An Empirical Research On The Relationship Between Intangible Assets And Enterprise Value Based On Perspective Of The Excess Income

In twenty-first Century, the era of information economy is coming, with the development of knowledge economy, the enterprise production function has also changed, the progress of science and technology make the intangible assets more and more important in the social economic activities, and the proportion in the production function is increasing. In the fierce competition of globalization, because of its unique characteristics, intangible assets driving the enterprise value growth, and become the decisive factor of the sustainable development of enterprises. With its special monopoly rights, intangible assets bring the excess profit to the enterprise, and convert it to the contribution of company value. When the intangible assets have become the important part of the enterprise, the intangible assets’ability to create value will directly affect the realization of enterprise value. In this case, the intangible assets of enterprise knowledge appears particularly important, enterprises’ appraisal of intangible assets is reflected in corporates’disclosure of accounting information of the intangible assets. If the enterprise overestimates the value of intangible assets, the intangible assets will include too much assets which could not bring benefits to the enterprise. But, if the enterprise underestimates the value of intangible assets, a lot of assets which can bring benefits to the enterprise isn’t be recognized. It will also have an effect on the relationship between intangible assets and enterprise value. So how to tradeoff between the two is a problem worthy of discussion.The intangible assets’excess returns is the source of the value of intangible assets. This article is based on perspective of excess return, and the combination of normative and positive research methods are used. After summarizing the domestic and foreign studies of the relationship between intangible assets and enterprise value, this article analysis the different relationship of the two elements, when the intangible assets accounting recognition are on different degrees, the relationship of intangible assets and enterprise value will change. The study is based on the data form listed companies in Shanghai and Shenzhen during2008to2011, and the high-tech enterprises as special cases for further discussion. The empirical results show that, there is a significant correlation between the intangible assets and enterprise value. When the intangible assets accounting recognition are on very low or very high degrees, the correlation between the intangible assets and enterprise value is not significant, when the intangible assets accounting recognition is proper, the correlation is significant.According to the empirical results, this paper argues that intangible assets accounting recognition should not go to extremes. If the recognition degree is too high or too low, it will have a bad effect on the correlation between the intangible assets and enterprise value, instead, the information disclosure should maintain the relevance of accounting information, and fully consider the accounting conservatism. Therefore, this paper proposed to recommended enterprises to pay more attention to the importance of intangible assets, and evaluate the the value of intangible assets more properly.