上市公司智力资本信息披露的实证分析及改进设想

本文运用内容分析法，对我国2005年223家上市公司年报公开披露的非货币计量的智力资本信息进行内容分析，对以货币计量的智力资本信息进行估算，并在此基础上进行实证分析。结果表明，智力资本对组织经营绩效产生了积极的、正向的影响，以货币计量的智力资本信息对资本市场具有较为显著的价值相关性，而非货币计量的智力资本信息的价值相关性并未得到明显体现。同时，这些发现存在行业差异。最后，本文针对我国上市公司的智力资本信息披露现状提出了相关改进设想。

Empirical Analysis and Improvement Ideas on Intellectual Capital Information Disclosure of Listed Companies

In this paper, we use content analyse to analyze intellectual capital information of Listed ompanies in the annual reports on public disclosure of non-monetary measures from the 223 listed companies of China in 2005, and to estimate the intellectual capital informa- tion of monetary measures, with empirical analysis on this basis, The results show that Intellectual capital had a positive impact on the operating performance of organizations. The intellectual capital information which used monetary measures also has value relevance to the capital market, but the non-monetary measures of intellectual capital information has not been associated evident. Moreover, these findings exist industries differences. Finally, this paper submits some related improved vision according to the current disclosure of intellectual capital information of the listed companies in China.