智力资本信息披露与企业绩效——有调节的中介模型

Intellectual Capital Information Disclosure and Corporate Performance--Regulated Mediation Model

以我国深圳证券交易所信息技术行业A股上市公司为研究对象,构建有调节的中介作用模型,探讨在竞争地位的调节下,智力资本信息披露与企业绩效的关系,以及投资者信心的中介作用。结果表明:智力资本信息披露对企业绩效具有显著的正向影响;投资者信心在智力资本信息披露与企业绩效之间起到部分中介作用;竞争地位不仅正向调节智力资本信息披露与企业绩效的关系,还显著调节投资者信心在人力资本信息披露、关系资本信息披露与企业绩效之间的中介作用。

Taking A-share listed companies of information technology industry in China's Shenzhen Stock Exchange as the research objects,the paper constructed a regulated intermediary role model to explore the relationship between intellectual capital information disclosure and corporate performance under the adjustment of competitive position,as well as the intermediary effect of investor confidence.The results show that:intellectual capital information disclosure has a significant positive impact on corporate performance;investor confidence plays a partial intermediary role between intellectual capital information disclosure and corporate performance;competitive position not only positively regulates the relationship between intellectual capital information disclosure and corporate performance,but also significantly regulates the intermediary role of investor confidence in human capital information disclosure,relationship capital information disclosure and corporate performance.