本文以2011-2013年间我国A股高科技行业上市公司为样本,实证检验了包括股权治理、董事会与监事会治理、管理层激励在内的公司治理水平与智力资本信息披露间的相关性以及产品市场竞争对这种关系的调节效应.结果表明:(1)无论是整体公司治理水平的提高,还是股权治理、董事会与监事会治理、管理层激励等分维度治理水平的提高,都能够显著提升企业智力资本自愿信息披露水平;(2)产品市场竞争与整体公司治理机制通过互补的方式共同促进企业智力资本信息披露水平,但不同维度公司治理机制与产品市场竞争间的关系存在异质性,即产品市场竞争与股权治理、管理层激励存在互补关系,和董事会与监事会治理存在替代关系.%Based on a sample of China's high-tech listed companies during 2011 to 2013, this paper empirically investigates the relationship between ICDI and corporate governance and the influence of product market competition on such relationship. The results demonstrate that:(a) Both the overall corporate governance index and the sub-indices, including shareholder governance index, board and supervisory board governance index, and management incentive index,have significantly positive effects on ICDI. (b) There exists a complementary relationship between product market competition and overall corporate governance in improving ICDI. However, the relationships between different sub-indices of corporate governance and product market competition are heterogeneous. Specifically, the more intense competition,the greater positive influences of shareholder governance and management incentive on ICDI. But the product market competition decreases the role of board and supervisory board governance in promoting ICDI.
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