The Value Relevance Of Intangible Assets In Listed Companies In China

From the viewpoint of accountant information serviceability that since the intangible asset is essential to the survival and development of the modem enterprise.The enterprise should disclose the book value of the intangible assets factually.But are there any deficiencies existed in the accounting standard relevant to the intangible assets? How does the new accountant rule overcome the deficiencies of the old rule and improve the value relevance of the intangible assets in the listed companies? All of these questions need our researchers to answer through value relevant study about intangible assets.The value relevance of intangible assets is a method which is used for researching the correlation between the intangible assets and the enterprise value in certain circumstances capital.Much of study in this area has been done in foreign literature,and relatively,little study has been done in domestic literature.On the basis of early empirical study results of the value relevant value about intangible assets both at home and abroad in this paper,we elaborate this paper's research content and measures.Firstly,in view of the implementation of the present intangible assets accounting rule in 2007,we text the impaction of this accounting standards on the Shanghai A-share listed companies by the paired-samples T text.Secondly,based on the division of the high-tech industry and non-high-tech industry,we study the value relevant of enterprise value about the intangible assets on the Shanghai A-share listed companies by the linear regression in 2005-2007. Finally,we compare the high-tech industry's the relevance value of the accounting information with the non-high-tech industry.Meanwhile,we analyze the impaction of the R&D expenditure on the high-tech industry,which are evaluated the intangible assets accounting rule.The results show that the implementation of the intangible accounting rule which was carried out in 2007 has had a significant impact on the Shanghai A-share listed companies. Intangible asset is the primary factor which constitutes the enterprise value creation, especially in the high-tech industry;the stock market of our country positively values reported intangible assets;the market's valuation of a unit of intangible assets is higher than its valuation of other reported assets,but this result is not obvious in the non-high-tech industry;intangible assets rule doesn't damage the high-tech industry's the usefulness of the accounting information.The capitalization of the R&D expenditure can improve the usefulness of accounting information,but the cost of R&D can reduce this usefulness. These conclusions can show that the present intangible assets accounting standards overcome the deficiencies of the old accountant rule which damaged the value relevance of the intangible assets,and improve the value relevant of the intangible assets accounting information.