An Empirical Study On The Value-Relevance Of Intangible Assets

With the development of science and technology, the importance of tangible assets in products and labor costs becomes less and less, however, the importance of intangible assets becomes more significant. Therefore, the intangible assets, such as intelligent assets, play important roles in this modern and economic society, especially in High-tech industry which is capital-intensive and knowledge-intensive. This dissertation verifies the value pertinence, which are, data of High-tech industry, intangible data and others data. We found that the stock price was obviously relevant to Earnings per share, Intangible assets per share, Tangible assets per share and the ex-stock price. For these facts, if Intangible assets per share, earnings per share, tangible assets per share and ex-stock price increase by 1% respectively, the current stock price will also increase correspondingly.The High-tech industry stock price depends primarily on the inner Earnings per share. The Intangible assets contribute more infection to stock price than Tangible assets. The current stock price will change with the ex-stock price. The stock price of High-tech industry is depended primarily on the inner Earning per share. The affection of intangible asset is two times greater than tangible assets on stock price. The current price will change with the ex-price. The Intangible assets of the proportion of total assets will change the intangible assets per share on the impact of stock price. Usually, if the proportion of asset is higher, the intangible assets will bring more infection on stock price, therefore, it will increase the value of the enterprise. Whereas, the intangible assets of the proportion of total assets will be lower.The innovation of the dissertation is that, we got the result through panel data, which improves the usage of data and the accuracy of result. We use flexible analysis to get more powerful explanation. The data of the dissertation is from the year 1999 to 2004, and can be more valuable for our economic society.