The Value Relevance Of Intangible Assets

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 have investigated the value relevance of the intangible asset by taking the measurable value of intangible asset as variable;(2)we have established the measurable model of the intangible asset value;Taking the proceeds evaluation as the main model, we have 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 have 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.