Research On The Influence Of Enterprise Intangible Assets On Financial Performance

Under the current knowledge society,science and technology innovation is a driving force of nation,national survival and development,and also become the source of the life of enterprise,the formation and innovation of intangible assets is the core of innovation,intangible assets is considered the key drivers as value creation and competitive advantage of enterprise by research and practitioners.It is very important to increase the intangible assets to promote enterprise performance in the modern economy.Functions of the enterprises to identify and locate the intangible assets and intangible assets that how to promote enterprise financial performance is a vital importance.Intangible assets can make the enterprise keep and improve its market competitive advantage and improve their comprehensive strength,we can say the intangible assets is an important part of enterprise survival and development.With the rapid development of science and technology as well as the complicated competition environment,intangible assets increasingly become an important resource for enterprises to improve competitive advantage.The innovation of the intangible assets is the lifeblood in the pharmaceutical industry.Pharmaceutical enterprise improving intangible assets such as medical technology innovation,to strengthen the development of intangible assets such as patent medicine will improve its core competitiveness,sustainability and promote the improvement of enterprise performance and value.In this paper,The research object based on the fourth quarter industry classification results in 2016 of listed 127 companies in pharmaceutical manufacturing listed companies from the China securities regulatory commission,the data is from the financial statements of 127 listed companies as 2012 to 2015,combined the economic characteristics and the intangible asset holdings of listed companies of medicine manufacturing industry in our country,analyzing the influence of intangible assets to the enterprise financial performance,selection of intangible assets(core competencies)as explanatory variables,business profits(financial performance)as the explained variable,at the same time selecting the proportion of the first largest shareholder(equity structure),cost of sales(sales policy)and asset-liability ratio(capital structure)as control variable,build intangible assets and the financial performance of regression model,and doing the empirical analysis inspection.Research results show that: first,The intangible assets of listed companies from 2012 to 2015 in the pharmaceutical manufacturing industry is improving,stock holding rate increased slightly,but hold a big differences;Second,intangible assets and corporate financial performance has significant positive correlation;Third,the intangible assets have significant positive role in promoting the current financial performance,but little;Fourth,the influence of intangible assets persists promoting the financial performance,and thereare three years duration.Latter put forward the following Suggestions: first,increase investment in intangible assets with the product technical innovation;Second,enhance the innovation,the holding rate and effectiveness of the intangible assets;Third,optimize the accounting recognition,measurement and disclosure of the intangible assets;Fourth,strengthen the supervision and protection of the intangible assets.