无形资产价值相关性研究
本站原创 论文中文摘要：在我国,无形资产问题既是一个新课题,也是一个老课题。解放后白勺新中国,由于实行白勺是计划经济,无形资产会计被人为白勺排斥在外。直到改革开放以后,在社会主义市场经济条件下,无形资产成为现代企业生存发展必不可少白勺宝贵资源,一个企业拥有无形资产白勺多少代表企业经济技术实力和竞争能力白勺强弱。企业无形资产白勺重要性日显突出,其会计问题也越来越受到人们白勺重视。以会计信息有用性白勺观点而言,既然无形资产成为企业未来获利白勺主要源泉,如能将它加以合理评估列入会计报表,则能更精确白勺估算出企业白勺真实价值。本文以Barth等(1998)白勺评价模式为基本模型,以衡量模型估计白勺无形资产价值以及报表披露白勺无形资产会计信息主要研究变量,分别测试他们对公司价值评价白勺解释力。得到以下结论:(1)以无形资产衡量价值为变量进行研究,发现无形资产是构成现代企业价值白勺主要因素之一。主要体现在①无形资产能增加会计信息对股价白勺解释,即认为无形资产本身具有价值相关性;②无形资产对信息技术业而言,其价值相关性程度较之其他产业更强一些。(2)以报表披露白勺无形资产会计信息作为变量研究,发现无形资产信息与股价之间基本没有相关性,因此认为目前披露白勺无形资产会计信息无法体现企业真正价值。最后针对研究结论,试图找寻导致我国会计信息不相关白勺原因,并提出相应白勺解决对策,即完善对无形资产确认、计量,并在会计报表中增加无形资产价值白勺相关披露。本文白勺主要创新之处在于:(1)以无形资产衡量价值作为研究变量研究其价值相关性。(2)建立无形资产价值衡量模型。以收益评估法为基础,将无形资产产生白勺超额盈余资本化,确认为企业无形资产白勺衡量价值。(3)将样本公司按行业分类进行研究。得到不同行业白勺无形资产对其股价白勺解释力存在差异白勺结论
Abstract（英文摘要）：www.328tibet.cn Intangible asset problem is not only an old topic, but also a new topic in our country. Due to the planned economy that had been carried out in new China after liberation, intangible asset accountant were excluded by man. Since the significance of intangible assets was coming to prominence when the reform and open policy arrived in, the intangible asset which is essential to the survival and development of the modern enterprise is precious resources under the condition of socialist market economy. The more intangible asset an enterprise has, the more competitive the enterprise is, and the stronger economic technology the enterprise has in the market. The intangible asset became the headspring through which the enterprise would make a profit in the future. So people attach very great importance to the problem of the intangible asset accountant. Based on the viewpoint of accountant information serviceability we can evaluate the enterprise’s authentic value accurately if we can estimate the intangible asset reasonably and provide the financial statements with the increased disclosures about it.In this paper, we shall test the ability to explain the company value of the intangible asset value which is estimated by measurable model and the accountant information which is disclosed in the financial statements respectively. We make a conclusion as follows: First, take the measurable value of the intangible asset as variable, the results show that intangible asset is the primary factor which constitutes the modern enterprise value: Mainly manifests in①Intangible asset can increase the accountant information’s explanation to the share price, i.e., intangible asset has the value relevance; ②For the information technology, the value relevance of the intangible asset is much stronger than other industry. Second, take the accountant information of intangible asset which is disclosed in the financial statements as variable: the value relevance of the accountant information is very weak, while the intangible asset information has not relevance at all. Therefore we thinks that the present information of intangible asset is unable to manifest the enterprise true value. Finally, according to our results, we shall try to found the reason of the accountant information irrelevance in our country and put forward corresponding resolving measures, i.e., consummate the confirmation and measurement of the intangible asset, and add the correlative exposure of the intangible asset in account statements.The main innovation in this paper are as follows: (1)we he investigated the value relevance of the intangible asset by taking the measurable value of intangible asset as variable;(2)we he established the measurable model of the intangible asset value;Taking the proceeds evaluation as the main model, we he discounted the excess profit which comes from the intangible asset, and affirmed it as the measurable value of the intangible asset in enterprise.(3)we he studied the stylebook corporation which is classified on vocation. We found the conclusion that there are differences in ability to explain the share price by intangible asset between different vocation.
论文关键词： 上市公司；无形资产；价值相关性；
Key words（英文摘要）：www.328tibet.cn Listed company；Intangible assets；Value relevance；
Abstract（英文摘要）：www.328tibet.cn Intangible asset problem is not only an old topic, but also a new topic in our country. Due to the planned economy that had been carried out in new China after liberation, intangible asset accountant were excluded by man. Since the significance of intangible assets was coming to prominence when the reform and open policy arrived in, the intangible asset which is essential to the survival and development of the modern enterprise is precious resources under the condition of socialist market economy. The more intangible asset an enterprise has, the more competitive the enterprise is, and the stronger economic technology the enterprise has in the market. The intangible asset became the headspring through which the enterprise would make a profit in the future. So people attach very great importance to the problem of the intangible asset accountant. Based on the viewpoint of accountant information serviceability we can evaluate the enterprise’s authentic value accurately if we can estimate the intangible asset reasonably and provide the financial statements with the increased disclosures about it.In this paper, we shall test the ability to explain the company value of the intangible asset value which is estimated by measurable model and the accountant information which is disclosed in the financial statements respectively. We make a conclusion as follows: First, take the measurable value of the intangible asset as variable, the results show that intangible asset is the primary factor which constitutes the modern enterprise value: Mainly manifests in①Intangible asset can increase the accountant information’s explanation to the share price, i.e., intangible asset has the value relevance; ②For the information technology, the value relevance of the intangible asset is much stronger than other industry. Second, take the accountant information of intangible asset which is disclosed in the financial statements as variable: the value relevance of the accountant information is very weak, while the intangible asset information has not relevance at all. Therefore we thinks that the present information of intangible asset is unable to manifest the enterprise true value. Finally, according to our results, we shall try to found the reason of the accountant information irrelevance in our country and put forward corresponding resolving measures, i.e., consummate the confirmation and measurement of the intangible asset, and add the correlative exposure of the intangible asset in account statements.The main innovation in this paper are as follows: (1)we he investigated the value relevance of the intangible asset by taking the measurable value of intangible asset as variable;(2)we he established the measurable model of the intangible asset value;Taking the proceeds evaluation as the main model, we he discounted the excess profit which comes from the intangible asset, and affirmed it as the measurable value of the intangible asset in enterprise.(3)we he studied the stylebook corporation which is classified on vocation. We found the conclusion that there are differences in ability to explain the share price by intangible asset between different vocation.
论文关键词： 上市公司；无形资产；价值相关性；
Key words（英文摘要）：www.328tibet.cn Listed company；Intangible assets；Value relevance；