无形资产信息披露对公司市场回报率的影响研究

Research on the Influence of Information Disclosure of Intangible Capital on Firms’ Market Return

在高质量增长的要求下,公司对无形资产的依赖性日益显著,投资者通过公司对无形资产的披露了解其对无形资产的使用和规划。本文选取2008～2016年上市公司数据,实证检验无形资产披露水平对公司资本市场回报率的影响。结果表明,无形资产信息披露质量能够提高上市公司的股票回报率,且高新技术公司无形资产信息披露质量对市场回报率的影响程度大于其他类型上市公司。文章实证发现,无形资产披露水平可以影响公司的代理成本。

Under the requirement of"high quality growth",firms become more reliant on intangible assets to sustain their future growth.In the meanwhile,investors in the capital market need to understand the amount and methods of intangible asset investment through information disclosure of intangible assets through firms'annual reports.Using data of listed firms from 2008 to 2016,this paper empirically tests the impact of the disclosure level of intangible assets on the return of firms'capital market.Results show that the quality of information disclosure of intangible capital can improve the stock return of listed firms,and the quality of the information disclosure of the intangible capital of the high-tech companies has a greater impact on the rate of return than the other types of listed companies.We also find that information disclosure can influence firms'agency costs.