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

Relative to general physical capital,intellectual capital is the sum of various intangible resources such as intellectual wealth,strategies,and skills owned or controlled by an enterprise.In the era of increasingly competitive knowledge economy,intellectual capital has become a key factor for companies to create value and maintain competitive advantage.Intellectual capital without physical form is not easy to be directly observed by the outside world,and investors can only realize their understanding through the disclosure of information content of intellectual capital by enterprises.In the face of traditional financial information that has been unable to meet the information needs of stakeholders,intellectual capital information disclosure has become an important means for investors to fully understand corporate information,and its role in corporate value creation is increasing day by day.Through the review of the existing literature,scholars have discussed the correlation between intellectual capital information disclosure and corporate performance based on the overall level,and have not further analyzed and compared the possible differences in information performance of various components of intellectual capital on corporate performance.Qualitative impact,and lack of in-depth discussion of possible potential influencing factors.Under the environment of limited market resources,the competition between enterprises is intensifying.The different competitive positions in the industry determine the profitability and risk resistance of enterprises.To a certain extent,they will affect the quality of corporate information disclosure,which will affect investment.Confidence in the market and expected return on investment.Therefore,based on a new perspective,this article studies the relationship between intellectual capital and its component information disclosure and corporate performance,and incorporates investor confidence and competitive position factors into the research framework.This article takes the 2014-2018 Shenzhen Stock Exchange information technology industry A-share listed companies as the research object,based on the information asymmetry theory,signal transmission theory,stakeholder theory and proprietary cost theory,non-monetary measurement is obtained from the company's annual report Intellectual capital information,constructed a regulated intermediary role model,to explore the relationship between intellectual capital and its component information disclosure and corporate performance under the adjustment of competitive position,and the intermediary role of investor confidence.Research results show that intellectual capital information disclosure(human capital information disclosure,structural capital information disclosure,relational capital information disclosure)is significantly positively correlated with corporate performance;investor confidence plays a partial intermediary role between intellectual capital information disclosure and corporate performance;The competitive position not only positively regulates the relationship between intellectual capital information disclosure and corporate performance,but also significantly regulates the intermediary role of investor confidence in human capital information disclosure,relational capital information disclosure and corporate performance.Through research,this paper believes that enterprises should improve their ability to manage and use intellectual capital,build an enterprise information disclosure mechanism driven by investor confidence,maximize the use value of intellectual capital information,and improve their competitive position in the industry through continuous independent innovation;Departments should strengthen incentives and supervision mechanisms,create an appropriate market competition atmosphere,and take advantage of the positive role of the company 's competitive position to promote sustained and stable development of the capital market.