智力资本信息披露、公司治理与信号传递——基于上市公司的经验数据

文章试图运用信息经济学理论,从理论上分析智力资本信息披露与公司治理之间的内在逻辑关系。在此基础上选取我国A股股票市场中2010年上市公司数据为研究对象,建立多元回归模型,研究发现:我国上市公司的智力资本信息披露水平总体比较低;股权集中度与智力资本信息披露指数之间呈U型关系;独立董事在董事中的比率越高、其他股东对控股股东的制衡度越高,智力资本信息披露水平越高;董事长与总经理两职合一会降低信息披露透明度,审计委员会的存在则有利于信息透明度的提高;智力资本信息披露水平与控股股东的性质之间不具有统计显著性。

Information discllosure of intellectual capital, Corporate governance and Signals --Based on the data of the listed compaay

This paper tries to analyze the relationship between corporate governance and transparency of intellectual capital information disclosure by using the information economics theory.On the basis of listed company 2010 data,we found that ownership concentration and intellectual capital information disclosure index is u-shaped relation;The higher the ratio of independent directors,the higher the level of Intelligence capital information disclosure;The chairman of board holding a CEO will reduce information transparency,the audit committee existence is helpful for the improvement of the transparency of information.the ownership of the controlling shareholders are not statistically significant for Intellectual capital information disclosure.