An Empirical Research On The Relationship Between The Corporate Governance Structure Of High-Tech Enterprises And Intangible Assests

With the coming of knowledge economy era, economic growth depends mainly on the way from tangible assets to intangible assets, and the capital structure also changes. Especially to the high-tech enterprises which innovation is the focus of competition, the intangible assets become the value creation and main growth driver, so the high-tech enterprises increase the efforts to develop the intangible assets investment. A reasonable corporate governance structure will help to reduce agency costs, improve the allocation of resources, and enhance the company’s technology innovation decision making ability, thus increasing the input dynamics of intangible assets. Ultimately, it will contribute to realize company value the biggest change, realize the sustainable development of the company.The paper adopts normative research and empirical research combined method. In summing up domestic and foreign of intangible assets literature research, based on the characteristics of high-tech enterprises, we analyze how the three aspects of corporated governance, which is the shareholder structure, the board structure and executive incentive,have influence on the intangible assets, and select the data of high-tech listing Corporation during2008-2010years three years data to do empirical analysis. The main findings are the followings:(1)the larger Board size, the higher intangible assets.(2) The board of directors of independent directors proportion is higher, the intangible assets investment will be higher.(3) The first major shareholders equity ratio is higher, the intangible assets investment will be lower.(4)Second to ten shareholders equity ratio is higher, the intangible assets investment will be higher.(5) Executive compensation incentive has a positive effect on enterprises intangible assets investment.According to empirical research findings in-depth analysis, it proves that China’s high-tech Enterprise corporate governance structure has certain effect on the intangible assets. Therefore, the article suggests that our high-tech Enterprise need to further adjust the ownership structure, improvement of the structure of board to maintain the independence of the board, and strengthen the incentive and supervision. By this way, we can improve the level of promotion of intangible assets, and unite the core competitiveness for high-tech Enterprise.