Research Of Intangible Assets’ Impact On The Growth Of The Listed Companies On GEM

The era of industrial economy,knowledge and technology in products of enterprises is not high.Tangible assets are dominant.But in the era of knowledge economy,the whole society is developing the science and technology,and striving for the commanding height of the science and technology.Competition among enterprises is gradually evolving into intangible assets,such as nowledge,technology and innovation ability,the core resources have gradually from tangible assets to intangible assets. Intangible assets are playing an increasingly important role in the growth of enterprises.The existing studies have shown that intangible assets have value relevance and play a positive role in the performance of enterprises.However the existing research rarely put intangible assets with growth together,therefore,the influence of intangible assets to the growth has become an urgent subject to study.The paper not only has carried on the theoretical analysis,also carried out empirical research.First of all, analyzing the theory of intangible assets and the theory of enterprise endogenous growth, and further introducing the related theory into the relationship analysis, studing the inner link of intangible assets and the growth, as the theoretica lbasis of this paper;Secondly,the paper analyzes the current situation of intangible assets and the growth of the Listed Companies on GEM,and then on the basis of theoretical analysis,constructing models,empirical analysis,researching the influence of intangible assets to the growth,verifing the hypothesis,then obtain conclusions of this study.The empirical results show that the influence of intangible assets to the current growth is negative,but to the next growth is positive;the influence of the land use rights of intangible assets to the current and next growth is negative;the influence of non-land use rights of intangible assets to the current is negative,but to the next growth is positive;the influence of R & D investment to the current and next growth are positive.In different industries,the influence of intangible assets to the next growth of three different industries is positive,the influence of the land use rights of intangible assets and the next growth of manufacturingt is positive,the influence of the land use rights of intangible assets and the next growth of information technology industry and other industry is negative,the influence of R & D investment and the current and next growth of three different industries is positive.On the basis of the conclusions,the paper put forward that relevant departments should perfect information disclosure of intangible assets,enterprises have to optimize the internal structure of intangible assets and improve the level of enterprise’s innovation,then improve the growth of the Listed Companies on GEM.