An Empirical Research On The Relationship Between Intangible Assets And Corporate Growth

With the development of the knowledge economy and the deepening of economic globalization, the broad intangible assets increasingly become a key factor in decision to corporate growth and development. Nowadays in the continuous development of market economy,more and more attention paid to the role of the intangible assets of the corporates’ economic activity increasingly significant. The quantity and quality of intangible assets of the company has decided the growth ability’s logo, This law is for general corporate, especially for listed companies. Enteiprise growth theory suggests that competitive advantage does not come from outside the enterprise environment and tangible assets, but from the intangible assets inside the enterprise. Some studies have pointed out that the intangible asset has a positive impact on firm performance, other studies have pointed out that the value of intangible assets is relevant. However, current research rarely put intangible assets with business growth together. There is also no correlation theory about the closely linked relationship between intangible assets and business growth. Therefore, the relationship between intangible assets and business growth has become a subject urgently needs to study.This article is based on previous theoretical guidance on intangible assets and corporate growth related research, trying to use the research methods of the combination of theoretical analysis and empirical test, Firstly, propose research background, significance, ideas, methods, innovation and framework of the contents of this article, and define the related concept of intangible assets and business growth, then combing the literature on intangible assets and business growth at home and abroad, evaluated its limitations and pointed the ideas of this research. Secondly, starting from the basic characteristics of the intangible assets, explain the related theories of intangible assets and business growth, and do theoretical analysis of the impact of intangible assets on business growth and hypothesized. Thirdly, use empirical research methods, comprehensive data on intangible assets of the manufacturing industry in Shanghai and Shenzhen A-share market listed companies four years2008to2011as the study sample to examine the impact of the intangible assets with the business growth. The empirical results show that intangible assets in operating profit in the current period was significantly positively correlated; intangible assets on corporate growth in the current period were positively correlated, but not significantly, and for the next phase of corporate growth was significantly positively correlated. In addition, we found that the greater the proportion of land use rights, the more unfavorable impact on corporate growth; non-land use right class of intangible assets have a significant positive impact on the corporate growth. On the basis of the summarizes of the basic conclusions of this paper, finally, the article suggests that enterprises to increase intangible assets investment, especially the patented technology, non-patent technology intangible assets, and other non-land use right class of intangible assets. To improve the management of intangible assets, optimize the intangible assets structure, in order to improve the growth of enterprises, and to promote enterprise better and faster development.