高管背景特征、产品市场竞争与智力资本信息披露--来自我国A股高科技行业的经验证据

Characteristics of Senior Management,Product Market Competition and Intellectual Capital Information Disclosure——An Empirical Study Based on China's A-share High-tech Industry

以沪深两市高科技上市公司为样本,依据高层梯队理论,实证考察高管背景特征与公司智力资本信息披露行为间的相关性以及产品市场竞争对这一关系的调节效应。结果表明:高管年龄与智力资本信息披露水平显著负相关,而高管学历、任职时间与智力资本信息披露显著正相关;产品市场竞争不仅直接对智力资本信息披露行为产生显著的负面影响,而且强化了高管年龄与智力资本信息披露间的负相关程度,弱化了高管学历、任职时间与智力资本信息披露间的正相关程度。

Based on the upper echelons theory,this essay analyzes how the characteristics of senior management influence corporate intellectual capital disclosure and how the product market competition plays the role of moderating in their association by drawing on the data of Chinese listed high-tech companies.The empirical results demonstrate that:the age of senior management is significantly negatively related with the level of intellectual capital disclosure,while the education level and tenure of senior management are significantly positively associated with the level of intellectual capital disclosure.Product market competition not only has a direct and negative effect on the level of intellectual capital disclosure,but also negatively moderates the relationship between executive characteristics and intellectual capital disclosure,namely,to strengthen the negative influence of executive age on intellectual capital disclosure and weaken the positive effects of the education level and tenure of executive on intellectual capital disclosure.