A Study On The Relationship Between Intellectual Capital Information Disclosure And Firm Value Under The Perspective Of Analysts Following

In the era of knowledge economy, intellectual capital has surpassed tangible assets, becoming the most important element of firm competitiveness. As a result of the existence of intellectual capital, the gap between enterprise market value and book value is widening, however, intellectual capital has no physical form and is hard to be observed directly, investors could only through intellectual capital voluntary information disclosure content to understand it. So investors are eager to hope that companies could disclose intellectual capital information on a high level, at the same time, regulators have promulgated relevant policies t o encourage enterprises disclose non-financial information actively, including intellectual capital information. Based on reviewing the existed literature, we found that enterprise intellectual capital information voluntary disclosure level will not only a ffect firm value, but also affect the number of analysts who follows the firm.Under the perspective of analysts following, this article study the relationship between intellectual capital information disclosure and firm value, exploring whether analysts f ollowing plays an information intermediary role between intellectual capital information disclosure and firm value.With the high-tech firms in motherboard A-share stock market of Shanghai and Shenzhen from 2010 to 2013 as research object, Based on the principal-agent theory, stakeholder theory, asymmetric information theory and signal transfer theory, collected intellectual capital information from enterprise annual report and official network, this paper empirically tested the relationship between intell ectual capital voluntary information disclosure and firm value, the relationship between intellectual capital voluntary information disclosure and analysts following,and whether analysts following played a conductive role in the relationship. The research results show that intellectual capital voluntary information disclosure level is significantly positively related to firm value; analysts tend to follow the companies which with higher intellectual capital information disclosure level; Analysts following p lays a partial intermediary role between the relationship. Finally, in view of the research conclusion, we put forward the corresponding policy recommendations, firstly, the level of intellectual capital voluntary information disclosure should be enhanced, the government should encourage firms to adopt a variety of channels to disclose intellectual capital information; Secondly, the government should improve intellectual capital information disclosure supervision level, and speed up the formulate unified intellectual capital information disclosure rules, bring non-financial information into the regulation;in the end, the government should encourage analysts team to develop and improve the professionalism of securities analysts. This paper adopts a new perspective to explore a possible path of the ways how intellectual capital information disclosure impact firm value.