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首页> 外文期刊>International journal of learning and intellectual capital >The Value Relevance Of Human Capital, Corporate Governance And Intangible Assets In Growth Enterprises: Evidence From Hong Kong
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The Value Relevance Of Human Capital, Corporate Governance And Intangible Assets In Growth Enterprises: Evidence From Hong Kong

机译：成长型企业中人力资本，公司治理和无形资产的价值相关性：来自香港的证据

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摘要

This article attempts to investigate the value relevance of intangible assets, human capital and corporate governance disclosed in the Initial Public Offer (IPO) prospectuses of growth enterprises in Hong Kong. Prior studies have explored the relevance of prospectus earnings forecasts for investors and the determinants of the accuracy of such estimates.1 However, for enterprises that advance with dependence on new knowledge and technological innovation in emerging business sectors, recent studies have suggested the value relevance of intangible assets2 and other intangible factors, namely, human capital and corporate governance. The experience of growth enterprises that went through an IPO in Hong Kong provides an independent source of evidence for the exploration of the value relevance of such intangible factors. Through the analysis of the disclosed information of 214 growth enterprises, this study confirms the significance of specific components of these intangible factors and an integrative relevance of financial and nonfinancial information on Value Sustainability (VS). It argues that the regulator's enforcement on adequate disclosure and accounting treatment, pertinent to the recently harmonised reporting standard to uncover the underlying fundamentals of a listing candidate, is more critical than solely pinpointing its corporate governance disclosures.
机译：本文试图调查在香港成长型企业的首次公开募股招股说明书中披露的无形资产，人力资本和公司治理的价值相关性。先前的研究已经探索了招股说明书收益预测与投资者的相关性以及这些估计的准确性的决定因素。1然而，对于依赖新兴知识和新兴业务领域技术创新而进步的企业，最近的研究表明，无形资产2和其他无形因素，即人力资本和公司治理。在香港进行首次公开​​募股的成长型企业的经验为探索此类无形因素的价值相关性提供了独立的证据来源。通过对214家成长型企业的披露信息进行分析，本研究证实了这些无形因素的特定组成部分的重要性以及有关价值可持续性（VS）的财务和非财务信息的综合相关性。它认为，监管机构对与最近统一的报告标准相关的适当披露和会计处理的执法，以揭示上市候选人的基本面，比仅仅确定其公司治理披露更为关键。

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