智力资本信息披露如何影响股价同步性?——来自我国高科技上市公司的经验证据

Does Intellectual Capital Information Disclosure Affect Stock Price Synchronicity?Empirical Evidence from China’s High-tech Listed Companies

以2011—2016年间我国A股高科技上市公司为样本,利用手工收集的智力资本信息披露大样本数据,实证检验智力资本信息披露与股价同步性间的关系,并进一步探讨了分析师关注、机构投资者对这一关系的调节作用。结果发现:智力资本信息披露能够显著提高股价同步性;分析师关注、机构投资者持股对智力资本信息披露与股价同步性间的正相关关系存在显著的负向调节作用,即智力资本信息披露对股价同步性的正向影响随着分析师关注度、机构持股比例的提高而减弱。进一步研究显示:信息不对称在智力资本信息披露对股价同步性的影响中发挥显著的中介作用;与总体智力资本信息披露类似,人力资本、结构资本分类智力资本信息披露对股价同步性也存在显著的正向影响。

Based on the sample of China’s A-share listed companies in the high-tech industries from 2011 to 2016,this paper empirically investigates the relationship between intellectual capital information disclosure and stock price synchronicity,and the moderating effect of analyst attention and institutional investors on such relationship by using hand-collected intellectual capital information disclosure data.The results demonstrate that intellectual capital information disclosure can significantly improve the stock price synchronicity.Both the analyst attention and institutional investor play significant negative moderating role in the positive correlation between intellectual capital information disclosure and stock price synchronicity.That is,the positive impact of intellectual capital information disclosure on stock price synchronicity weakens as analyst attention and institutional shareholding ratio increase.Further research shows that information asymmetry plays a significant mediating effect in the relationship between intellectual capital information disclosure and stock price synchronicity.Similar to total intellectual capital information disclosure,the human capital structure and intellectual capital information disclosure of structural capital classification have significant positive impact on stock price synchronicity.