Research On The Influence Of Intellectual Capital Information Disclosure On The Cost Of Equity Financing For China's High-Tech Listed Companies

With the advent of the era of knowledge economy,intellectual capital for the company,the value of social creation has become increasingly prominent,more and more scholars began to study intellectual capital information disclosure.The study of the relationship between intellectual capital information disclosure and equity financing cost is beneficial to the listed companies to improve the management level of intellectual capital,which is beneficial to the investment decision of the investors and also the supervision of the government,so as to enhance the efficiency of the whole capital market.Most scholars are around the information disclosure of accounting information,environmental information,internal control information and social responsibility information,and less scholars to study the information disclosure of intellectual capital.The research on the relationship between non-financial information disclosure and equity financing cost of listed companies is And the relationship between the cost of equity financing.Will the level of intellectual capital information disclosure affect the equity financing costs of enterprises?What are the effects of intellectual capital information disclosure on equity financing costs at different stages of the enterprise's life cycle?In this paper,from 2011 to 2013 A-share all high-tech listed companies as a research sample,uses the residual capital model(GLS model)to estimate the cost of equity financing,and analyzes the relationship between intellectual capital information disclosure and equity financing cost by using the voluntary capital information disclosure index of intellectual capital constructed by the intellectual capital information disclosure group of Fuzhou University.In order to make the results more reliable,this paper from the explanatory variables,explanatory variables,samples and regression methods,respectively,one by one robustness test.The conclusions of this paper are as follows:(1)The higher the level of intellectual capital information disclosure,the lower the cost of equity financing;(2)In the composition of intellectual capital,the improvement of human capital information disclosure can significantly reduce the cost of equity financing,its effect is far more than the level of organizational capital information disclosure.(3)With the growth of enterprises,the impact of human capital information disclosure on the cost of equity financing gradually increased.In this paper,high-tech listed companies should combine their own life cycle characteristics,strengthen the development and management of intellectual capital,and establish and improve the intellectual capital information disclosure system;the government should encourage listed companies to disclose intellectual capital information,especially human capital information,And combined with the characteristics of enterprise life cycle to build intellectual capital content disclosure standards and related quality evaluation system;and the majority of investors should be fully aware of the intellectual capital information disclosure on the investor's investment risk assessment and investment decision-making importance.