Research On The Evaluation Of The Intangible Asset's Contribution To Enterprise Value

Intangible assets play an important role in the process of enterprise value creation for its nature and particularity. The evaluation on the contribution of intangible assets to enterprise value can reflect the real value of intangible assets and help transforming them into enterprise value. Theoretically, based on the Enterprise Value Creation Theory, this thesis analyzes the interaction among intangible assets and the process of how intangible assets contribute to enterprise value, which improves the theory of the intangible assets'contribution to the enterprise value. Practically, the evaluation method designed in this paper provides the administrator with comprehensive and systematic information that are beneficial to the enlargement of value-created function of intangible assets.This paper mainly uses the standard researching methods and includes four parts. The first part defines the scope of the intangible assets in this paper and divides them into three categories: human capital, organization capital and relationship capital. Then, this thesis makes a deep analysis on the interaction among the three kinds of intangible assets, which shows that all the elements of intangible assets are not isolated, but interacted and improved by each other. Based on the Enterprise Value Creation Theory, the second part analyses the role that intangible assets played in the process of the value creation. The result shows that the dynamic mechanism among the intangible assets is the source of enterprise's competitive advantage. In addition, intangible assets create more cash flow and support the realization of enterprise's strategic objective by changing cost structure, improving organizational efficiency and enlarging customer value. The third part makes a comparative analysis on the three kinds of evaluation methods. Taking advantages of the existing evaluation methods, the forth part designs a comprehensive evaluation method by using Analytical Hierarchy Process. This evaluation method takes full account of the interaction among the intangible assets and the intangible assets'contribution to the enterprise value creation. Moreover, it not only can assess the contribution of intangible assets as a whole, but also evaluate the contribution of each element of intangible assets respectively.