Research On The Value Effect Of Information Disclosure Of Knowledge Capital

In the era of knowledge economy,knowledge capital has surpassed tangible assets and has become the main driving factor for enterprise profit.Information disclosure of knowledge capital is beneficial for enterprises to identify and manage knowledge capital.Investors can understand information about enterprise innovation strategy,competitive advantage and development potential based on knowledge capital information disclosure,and rationally evaluate enterprise development prospect and reduce investment risk.At present the academic circles mainly focus on the research of intellectual capital information disclosure of the overall situation or research on human capital,structure capital,relationship capital information disclosure of the impact on corporate value,and the research about mutual influence of the human capital,structure capital,relationship capital information disclosure on enterprise enterprise value is insufficient.On the basis of the existing research results,this paper uses structural equation model to test the impact of human capital information disclosure,structural capital information disclosure and relationship capital information disclosure on enterprise value respectively,and further explores the influence of the interaction of the three parties on the enterprise value.The results show that the disclosure of human capital information,the disclosure of structural capital information and the disclosure of related capital information have significant positive effects on the enterprise value.In addition,there is a significant positive correlation between the three factors.Through further research,it is found that the interaction between human capital information disclosure and structural capital information disclosure has a positive effect on the enterprise value.The interaction between human capital information disclosure and relationship capital information disclosure has a positive effect on the enterprise value,and the interaction between structural capital information disclosure and relationship capital information disclosure also has a positive effect on enterprise value.On this basis,it is suggested that the enterprise management should pay attention to information disclosure of knowledge capital,encourage voluntary disclosure of knowledge capital from many channels,and improve the level of information disclosure of knowledge capital.The supervisor should also improve the supervision system of information disclosure of knowledge capital,integrate the information of knowledge capital into the scope of supervision,strengthen the protection of investors and promote the healthy development of the capital market.