Product Market Competition,Internal Governance And Intellectual Capital Voluntary Disclosure

With the advent of the era of knowledge economy,science and technology and information technology have become increasingly important in socialized production.Socialized productive activities have been transforming from one pattern centered on traditional productive factors such as land,material resources and monetary capital into another one centered on intellectual capital elements including human resource quality,organizational operation efficiency,intangible assets,innovation ability and market relations of enterprise.The intellectual capital elements also become the important embodiment of the core competitiveness of the enterprise and the key to guarantee the sustainable development ability accordingly.In this context,more and more stakeholders in the capital market will shift the focus of the information disclosure of listed companies to intellectual capital information.Under the modern corporation managing system of separation of ownership and management,information asymmetry,agency conflict and other governance issues are generated accordingly.Based on this,revealing the influencing factors of enterprise intellectual capital information disclosure level and putting forward the corresponding policy suggestions from the corporate governance aspect also become one of the hot issues in the field of current research of corporate finance.Based on previous research results and taking all listed companies of high-tech industry in China's A-share market as samples from 2011 to 2013,this paper applies content analysis to construct the corporate internal governance indices at different levels,and then empirically investigates the influence of corporate internal governance mechanism on the level of voluntary disclosure of intellectual capital information(ICVDI).What's more,group regression analysis is conducted for all sample companies according to the competition degree of product market to explore the state dependence of product market competition and internal governance mechanism on the level of voluntary disclosure of intellectual capital information.According to the empirical research,the following conclusions are drawn:(1)Although the average level of voluntary disclosure of intellectual capital information of high-tech companies is still low,it presents a trend of increasing year by year and the gap between companies is narrowing.(2)The internal governance mechanism mainly includes shareholder governance,the board and supervisory board governance and management incentive governance.Excellent corporate internal governance mechanism has significantly positive effects on ICVDI.(3)As one of the important external governance mechanisms,there exists a complementary relationship between product market competition and corporate internal comprehensive governance level including shareholder governance and management incentive governance in improving ICVDI.While,there exists an alternative relationship between product market competition and the board and supervisory board governance in promoting ICVDI.After the research,this paper argues that the capital market supervision department should improve the detailed information disclosure guidelines and regulations as soon as possible to provide policy guidance for improving the level of intellectual capital information disclosure of enterprises.Enterprises should continue to establish and improve rational and efficient internal governance structure,and match the internal and external governance mechanism optimally according to the market competition environment so that it can maximize the positive utility of the internal and external governance mechanism to improve the level of voluntary disclosure of intellectual capital information.