Empirical Study On The Relationship Between Intangible Assets And Business Performance Or Stock Price

At present,with the rapid development of culture enterprises,industry structure is changing,Inter firm mergers and acquisitions based on the results of the valuation are frequently encountered,the relationship between the intangible assets of the cultural industry,which has a lot of intangible assets,and operating performance,stock price is always the focus of people’s attention,but has not yet to have in-depth study,so,the study of the intangible assets in cultural enterprises,enterprise operating performance,and stock prices from the perspective of the corporate value evaluation,is necessary to the development of cultural industries.The paper first reviews the representative viewpoints in the field of research on value of intangible assets,and then combined with the current standards of intangible assets in our country,described the definition,classification,characteristics of the intangible assets,and then,analyzed the influence of intangible assets and the acting way on enterprises value;had statistical analysis of the intangible assets of the culture enterprises,described the status quo of intangible assets and information disclosure of cultural listing Corporation;finally,based on the stock value model,establish the regression model to verify the relevance of intangible assets and value of the culture listing Corporation.the conclusion is when compared the intangible assets with fixed assets,the former can have a positive effect on firm performance,market pricing of intangible assets is far greater than the price of net assets after deducting the intangible assets,which indicates that the value relevance of intangible assets is greater than the value relevance of tangible net assets,which is helpful to evaluate the culture enterprise value from the value of the intangible assets qualitatively.But in the analysis process and found that most of the culture enterprise has more land use rights,because of a large amount of land use rights,resulting in low level of technical content of intangible assets,affecting the continuity and stability of the positive effects of intangible assets on the enterprise performance,affecting the qualitative judgment of the value of the enterprise.So the paper suggests: continue to improve standards of intangible assets,confirm the accounting scope of intangible assets reasonably;intensify efforts to standardize disclosure of intangible assets information;increase the investment of intangible assets,improve technological content of intangible assets and innovation ability of enterprise.