The Research On The Relationship Between Intangibile Assets And Enterprise Value Based On Chinese Listed Company

In pace with the deepening of economic globalization, international competition between enterprises is becoming more and more fierce,and intangible assets are becoming an important resource in the process of sustainable development of enterprises. So all the enterprises have been increasing the level and intensity of investment on the intangible assets.Value-relevance on intangible assets has become a research emphasis in the filed of corporate finance.But the forgoing researches mostly focus on the relationship between the entire intangibles and enterprise value.So the paper will carry out an research on the basis of the different contents of intangible,which would have important academic meaning and applied value.Firstly, the paper extended the definition of intangible assets on the basis of the accounting definition. Secondly, the paper made some descriptive statistics about the entire and details of intangible investment,. Finally, the paper made use of the stock price model and return model to analyze the relationship between the intangible assets and the enterprise-value, taking consider of the industry and the types of intangibles. The results showed that the overall intangible assets have a significant positive effect on the enterprise-value. While the intangible assets have different performance in the different industries, and the different types of intangible assets have different effects on the enterprise-value. Basing on the above findings, the paper gave some advice:Firstly, The market regulator should strengthen information disclosure of listed companies, especially the disclosure of unidentified intangibles. Secondly, corporation should enhance internal construction and management of intangibles, in particular, enhance the innovative capability. Finally, the users of financial statement, particularly investors, should pay attention to intangibles, including the whole level, incremental amount and internal structure, when they judge of enterprise-value or make other decision.