Research On Relationship Between Non-financial Information Disclosure And Enterprise Value Of Small And Medium-sized Board Listed Company

All the time information disclosure was a bridge between investors and listed companies.China capital market has only more than 20 years of history,but the momentum of development can not be underestimated.Along with the complexity of the social environment,the listed companies should take more responsibilities.For investors,they are more willing to have an accurate judgment on the value of the investment object.At this point,as a supplementary tool,the importance of non-financial information is gradually emerging.At present,most of the non-financial information disclosure in our country is still in the stage of voluntary disclosure.So this paper is to study the correlation between the non-financial information disclosure and enterprise value of the small and medium-sized board listed corporations,exploring a set of non-financial information disclosure method which can reflect the value of the small and medium-sized board enterprise.In this paper,we take the method of normative research and empirical research.The normative research section draws on the relevant theory of the information disclosure,Balanced Scorecard theory and theory of enterprise value.At the same time,combined with the characteristics of Chinese enterprises value,the status of non financial information disclosure.Then we extract the contents of non financial information disclosure and deduce the mechanism of the non financial information disclosure.Non financial information is divided into four categories in this paper: social responsibility information research,innovation information,risk management information and human resource information.According to the small and medium-sized board enterprise information disclosure content and format criteria on the present stage,the author chooses the non financial information disclosure project and constructs a set of non financial information index system.In this paper,the selected sample is 200 small and medium-sized enterprise.In the empirical study,we mainly refer to the corporate annual report,social responsibility report and other aspects information,collecting the relevant data of the sample companies from 2011 to 2013 by contentanalysis.Then,we test the value correlation and make regression analysis to draw the following conclusions:(1)The better social responsibility information disclosure,the higher the value of the enterprise.This effect is more pronounced in the sample of higher information disclosure ratings;(2)Research and development of innovative text descriptive information on the impact of corporate value is not significant,and it need to be further standardized;The higher the intensity of R & D innovation,the greater the value of the enterprise,which can continue to the next reporting period;(3)Risk information disclosure has no significant effect on the value of the enterprise,and it needs to be improved in the content and way of disclosure;(4)The disclosure of human resource information only has a very significant impact on the value of the enterprises in the current period.This effect is more pronounced in the sample of higher information disclosure ratings.Finally,according to result of the empirical analysis,we put forward some recommendations to the government departments,small and medium-sized board enterprises and investors.