| Over the years, there are obvious disadvantages for small and medium enterprises (the SMEs) in terms of internal and external sources. In 2004, the birth of the Shenzhen Stock Exchange SMEs Board supports the growing up companies with the independent innovation capability to achieve low threshold to enter the market. It’s a financing platform for the SMEs which are in the effort to survive and develop. However, in the decade, the SMEs’stock price is not optimistic. After paying attention to it, it is not difficult to find that most of the SMEs’stock price is falling, fluctuated falling, keeping downturn.Assets are the most important economic resource which the enterprise depend on to survive and develop. In the knowledge time, technological innovation gets much importance, and intangible assets containing technology get more and more attention. Based on the previous research of intangible assets, the paper analyzes the theory of the correlation between the stock prices and the intangible assets; studies the current situation of the intangible assets in SMEs; and do an empirical study. In this paper, studies the SMEs in the Shenzhen Stock Exchange Board. Based on the previous research of Ohlson Price Model, the Industry Climate Index is added as another variable, using Balanced Panel Data analysis method to study the correlation between the stock prices and the intangible assets, to explore the role of intangible assets in SMEs. The results show that the correlation of intangible assets and stock prices is affected by the industry factors; there was a significant positive correlation between intangible assets and stock price; The impact of intangible assets on the stock price is higher than the fixed assets.The paper studies the correlation of intangible assets and stock prices through literature research, statistical analysis. Panel Data regression analysis and variance analysis, it enriches the related literature and provides data to support the related study. |
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