The Research On Information Disclosure Of Listed Companies Intellectual Capital Impact On Corporate Performance

In the 21th Cenntury,today's society is gradually beginning its move from the traditional industrial economy into the knowledge-based economy,the effects of intellectual capital in the value creation of corporations become more and more important.The capital market is an information mobile market,full disclosure of information to the effective operating of capital market is of vital importance.However,as the difference between the book value of enterprise assets and market value is gradually widening,information needs of the people-to-business is no longer just the traditional finanicial information,and they also need information on intellectual capital.As the importance of intellectual capital in enterprises is of continuous improvement,the traditional mode of information disclosure has been unable to meet the needs of stakeholders.Information disclosure of intellectual capital is constructing a bridge in connecting the intellectual capital and the capital market,and is the main way that enterprise pass the intellectual capital information to the outside world.Information disclosure of intellectual capital not only meet the needs of internal management,clear the enterprise's own positioning and development strategies, improve the accuracy to assess the value of enterprise,but also offer more information to external stakeholders,so that they can accurately assess the enterprise value,is advantageous in the investment rationality.These will make a great influence on the company's future operating performance.This article is divided into five parts,the first part is the introduction part,this part mainly analyzes the research background and signification,presents the methods and ideas of this study,and summarizes the point of view of domestic and foreign research.The second part presents the basis theory of intellectual capital information disclosure,firstly presents the theory foundations of information disclosure on intellectual capital;secondly presents the concepts of intellectual capital;finally presents the contents,forms and norms of intellectual capital information disclosure.The third part mainly analyzes the status of the information disclosure of listed companies intellectual capital and the impact on the information disclosure of intellectual capital to the enterprise performance,first,makes statistical information disclosure of intellectual capital to listed companies in 2007-2009 by content annlysis,and summarizes the present situation about the information disclosure of intellectual capital in listed companies,then makes analysis to impact on the information disclosure of intellectual capital to enterprise performance.The fourth part is empirical analysis.Through the sample selection and variable definition,constructs the linear regression model,makes the correlation and regression analysis to the impact on the frequency of information disclosure of intellectual capital to enterprise performance, and makes the correlation and regression analysis to the impact on that the disclosure frequency of the various componets of intellectual capital:human capital,organizational capital,customer capital to enterprise performance.The results indicates that frequency of disclosure of intellectual capital on corporate performance have a significant impact,the various components of intellectual also have a significant impact,but the degree of influence on the various components to firm performance has differences.The fifth part summarizes the conclusions of this study,puts forward some relevant suggestions,and the future study trends are predicted.The innovation of this paper is that the basic theory of information disclosure of intellectual capital is system sorted out,on the basis of 2007-2009 Annual Report of listed companies,this paper conducts a comprehensive analysis of the current status of intellectual capital information disclosure of listed companies by using content analysis,and carries on the comparative analysis of the differences between the industry,and between the components of intellectual capital information disclosure.Modified by the model,makes correlation analysis between the degree of information disclosure on intellectual capital and business performance,and studies the impact on the information disclosure of various components of intellectual capital to enterprises performance.The study will help to establish the framework of intellectual capital information disclosure in China.