机构投资者与智力资本信息披露——来自中国A股高科技公司的经验证据  

Institutional investor and intellectual capital information disclosure——empirical evidence from China's high-tech A-share listed companies

作　　者：傅传锐 张宇 李秋红 王焰辉 FU Chuanrui;ZHANG Yu;LI Qiuhong;WANG Yanhui(School of Economics and Management Fuzhou University,Fuzhou 350108,Fujian,China)

机构地区：[1]福州大学经济与管理学院,福建福州350108

出　　处：《长安大学学报（社会科学版）》2022年第4期66-78,共13页Journal of Chang'an University(Social Science Edition)

基　　金：国家社会科学基金项目(15CGL019);福建省自然科学基金项目(2019J01214)。

摘　　要：机构投资者如何影响被投资企业的智力资本信息披露行为,是公司金融与智力资本领域间交叉研究新议题。以中国2010—2015年间A股高科技公司为样本,利用采集的智力资本信息披露大样本数据,实证检验机构投资者持股与智力资本信息披露水平间的关系以及这一关系在不同的内外部情境中异质性特征。研究发现:机构投资者持股比例与智力资本信息披露水平显著负相关;不同类型的机构投资者对智力资本信息披露的影响存在异质性,与交易型机构投资者相比,稳定型机构投资者对企业智力资本信息披露的抑制效应更显著;较之处于较低不确定程度环境中的企业,机构投资者对高度不确定性环境中的企业智力资本信息披露的抑制效应更强。研究还发现,在成长期、成熟期企业中,机构投资者对智力资本信息披露的抑制效应较在衰退期企业中更显著;与民营企业相比,机构投资者对国有控股企业的智力资本信息披露存在更强的抑制效应;机构投资者对智力资本信息披露的抑制效应存在于产品市场竞争程度低环境中,但不存在于激烈竞争环境中。因此,相关部门应加快完善信息披露制度,引导、督促机构投资者发挥积极治理的负责任的大股东作用,上市公司也应注重资本市场的信息需求,积极主动地增加智力资本信息供给。How institutional investors affect the intellectual capital disclosure behavior of invested companies is a new cross-research topic between corporate finance and intellectual capital.Using a large sample of China's high-tech A-share listed companies from 2010 to 2015,this paper firstly collects the intellectual capital disclosure data,then empirically investigates the relationship between institutional investors'shareholding and intellectual capital disclosure level,as well as the heterogeneous characteristics of such relationship in different internal and external situations.The results show that:There is a significant negative correlation between the institutional investors'shareholding ratio and the level of intellectual capital disclosure,that is,institutional investors'shareholding reduces the transparency of intellectual capital information of listed companies.Different types of institutional investors have heterogeneous effects on intellectual capital disclosure.Compared with transactional institutional investors,stable institutional investors have a more significant inhibiting effect on the intellectual capital disclosure of companies.Compared with enterprises in low uncertainty environment,institutional investors have a stronger inhibiting effect on intellectual capital disclosure of companies in highly uncertain environment.Further research also shows that for companies in the growth stage and maturity stage,institutional investors have a more significant inhibiting effect on their intellectual capital disclosure than on those in the recession stage.Compared with private enterprises,institutional investors have a stronger inhibiting effect on the intellectual capital disclosure of state-owned holding enterprises.The inhibiting effect of institutional investors on intellectual capital information disclosure exists in the environment of low product market competition,but it does not exist in the environment of fierce competition.Therefore,relevant departments should speed up the improvement of the informa

关 键 词：机构投资者 智力资本信息披露指数(ICDI) 环境不确定性 产权性质 企业生命周期 高科技上市公司 持股比例 

分 类 号：F275[经济管理—企业管理]