内部控制与智力资本信息披露——来自我国高科技上市公司的经验证据

Internal Control and Intellectual Capital Information Disclosure--Empirical Evidence from China s High-tech Listed Companies

智力资本信息披露的发生机制是近年来公司财务学与智力资本学科的交叉热点话题。本文以我国高科技A股上市公司为研究对象,运用内容分析法手工收集的智力资本信息披露大样本数据构建智力资本自愿信息披露指数,实证检验了内部控制与智力资本信息披露水平间的相关性以及这一关系在不同的管理层权力、产品市场竞争环境中的异质性。研究发现:(1)内部控制不仅能够显著提升总体智力资本信息披露水平,而且同样能有效促进人力资本、结构资本等分类智力资本的信息披露。(2)高管集权弱化了内控制度对智力资本信息披露的正向作用。不论是总体智力资本还是人力资本、结构资本,管理层权力分散企业中的内控制度能够发挥对各类智力资本信息披露的积极显著的作用,而在高管集权企业中这种作用明显减弱甚至失效。(3)产品市场竞争能够增强内部控制对各类智力资本信息披露的促进作用。与处于竞争程度低环境中的企业相比,激烈市场竞争中的企业内控制度存在对智力资本信息披露更为有效、力度更大的积极影响。多维度的研究结论对进一步完善内外部治理机制、推动智力资本信息披露具有重要的政策启示。

Exploring the factors influencing intellectual capital information disclosure is a hot interdisciplinary topic between corporate finance and intellectual capital.Based on a sample of China s high-tech listed firms,this paper firstly employs content analysis method to construct intellectual capital information disclosure index,then empirically investigates the relationship between internal control and intellectual capital information disclosure and the moderating effects of managerial power and product market competition on such relation.The results show that:(a)Internal control can significantly improve the disclosure levels of total intellectual capital,human capital and structural capital.(b)Managerial power weakens the positive effect of internal control on intellectual capital disclosure.Whether it is total intellectual capital,human capital or structural capital,internal control plays a positive and significant role in the disclosure of all kinds of intellectual capital information for firms with lower degree of managerial power.However,there doesn t exist such role when managerial power gets stronger.(c)Product market competition enhances the positive influence of internal control on intellectual capital disclosure.Further more,such influence becomes greater and more significant with higher degree of market competition.Multi-dimensional research conclusions have important policy implications for improving internal and external governance mechanisms and promoting intellectual capital information disclosure.