Research On The Influence Of Intellectual Capital Information Disclosure On Capital Cost Of High-Tech Enterprises

Enterprises in order to achieve long-term development, just relying on the material is not enough, intellectual as an integral part of corporate capital, in its development also plays a role can not be ignored. At different stages of historical development, the level of social productive forces is clearly different, so different capital in the same period to create value of different abilities. In the era of globalization and information technology,enterprises in order to be able to maintain the advantages of competition,innovation and research and development to drive the realization of enterprise value, pay attention to intellectual capital is an inevitable trend. In particular, since the 18th National Congress of the Communist Party of China (CPC), Prof. Xi Jinping's speech on science and technology and innovation aims to show that scientific and technological progress is the foundation of national prosperity. Independent innovation is the soul of national progress. It can be seen,whether it is a country or a business, the importance of intellectual capital is no doubt. At present, there are very limited researches on the economic benefit and capital cost effect of intellectual capital. This paper attempts to study the relationship between intellectual capital disclosure and capital cost of listed companies in China's high-tech enterprises,hoping to study the relationship between intellectual capital Information disclosure play a certain reference role to improve its equity financing and debt financing efficiency,effectively reduce the cost of capital.In this paper, high-tech enterprises, for example, based on the elements of intellectual capital to establish intellectual capital information disclosure quality index system, the sample listed companies to make intellectual capital information disclosure evaluation.Second, the use of PEG model to calculate the cost of equity capital, with interest expenses/ liabilities to calculate the total cost of debt capital, the company size, financial risk, total asset turnover, profitability, growth, ? coefficient, book market value, The ratio of fixed assets to the model is introduced as a control variable, and the hypothesis test is carried out from two aspects: First, the regression model is used to test the influence of the quality of intellectual capital information on the cost of equity capital and the capital cost of debt.Select the model,the introduction of a dummy variable and intellectual capital information disclosure quality of the interactive variables to analyze the impact of intellectual capital information disclosure on the impact of two types of capital costs.The results show that the quality of intellectual capital information disclosure is significantly negatively correlated with the cost of equity capital, which indicates that the improvement of intellectual capital information disclosure can effectively reduce the cost of equity capital. The quality of intellectual capital information disclosure is negatively correlated with the cost of debt capital, The impact of the quality of intellectual capital information disclosure on the cost of equity capital is greater than the impact of the cost of debt capital, which shows that relative to the creditors, shareholders of intellectual capital information disclosure of the quality of dependence on the quality of intellectual capital information disclosure of intellectual capital information Level and concern. Finally, this paper suggests: First, the relevant departments to develop intellectual capital information disclosure norms, to guide enterprises in a separate report form (such as intellectual capital report) to disclose its scope of disclosure, framework content, methods and other provisions to make clear. Second, we must strengthen the company's disclosure of intellectual capital information awareness, improve the quality of information disclosure. Again, to implement differentiated management of different industries, active enterprises of various capital, and then comprehensively improve the overall level of intellectual capital and information disclosure level. Finally, on the one hand, we should pay special attention to and protect the interests of shareholders, and fully mobilize its enthusiasm, so as to improve the quality and efficiency of financing activities; the other hand, the government should strengthen the intellectual capital evaluation and disclosure system, Creditors more understanding and participation in management, to improve the creditor's emphasis on intellectual capital.