The Value-relevance Study Of Intangible Assets In High-tech Enterprises

With the advent of the knowledge economy and its prosperity, the proportion of high-tech, patents and other intangible assets in products and services is increasing. The gold content of intangible assets is increasing in socio-economic activities. Also, the value of intangible assets plays an important part in the modern economic society. It becomes a decisive factor in the value creation process.As the capital-intensive and knowledge-intensive industries- High-tech industry, the function of intangible assets plays a more important role in enterprise economic process. In this paper, we take High-tech listed companies existing from 2004 to 2008 as our research object. We tested the value relevance of intangible assets by using qualitative analysis and quantitative analysis method, measuring empirical, comparative analysis and historical analysis of empirical research methods and the disclosure of intangible assets data and other relevant data in high-tech industry listed companies.In this paper, first of all, based on the literatures of home and broad about the value relevance of intangible assets, combined with related theory about the value of intangible assets, we expounded the relevance about intangible assets and business performance, market value respectively. Subsequently, we analyzed the correlativity about intangible assets and business performance, market value by using Eviews3.1 software and multiple linear regression models.We found that in high-tech industry listed companies, there was a significant positive correlation between intangible assets and business performance, current market value. First, the empirical results show that the intangible assets'contribution to business to performance in high-tech enterprises is greater than the contribution of tangible assets. Similarly, the correlation of intangible assets and the market value is clearly stronger than that of fixed assets. Second, we took part the intangible assets to analyze the technical intangible assets and non-technical intangible assets. Our purpose is finding their difference of correlativity in business performance and market value. The regression results show that not only there is a significant positive correlation between technical intangible assets and business performance, market value. Also this kind of correlativity is higher than the correlation of fixed assets. Moreover, there is an interesting result. That is the non-technical intangible assets and the business performance, market value exist a significant negative correlation.Finally, according to model regression results, in the long run of value creation about intangible assets, especially technical intangible assets, we put forward some recommendations. For example, strengthening the management awareness of intangible assets; increasing the quantity of intangible assets; fully using the existing intangible assets; cultivating new intangible assets actively; attaching importance to the disclosure of intangible assets; managing intangible assets information systems; broadening the content of accounting information disclosure of intangible assets; perfect relevant laws and regulations of intangible assets; strengthening law enforcement efforts to strengthen the protection of intangible assets, by these ways, maximize the function of intangible assets in the enterprise value creation process.