The Value Relevance Of Intangible's Information Disclosure

Intangible assets are very important resources for survival, development and value increment of enterprise, and are also the necessary weapons to play a dominant role in the fierce market competition. Foreign scholars have begun to study intangible assets since the 1940s, theoretical research. After 1970s, there were many achievements in empirical study. While in China, not until the beginning of socialist market economic system did the concept of intangible assets become recognized. With the rapid development of technology and economy, more and more attention has been paid to intangible assets.Based on the scholars'achievements both at home and abroad, this article presents its own research ideas and research methods. Firstly, author gives a sketch of the definition, scope and characteristics of intangible asset, and describes value creation theory and the necessity of disclosing intangible assets. This article tells the reasons that intangible assets contribute to enterprise value are supposed to its internal value-driven factors a non-competitive, and believes that intangible assets can better play its value-creating role only when enterprise discloses its intangible assets information comprehensively, fully, and truly. Then, author chooses more than 70 listed companies of the electronic information industry as the research object, and researches their relevant data from the year 2008 to 2009. In this paper, author does some simple descriptive statistical analysis about the situation of intangible assets'total amount, its absolute and relative quantity change, its disclosure quality, human resource reserve, and also does regression analysis with emphasis on value-relevance of intangible assets information in this industry. The results show that in the electronic information industry, intangible assets have significant and positive correlation with enterprise's market value and business performance.Finally, author analyzes and summarizes deficiency and limitation in this research, and then puts forward the future research direction and kinds of problems needed to solve.