产品市场竞争、竞争地位与智力资本信息披露——基于我国上市公司智力资本信息披露指数(ICDI)的大样本研究  

Product Market Competition, Competitive Position, and Intellectual Capital Information Disclosure: A Large Sample Study Based on Intellectual Capital Disclosure Index(ICDI) of China’s Listed Companies

作　　者：傅传锐 杨文辉 Fu Chuanrui;Yang Wenhui

机构地区：[1]福州大学经济与管理学院 [2]福建省金融科技创新重点实验室

出　　处：《中国社会科学院研究生院学报》2019年第4期13-30,共18页Journal of Graduate School of Chinese Academy of Social Sciences

基　　金：国家社会科学基金青年项目“我国上市公司智力资本信息披露及其影响因素、经济后果研究”(15CGL019)的阶段性成果

摘　　要：本文综合运用专有成本理论、合法性理论、信号传递理论与代理理论,就企业面临的产品市场竞争及自身所处的竞争地位对智力资本信息披露行为的影响机理,进行了理论探讨,在此基础上,以我国高科技A股上市公司为研究对象,利用手工收集的智力资本信息披露大样本数据,度量智力资本信息披露水平,对产品市场竞争、竞争地位与智力资本信息披露之间的关系进行实证研究。研究结果表明:(1)产品市场竞争越激烈,越不利于智力资本信息披露;而企业所处的竞争地位越高,越能促进智力资本信息披露。(2)与竞争地位较低的企业相比,产品市场竞争对竞争地位较高的企业的智力资本信息披露行为的抑制效应更强。(3)智力资本信息披露不利于企业竞争地位的改善。这些实证结论为监管当局、上市公司与投资者提供了重要的启示。Based on several theories such as proprietary cost theory, legitimacy theory, signaling theory and agency theory, this paper firstly theoretically explores the influence of product market competition and competitive position of companies on their intellectual capital disclosure.Based on this, the paper measures the disclosure level of intellectual capital information by large sample data based on ICDI and empirically investigates the relationship among product market competition, competitive position and intellectual capital disclosure of China s A-share high-tech listed companies.The results show:(a) Intellectual capital disclosure is negatively correlated with product market competition and positively associated with corporate competitive position.(b) Product market competition has a stronger negative influence on the intellectual capital disclosure of companies with higher competitive positions.(c) Intellectual capital disclosure goes against the enhancement of corporate competitive position.These empirical conclusions can provide important implications for regulators, listed companies and investors.

关 键 词：产品市场竞争 竞争地位 专有成本 大样本 智力资本信息披露指数 

分 类 号：F275[经济管理—企业管理]