智力资本信息披露对股权资本成本的影响  

Impact of Intellectual Capital Information Disclosure on Cost of Equity Capital

作　　者：傅传锐 黄娴 王焰辉 李婷婷 FU Chuan-rui;HUANG Xian;WANG Yan-hui;LI Ting-ting

机构地区：[1]福州大学经济与管理学院,福州350108

出　　处：《金融论坛》2021年第10期31-40,80,共11页Finance Forum

基　　金：福建省自然科学基金面上项目“我国财税政策对企业智力资本价值创造效率的传导机制研究”(2019J01214)。

摘　　要：本文利用智力资本信息披露大样本数据,研究智力资本信息披露对股权资本成本的影响机制。研究表明:(1)总体智力资本、人力资本信息披露与股权成本负相关。(2)相对于内控质量较低的企业,内控质量高的企业披露智力资本与人力资本信息,能够更有效地降低股权成本。(3)与竞争缓和环境中的企业相比,激烈竞争环境中的企业的智力资本、人力资本信息披露对股权成本的降低作用更强。此外,总体智力资本、人力资本信息披露能够通过缓解信息不对称、减少买卖价差的中介路径发挥降低股权成本的作用。Using the large sample data of intellectual capital information disclosure, this paper studies the impact mechanism of intellectual capital information disclosure on the cost of equity capital. The research shows that,(1) the information disclosure of overall intellectual capital and human capital is negatively correlated with the cost of equity;(2) compared with enterprises with low internal control quality, enterprises with high internal control quality can reduce the cost of equity more effectively by disclosing intellectual capital and human capital information;(3) compared with enterprises in relaxed competition environment, the information disclosure of intellectual capital and human capital by enterprises in fierce competition environment plays a stronger role in reducing the cost of equity. In addition, the information disclosure of overall intellectual capital and human capital can reduce the cost of equity through the intermediary path of alleviating information asymmetry and reducing bid-ask spread.

关 键 词：智力资本信息披露 股权资本成本 内部控制 产品市场竞争 剩余收益折现模型 

分 类 号：G10[文化科学]