智力资本自愿信息披露、企业生命周期与权益资本成本——来自我国高科技A股上市公司的经验证据

Intellectual Capital Disclosure,Corporate Life-cycle and Cost of Equity Capital: Empirical Evidence from China's High-tech Listed Firms

智力资本信息披露的权益资本成本效应是公司财务学与智力资本学科的交叉研究领域的新议题。本文以我国2011—2013年所有A股高科技上市公司为样本,通过内容分析法构建智力资本(包括人力资本与结构资本)自愿信息披露指数,以企业生命周期为切入点,实证考察了智力资本自愿信息披露与权益资本成本间的相关性以及这种关系随企业生命周期的逐步演进的变化趋势。主要结果表明:(1)智力资本自愿信息披露水平的提高,能够有效降低企业的权益资本成本。但在智力资本内部,只有人力资本自愿信息披露具有显著的降低权益资本成本的效应,而结构资本自愿信息披露的权益资本成本效应不明显。(2)不论是权益资本成本还是智力资本自愿信息披露水平,在企业不同生命周期阶段上都存在显著的差异。具体地,权益资本成本随企业生命周期先降后升,而智力资本(包括人力资本与结构资本)自愿信息披露水平恰好相反,其随企业生命周期先升后降,即在成熟期企业中最高,在衰退期阶段最低。在所有的企业生命周期阶段中,人力资本自愿信息披露水平都明显低于结构资本的披露水平。(3)随着企业从成长期到成熟期、进而到衰退期的逐步发展,只有人力资本自愿信息披露表现出不断增强的权益资本成本效应,而总体智力资本信息披露仅在企业部分生命周期阶段发挥积极显著的权益资本成本效应,结构资本信息披露在所有的生命周期阶段都缺乏显著的权益资本成本效应。本文的研究既丰富了权益资本成本、信息披露与智力资本理论的研究内容,又有益于相关部门制定、规范企业信息披露制度,引导企业的智力资本信息披露策略选择。

Intellectual capital disclosure and whether it could reduce the cost of equity capital is not only a new topic in the field of study of economic consequences of information disclosure,but also the focus of attention of policy makers,investors and enterprises.Recent literatures studied the relationship between intellectual capital disclosure and the cost of equity capital,such as Singh and Zahn(2007),Orens,Aerts and Lybaert(2009),Mangena,Pike and Li(2010),Boujelbene and Affes(2013).However,there still exist several obvious limitations in extant study.First of all,only a few studies empirically examined the equity cost effect of intellectual capital and these studies were mainly undertaken in mature capital market of the developed countries.Secondly,all of the prior literatures have been studied from static perspective,ignoring the influence of corporate lifecycle on the relationship between intellectual capital disclosure and the cost of equity capital.In other words,it is not clear whether companies at different lifecycle stages have heterogeneous capital cost effects of intellectual capital disclosure.Third,all existing literatures are confined to small samples due to hand-collect intellectual capital disclosure data by content analysis.Obviously,whether the empirical conclusions drawn from small samples can be extended to a large sample environment is a question to be questionable.Based on a large sample of China s High-tech listed firms during 2011 to 2013,this article firstly applies content analysis technique to derive patterns in the presentation and reporting of intellectual capital information,and construct intellectual capital(including human capital and structural capital)voluntary information disclosure index.Then multiple regression analysis is employed to explore the relationship between intellectual capital disclosure and the cost of equity capital,and the dynamic characteristics of such relationship with corporate lifecycle.We find that:(a)The overall intellectual capital disclosure is significantly and negatively associated with the cost of equity capital.However,only human capital disclosure can effectively reduce the cost of equity capital,while structural capital disclosure is lack of significant equity cost effect.(b)Both the cost of equity capital and intellectual capital disclosure are evolved with corporate lifecycle.Specifically,the cost of equity capital is decreasing at first then increasing with corporate lifecycle.While the overall intellectual capital disclosure,human capital disclosure and structural capital disclosure indices are increasing at first then decreasing.Human capital disclosure is obviously lower than structural capital disclosure at all lifecycle stages.(c)Only human capital disclosure plays a stronger and stronger role in reducing the cost of equity capital with enterprise lifecycle,and the overall intellectual capital disclosure could significantly decrease the cost of equity capital for part of firm lifecycle.However,there doesn t exist significant equity cost effect of structural capital disclosure for entire firm lifecycle.Finally,some suggestions are put forward for the policy-maker,firms and investors.First of all,the regulators should develop the intellectual capital information disclosure system as soon as possible.Both the content and format of intellectual capital information disclosure needs to be regulated to meet the market demand.Second,enterprises should further increase the intensity and scope of information disclosure of intellectual capital(especially human capital).Third,investors should pay close attention to the intellectual capital(especially structural capital)information released by firms to understand the development and management process and dynamic evolution of intellectual capital,and then reduce their risk perceptions,to achieve the rational valuation of enterprises and investment.