Research On The Value Relativity Of Intangible Assets Of High-tech Enterprises In China

With the development of market economy,intangible assets are increasingly occupied in the assets of listed companies in the important position,especially in high-tech enterprises.Most of the proceeds of intangible assets need to go through a cycle to reflect in the value of the enterprise.Therefore,the measurement method of historical cost method used in traditional accounting statements has a large unsuitability for the accurate evaluation of the value of intangible assets.In what way to accurately assess the value of intangible assets in high-tech enterprises has become an urgent need to solve a problem.Based on the theoretical basis of value relevance,this paper analyzes the correlation between intangible assets' book value and market value on corporate value from 200 high-tech enterprises in Shenzhen and Shanghai stock market existing from 2011 to 2015.First,through the correlation between stock price and intangible assets,the validity of the value of stock is reflected from the book value of intangible assets.Then,the correlation between intangible assets and accounting earnings is investigated through the intangible assets defined by market value.(1)There is a significant positive correlation between the intangible assets and the stock price,and the different industries show different degrees of significance.(2)There is a significant positive correlation between the intangible assets under the market value definition and the accounting earnings and There are differences in the quality of different accounting earnings(3)The intangible assets under the market value definition are better than the intangible assets for the corporate value as an explanatory variable.After the empirical analysis,the time series is used to analyze the proportion of intangible assets accounting for 14 enterprises from 2001 to 2016,and the conclusion is further explained from the sequence three.Finally,based on the results of time series analysis,the proportion of intangible assets will tend to a stable value,based on the stability of the value from the intangible assets to determine the high-tech enterprises in the stage characteristics.Based on the P / E model,this paper defines the value of intangible assets through the market value,and puts forward the valuation method of the intangible assets in the new high-tech enterprises,which has certain reference significance for the follow-up research.