| With the increasingly important role of the human capital and the weaker signaling effects of traditional financial information, the financial information can?t meet the stakeholders? demand in the knowledge and information economy. In this sense, the human capital disclosure and its effectiveness have received growing research attention. Does the disclosure of human capital related information have the positive effect on the firm performance? What human capital r elated information disclosed will a ffect the firm performance? Will the relationship between human capital disclosure and firm performance be a contingent phenomenon? In this context, I use the data of second-board market where human capital plays a more i mportant role to discuss and analyze the issues above, which aims to prove the effectiveness of human capital disclosure and to motivate firms to disclose human capital information voluntarily, thus promoting the development of stock market in China.First of all, based on the review of the existing literature about human capital disclosure and firm performance, the clear concept of human capital disclosure is summarized. Secondly, combining the analysis of human capital theory, signaling theory, asymmetric information theory, principal-agent theory and efficient markets hypothesis, the paper analyzes the function of human capital disclosure on firm performance. T hirdly, I use the second-board market data to demonstrate empirically the lag effect of human ca pital disclosure on the firm performance from perspectives of financial performance and market performance. In addition, this paper uses knowledge intensity to moderate the relationship between human capital disclosure and firm performance to test the robu stness of empirical results. T he study uses a one-year lag design to avoid reverse causality in exploring the human capital disclosure and performance link. T he main conclusions drawn are as follows:(1) Human capital disclosure has a significantly positiv e impact on firm financial performance and market performance. In addition, the impacts of “Employee Capacity” “Training and Career Development” “Employee Efforts and Compensation” and “Human Capital T ypes” are more significant;(2) The increment of Human capital disclosure has a significantly positive impact on the increment of firm financial performance and market performance;(3) Knowledge intensity has a positive moderation effect on the relationship of human capital information disclosure and firm performance. Finally, according to the empirical conclusions, the paper puts forward some suggestions on the possible way promoting human capital disclosure. |
