Research On Capital Cost Effect Of Intellectual Capital Information Disclosure

The impact of information disclosure on capital cost is an important part of cost-benefit management in business decision-making.Whether the improvement of corporate information disclosure level can enable enterprises to obtain lower capital costs,which will affect the enthusiasm of enterprises for information disclosure and the preference for developing information disclosure strategies.At present,the vigorous development of the knowledge economy has promoted the diversification of intellectual capital forms and played a role in macro social economic,micro enterprise management and other fields.However,because of the intellectual capital factor itself is difficult to accurately identify the quantitative characteristics,the value correlation of traditional financial information continues to decline,which in turn has prompted the capital market to increase the demand for corporate disclosure of intellectual capital related information.Obviously,the information between enterprises and investors is generally asymmetrical,which tends to lead to adverse selection,lack of efficiency in market allocation,and thus increase the cost of capital.Combined with the actual situation of China's capital market,this paper believes that ensuring the full disclosure of information including intellectual capital can enhance the understanding of shareholders and creditors on the internal resource management and business processes,and strengthen the integrity and accuracy of external market evaluation enterprises.Thereby reducing the cost of equity and the cost of debt capital while effectively reducing information asymmetry.This paper takes the example of the top 59 companies listed on the GEM in China in 2009-2016.Constructing an evaluation index system for intellectual capital information disclosure through content analysis method.Selecting the pre-estimated PEG model to calculate the cost of equity capital.Selecting the formula debt interest expense/total liabilities to calculate the cost of debt capital.This paper empirically examines the correlation between intellectual capital information disclosure include various components and the cost of equity and debt capital,and examines the path of intellectual capital information disclosure affecting equity and debt capital cost by means of mediating effect variables.The main results show that:(1)At this stage,the level of intellectual capital information disclosure of listed companies on the GEM is still low,but the overall trend is on the rise,indicating that enterprises have begun to attach importance to and strengthen the disclosure of information on intellectual capital;(2)Strengthening the level of intellectual capital information disclosure,which can promote a significant reduction in corporate equity capital costs and debt capital costs.The constituent elements of intellectual capital information have more significant effects on the cost of equity capital and debt capital than the other two factors.This shows that shareholders and creditors are more focused on investment and credit decisions.It is a relationship resource that enterprises and stakeholders establish,maintain and develop to achieve their goals;(3)Intellectual capital information disclosure will affect the cost of equity capital by affecting the stock turnover rate.This shows that intellectual capital information disclosure has transmitted an effective signal to the market,and the market value of the market has been adjusted by the market.Intellectual capital information disclosure can affect the debt capital cost by affecting the debt maturity structure and debt concentration.This shows that intellectual capital information disclosure can improve and enhance creditors' recognition and trustworthiness of enterprises,thereby enhancing their judgment on corporate credit.On this basis,this paper proposes that regulators should improve the norms of intellectual capital information disclosure and unify the content and format of intellectual capital information disclosure;enterprises should strengthen the management of intellectual capital information disclosure,pay attention to the understanding of intellectual capital information disclosure content,pay attention to the information needs of investors,ultimately ensure the orderly development of the capital market.