Research On Enterprise Value Based On Knowledge Assets

New Economic Growth Theory believes that, knowledge accumulation is the source of modern economic growth. Knowledge can remarkably improve investment benefits, incur expansion and reform of social production and reproduction, and is the important endogenous factor of promoting economic growth.On a microscopic level, knowledge assets or intellectual capital has become the key competition resources of modern enterprise development. In accordance with the assets-value theory, on the efficient capital market, enterprise value shall be equal to the sum of value of tangible assets and intangible assets fairly priced in the enterprise. Wherein, intangible assets shall include all knowledge owned by enterprise, such as trademark, patent, technology, etc. However, out of the principle of prudence, in Accounting Standards for Business Enterprises, only the intangible assets whose cost can be reliably calculated can be confirmed in statement. That’s why the book value of knowledge asset confirmed in enterprise financial statement cannot accurately reflect its fair value.It is believed in this paper, the knowledge assets owned in enterprise, in addition to the value of proprietary technology, trademark, patent and other assets confirmed in financial statement, shall also the invisible knowledge assets form from R&D, study and imitation by enterprise. Some of this part of assets is directly obtained from R&D input of enterprises, and the other is in directly formed from accepting the knowledge spillover of other enterprises within the area, i.e., the knowledge of enterprise shall include three parts:book knowledge assets, assets obtained from R&D, assets formed from accepting knowledge spillover.Materials of Yangtze River delta area and 152 listed companies of information technology industry are taken as study samples in this paper, model is built to make empirical analysis on the impact performance of knowledge assets on enterprise value through the financial data in annual audit reports of sample companies of Year 2012 to 2014. Analysis indicates:the influence of book knowledge assets of sample companies on the fair value of enterprises is not significant while the R&D input of enterprise and knowledge spillover of other enterprises within the region of acceptance will improve the fair value of enterprises.In addition, comparison on the ability of accepting knowledge spillover is made between listed companies of different industries in this paper, and it is found that the relation between knowledge spillover and enterprise value of information technology industry is significant.At last, theoretical analysis is made on the result of empirical analysis and relevant policy advices are proposed.