制度环境、无形资产信息披露质量与融资约束——来自创业板的经验证据  

Disclosure Quality of Intangible Asset and Financing Constraints——Evidence from the GEM

作　　者：冯晶[1] 徐柏[1] 

机构地区：[1]中南财经政法大学工商管理学院,湖北武汉430073

出　　处：《特区经济》2017年第1期43-50,共8页Special Zone Economy

基　　金：国家社科基金项目:无形资产优化与中小企业融资模式创新研究(项目编号:12BJY149);教育部人文社科重点研究基地重大项目:促进自主创新与专利战略实施(项目编号:14JJD630001);湖北改革智库2016年重点研究课题:湖北省知识产权投融资体制改革(项目编号:ZKCG201607)

摘　　要：无形资产在现代企业的发展过程中扮演着越来越重要的角色。本文以2009—2012年创业板上市企业作为研究样本,研究了无形资产信息披露质量对于融资约束的缓解作用。研究结果表明:无形资产信息披露质量高的企业现金持有量、现金变动随现金流的波动都较低,这说明无形资产信息披露质量可以有效的缓解融资约束。进一步研究发现,非常规无形资产信息披露质量并不能显著的改善企业的融资约束状况,笔者认为这是由于投资者对非常规无形资产的重视不够,且现行的会计制度无法反映出非常规无形资产的真实价值所导致的。此外,在考虑制度环境的外部因素后,发现相较于制度环境较好的地区,在制度环境较差的地区无形资产信息披露对融资约束的缓解作用更为明显。最后,在研究结论的基础上,提出了相关的政策建议,以期促进我国企业更好的披露无形资产信息。In the process of the development of modern enterprises,intangible assets play an increasingly important role.Based on the GEM listed companies as research samples in 2009-2012,this paper study the effect on disclosure quality of intangible assets for the relief of financing constraints.The results showed that cash holdings and change of cash are less sensitive to cash flow in firms with higher disclosure quality.This suggests that high disclosure quality of intangible assets can mitigate financing constraints.We also find that high disclosure quality of non-classic intangible assets can not mitigate financing constraints.The author thinks that this is because the investors don’t have enough attention for non-classic intangible assets.Besides,the current accounting system can not reflect the real value of the non-classic intangible assets.In addition,we considered the external factors of institutional environment.We found that compared to the institutional environment in the area,information disclosure of intangible assets can ease financing constraints more obviously in the areas of poor institutional environment.Finally,basing on the research conclusion,we can put forward relevant policy recommendations to make enterprises disclose intangible assets information better

关 键 词：制度环境 无形资产 信息披露 融资约束 非常规无形资产 

分 类 号：F275[经济管理—企业管理]