The Research On The Infiuence Of Corporate Characteristics And Intellectual Capital Information Disclosure Based On GEM Enterprise

Under the background of knowledge economy, The main source of the core competitiveness of enterprises is owned by intellectual capital.If the companies ignore the value of intellectual capital, only disclose the tangible assets in the enterprise report, then,the real business value and development potential can not be accurately reflected. More comprehensive, multi-level, and multi-faceted is the direction of development of modern accounting information disclosure system.Since the21st century,private enterprises as the main GEM enterprises become a large force of China’s national economy. Compared with the main board market,GEM market services mainly for small and medium-sized high-tech enterprises, they have the characteristics of less history, high growth and high risk. GEM is less demanding on the listing of the company’s operating results,pay more attention to advanced technology and core competitiveness of the issuer. To some extent, the company’s intellectual capital is the GEM enterprises key to sustainable competitive advantage and the main driving force for future innovation and value growth. Therefore, when investors to make investment decisions, intellectual capital information is more important than financial information, it can provide investors with more investment basis. However, at present, China’s intellectual capital information disclosure also exist some problems:First, intellectual capital information disclosure lack of comprehensive and systematic.Secondly, disclosure does not have a uniform manner.Some use qualitative description, some use quantitative description, some combination of two methods. Again, Mode and basis of the disclosure are also different.In this paper,under the research framework of the voluntary disclosure,combined with the intellectual capital theory, empirical test the correlation between the firm characteristics of GEM companies and intellectual capital information disclosure.Provide some empirical evidence for understanding the decision factor of GEM intellectual capital information disclosed.Also,this research can provide some theoretical reference to GEM intellectual capital information providers,uses and regulations.This paper is divided into four parts. The first Part, the paper introduces the research background and significance, literature review,writing ideas and research methods, the basic framework. The second part describes the theoretical basis as well as related concepts. The third part, empirical test the relationship between firm characteristics and intellectual capital information disclosure,including corporate structure characteristics, the performance characteristics and market characteristics. The fourth part, conclusion and outlook. Studies have shown, a positive correlation between growth, operation ability, industry,company age and the level of intellectual capital disclosure. There is no significant correlation between company size,profitability and capital structure with the level of intellectual capital disclosure.Therefore, the intellectual capital of information disclosure of the GEM enterprises should be caused by the attention of enterprise,investors and regulators department. China GEM enterprises must strengthen the emphasis on intellectual capital; China Securties Regulatory Commission should be encourage to GEM corporate voluntary disclosure intellectual capital information,improve the intellfctual capital information disclosure system;In addition,as soon as possible to formulate operable intellectual capital information auditing standards.