使用者对上市公司智力资本信息需求的实证研究

发布时间：2018-09-19 09:48

【摘要】：在知识经济时代，传统财务信息作用的的局限性愈加明显，公众在投资决策中会倾向于对潜在投资对象智力资本发展水平的考虑。目前，已有的研究很少关注使用者的信息需求，尤其是使用者对智力资本信息披露的期望。因此，使用者对智力资本信息的需求状况成为智力资本信息实证研究的新领域。研究使用者对智力资本信息的需求状况，对进一步全面系统地研究智力资本信息规范性披露模式具有一定的理论意义。同时有着重要的现实意义：保护使用者的利益；规范上市公司的智力资本信息披露行为，从而提高上市公司持续竞争优势；完善我国上市公司智力资本信息的披露制度和有效市场机制，促进我国资本市场的日益完善，，以引导资源合理配置。本文主要探讨使用者对上市公司智力资本信息的需求状况。论文主要分三个部分对问题进行研究。首先，本文利用文献分析法分析专家的智力资本衡量指标，并分析了证监会对上市公司信息披露的要求，然后利用内容分析法从上市公司年报中提取和辨识智力资本信息，整理得出了上市公司智力资本信息衡量指标体系：人力资本、结构资本、创新资本、关系资本4个一级指标；经营团队、员工创造力等19个二级指标；专长互补性、员工满意度等59个三级指标。本论文将这59个指标作为问卷的设计问项，并采用李克特五级量表设计出调查问卷，调查使用者对上市公司智力资本信息的需求状况，包括使用者对上市公司智力资本信息的有用性评价和可获得性评价。其次，通过问卷调查法收集不同类型使用者的信息，实证部分共发放问卷120份，回收有效问卷86份。采用SPSS17.0统计软件对来自被调查者的智力资本信息有用性评价结果进行描述性统计分析和因子分析，萃取关键因子，并对关键因子重新命名，然后综合关键因子，提出使用者对上市公司智力资本信息的有用性评价指标体系：人力资本、结构资本、创新资本、关系资本4个一级指标；经营团队的能力、员工技能、员工向心力等14个二级指标；经营团队的专长互补性、员工工作态度、组织结构图等49个三级指标。第三，就使用者对上市公司智力资本信息的可获得性评价进行描述性统计分析，分析结果显示：使用者对高层管理人员平均年薪、顾客管理等信息的可获得性评价较低。本文将此调查结果与使用者对上市公司智力资本信息的有用性评价指标体系进行比较，总结出使用者认为我国上市公司应加强披露的智力资本信息体系：人力资本、结构资本、创新资本、关系资本4个一级指标；经营团队等12个二级指标，专长互补性等33个三级指标。并将此作为对上市公司的智力资本信息披露的对策和建议。
[Abstract]:In the era of knowledge economy, the limitation of traditional financial information is becoming more and more obvious, and the public will tend to consider the development level of intellectual capital in the investment decision. At present, little research has been done on the information needs of users, especially on the expectation of intellectual capital disclosure. Therefore, the user's demand for intellectual capital information has become a new field of empirical research on intellectual capital information. The study of users' demand for intellectual capital information has certain theoretical significance for further comprehensive and systematic study on the normative disclosure mode of intellectual capital information. At the same time, it has important practical significance: to protect the interests of users, to regulate the information disclosure of intellectual capital of listed companies, thus to improve the sustainable competitive advantage of listed companies; In order to guide the rational allocation of resources, we should perfect the disclosure system and effective market mechanism of intellectual capital information of listed companies in our country, promote the perfection of capital market in our country day by day. This paper mainly discusses the users' demand for intelligence capital information of listed companies. The paper is divided into three parts to study the problem. First of all, this paper analyzes the intellectual capital measurement index of experts by literature analysis, and analyzes the requirements of CSRC for information disclosure of listed companies, and then uses content analysis method to extract and identify intellectual capital information from annual reports of listed companies. The information measurement index system of intellectual capital of listed companies is summarized as follows: human capital, structural capital, innovation capital, relational capital, 19 second-level indexes, such as management team, staff creativity, specialty complementarity, etc. Employee satisfaction and other 59 three-level indicators. In this paper, 59 indexes are taken as the design questions of the questionnaire, and the questionnaire is designed by using the Richter five scale to investigate the users' demand for the intelligence capital information of listed companies. Including users' evaluation of the usefulness and availability of intellectual capital information of listed companies. Secondly, the information of different types of users was collected by questionnaire, 120 questionnaires were distributed in the empirical part, 86 valid questionnaires were collected. The SPSS17.0 statistical software was used to analyze and analyze the results of the evaluation of the usefulness of intellectual capital information from the respondents. The key factors were extracted and renamed, and then the key factors were synthesized. The evaluation index system of users' usefulness to the information of intellectual capital of listed companies is put forward: human capital, structural capital, innovation capital, relational capital, management team ability, staff skills, etc. Staff centripetal force and 14 second-level indicators; business team expertise complementary, employee work attitude, organization chart and other 49 third-level indicators. Thirdly, the author makes a descriptive statistical analysis on the users' evaluation of the information of intellectual capital of listed companies. The results show that the average annual salary of the senior managers and the information of customer management are low. This paper compares the results with the index system of users' evaluation of the usefulness of intellectual capital information of listed companies, and concludes that the information system of human capital and structural capital should be strengthened by the information system of intellectual capital: human capital and structural capital, which the users believe that listed companies in our country should strengthen the disclosure of intellectual capital information system. Innovation capital, relational capital, 12 second class indexes and 33 three-level indexes, such as innovation capital and relational capital, etc. And take this as the intelligence capital information disclosure countermeasure and the suggestion to the listed company.
【学位授予单位】：济南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51;F224

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