Research On The Usefulness Of Intellectual Capital Information Disclosure Of Chinese Public Companies

Information plays a core role in security market operation and function. To maintain fair information and promote information transparency is the key to protecting the investor's interest and realizing resources-compounding. Therefore, the "usefulness" about information disclosure has been one of the important issues in the Empirical Study fields of security market.With the advent of the knowledge economy era, the importance of the knowledge has been above all physical resources, it has replaced the traditional land and capital as the resources of strategic importance. With the improvement of the contributions of knowledge which act as a strategic resource for economic and enterprise value creation, intellectual capital has been considered as the source of enterprise creation and obtainment of sustainable competitive advantage, the users of intellectual capital information increasingly concern about the information. Authorities in order to give the market a positive signal to outside investors about the value of the enterprise, disclosing of intellectual capital information more and more in corporate annual reports, quarterly reports and prospectus. However, there is no formal establishment of intellectual capital information disclosure system. And domestic academia for the intellectual capital of the disclosure of information is later then that of foreign. Therefore, disclosure of intellectual capital empirical research, especially research of usefulness of the intellectual capital disclosure, has very important significance, it is directly related to the necessity and rationality about the disclosure of information of intellectual capital.This paper firstly review and sort out the related literature on existing intellectual capital and information disclosure. based on previous research, combined with the disclosure of the contents of annual reports of listed companies, to establish Chinese capital market index system of information disclosure of the intellectual capital. Based on the established index system of intellectual capital disclosure, to excavate the intellectual capital information project in annual reports from listed companies in China, in the form of a questionnaire survey to understand the decision-making value of the disclosed intellectual capital information of listed companies for investors making investment decisions, that is, whether the disclosed intellectual capital of listed companies is useful information for investors, the survey results show that the disclosure intellectual capital of listed companies information has decision-making value, disclosure of intellectual capital information is useful for investors. Finally, the usefulness of intellectual capital disclosure empirical testing, disclosure of intellectual capital from the market response and the value relevance of intellectual capital reflects the usefulness of information disclosure. The results show disclosing the intellectual capital information of listed companies has the short-term market reaction, intellectual capital information disclosure will help investors to correctly predict the enterprise value next year.In short, the intellectual capital information disclosed by listed companies contains information, which plays an important role for the investors in decision-making. Conclusion of the study support the importance of disclosure of intellectual capital and provides important empirical evidence for China to develop a more comprehensive framework for intellectual capital disclosure.Finally, the author proposes some proposal to improve the information disclosure of listed companies intellectual capital and points out some limitations of this study and put forward some views on the follow-up study.