single traditional source of the annual report,which is very rare to consider the role of the emerging microblogs in the media outlets of the intelligence capital,not to be collected.Based on the signal transmission theory,this paper studies the direct influence of intellectual capital information disclosure on enterprise value,and further studies the indirect influence of intellectual capital information disclosure on enterprise value from the perspective of market response and financing constraint and the influence of external factors.Theoretically,the study can provide theoretical basis for further research on intellectual capital information disclosure and enterprise value,help to reveal the influencing mechanism and effect of intellectual capital information disclosure on enterprise value,help to improve the formation of intellectual capital information disclosure index,and help to enrich and develop the theoretical literature on intellectual capital information disclosure.In practice,it is helpful for enterprises to actively disclose intellectual capital information and improve the quality of information disclosure so as to enhance enterprise value.It helps investors to make more scientific and reasonable investment decisions based on information of intellectual capital.It will help the government regulators formulate a scientific information disclosure system,which will encourage the enterprise to improve the quality of intellectual capital information,and strengthen its effective oversight of the corporation.