Research Of Intangible Assets’ Evaluation And Relativity

As the advent of era of modern knowledge economy,the status of intangible assets in economic life is increasing prominent.Its significance for enterprise is also gradually highlighted.Intangible assets,for enterprise,are not only a critical resource to strengthen core competitive advantages,but also the key to obtain sustainable competiti’veness.They are often overlooked in empirical studies of business practices and firm values despite people has realized the importance of them.At present,domestic scholars are still in the initial stage on the evaluation of intangibles.They are exploring the connection and regulars between intangibles and firm value so there are some limitations in available researches and studies.Based on above,this paper points out a new method to evaluate intangible assets,associated the value of enterprise and intangibles with correlation between analysts’ forecasts and corporate profitability,to seek more value relevance of intangible assets,refered to Saskia Clausen,Stefan Hirth(2016),Matolcsy and Wyatt(2006)、Xue.Wang(2001)andSu.Wei(2013).There are many ways to confirm the value of intangible assets.In this paper,we use a measuring method widely used by domestic and foreign scholars--R&D expenditure.At the same time,it uses another new way to measure intangible asset value.First of all,the Tobin Q value is used to evaluate enterprise value.Second,we analysis the relevance between analysts predict and intangible asset value according to the following three aspects,forecast error,forecast divergence and forecast following.Besides,regards the dividend per share,the growth rate of net profit and the sustainable growth rate as the breakthrough point,to testify interdependency between intangible asset value and enterprise profitability.We selects the listed companies in Shanghai and Shenzhen A Share Market from 2007 to 2016 as the object,empirically testing the value relevance of intangible assets,and the new way to confirm it.The test shows:(1)The value of intangible assets growth is conducive to enhance the corporate value;(2)The value of intangible assets will increase the negative impact on analysts’ forecasts;(3)Increase in intangible assets value will improve the profitability of enterprise value.In all,intangible assets play an important role in gaining enterprise value and the improvement of business performance and the accuracy of analysts’prediction.In recent years,people think more highly of intangible as knowledge and technologies are high-demanded,which are vital for day-to-day business operation.This paper enriches the approach to confirm the value of intangible assets,also puts forward more possibilities for the relevance of intangible assets.