Research On The Value Relevance Of Voluntary Disclosure Of China's High-tech Listed Companies' Intellectual Capital Information

In today's industrial economy,traditional manufacturing enterprises are gradually replaced by technology and knowledge enterprises,and intellectual capital has transcended tangible assets and has become the main driving force for enterprise value creation.This drive is reflected in the growing disparity between the market value and the net asset value of the enterprise.The investors in the market are eager to know more information about enterprise intellectual capital to accurately evaluate the value of enterprises.So the value relevance of intellectual capital information affects the operation of the capital market.Recent researches start paying close attention to the value relevance of intellectual capital information disclosure,but fail to find out its affecting factors.Like traditional accounting information,intellectual capital information is an important part of enterprise information disclosure,and its decision-making usefulness will also be affected by the internal and external conditions.Therefore,based on the existing researches,this paper explores the value relevance of voluntary information disclosure of intellectual capital,and further studies its heterogeneity in different corporate governance levels,property rights and marketization.It not only enriches the existing research results on value relevance and corporate governance,but also effectively encourage listed companies to disclose intellectual capital information and improve information disclosure levels in the capital market.Based on efficient market hypothesis theory,signal transmission theory,accounting information mechanism and other related theories,this paper takes A share high-tech listed companies in Shanghai and Shenzhen stock markets from 2011-2013 as the research object and uses the voluntary information disclosure Index of intellectual capital constructed by Fuzhou University intellectual capital information disclosure group to measure the level of intellectual capital information disclosure.According to Ohlson modal,this paper empirically tests the value relevance between voluntary disclosure of intellectual capital and voluntary disclosure of classified capital(human capital and organizational capital),and try to study the heterogeneity of such a value relevance in different corporate governance levels,property rights and marketization degree.Finally,the regression analysis is carried out by removing St and ST*samples,replacing control variables,replacing dependent variables and two-stage regression.The results of regression are consistent and the following conclusions are obtained:(1)The more intellectual capital information the enterprises disclose,the higher stock prices it will get;(2)the more human capital information the enterprises disclose,the higher stock prices it will get;(3)there is no significant relationship between information disclosure and stock price;(4)the enterprises with high corporate governance have higher value relevance between voluntary information disclosure of intellectual capital and that of human capital;(5)compared to state-owned holding enterprises,non-state-owned holding enterprises have higher value relevance between voluntary information disclosure of intellectual capital and that of human capital;(6)the enterprises in the higher marketization process have higher value relevance between intellectual capital and human capital voluntary information disclosure.(7)in all above situations,the disclosure of organizational capital information of enterprises is not of value relevance.Based on the empirical conclusion,this paper puts forward policy suggestions from several aspects:(1)on the one hand,we should encourage the management of listed enterprises to disclose intellectual capital information;on the other hand,related departments supervise its implementation;(2)listed enterprises should improve the level of corporate governance;(3)Government departments should reduce their intervention in the market,give full play to social supervision,and further promote the process of marketization.