智力资本多源化信息披露、分析师跟踪与企业价值的关系——来自A股主板高新技术企业的经验证据

Intellectual Capital Multi-source Information Disclosure,Analysts Following and Firm Value: Empirical Evidence from A-share Motherboard High-tech Firms

以2010—2013年A股主板1172家高新技术企业为研究样本,基于智力资本多源化信息披露对分析师跟踪及企业价值影响的理论分析,实证考察分析师跟踪视角下智力资本多源化信息披露与企业价值的关系。结果表明,智力资本多源化信息披露水平对企业价值的影响存在两条路径:一是,智力资本多源化信息披露水平可直接对企业未来价值产生显著正向影响;二是,智力资本多源化信息披露水平会通过分析师跟踪这一中介变量,间接对企业未来价值产生显著的正向影响,分析师跟踪在两者关系中发挥部分中介作用。

With 1172 high - tech firms in motherboard A - share market from 2010 to 2013 as a research sample, based on analyzing the influence of intellectual capital multi - source information disclosure on ana- lysts following and enterprise value, this paper makes an empirical study of the relationship between intellectu- al capital multi -source information disclosure and firm value. Empirical evidence shows that there exists two function paths in the influence of intellectual capital multi - source information disclosure level to enterprise value. One is that intellectual capital multi - source information disclosure level is significant positive with en- terprise future value directly, while another one is that intellectual capital multi - source information disclosure level is significant positive with enterprise future value indirectly through the mediate variable of analysts fol- lowing, and analysts following plays a partial intermediary role in the relationship.