The Impact Of Intangible Assets On Enterprise Value

Research background and research issues:Intangible assets and enterprise value are the focus of modern academic research.On September 8,2017,China Appraisal Society released the new assessment criteria of intangible assets,"professional standards of asset appraisal--intangible assets".Then,on October 29,2018,China Appraisal Society released the new assessment criteria of enterprise value,"professional standards of asset appraisal--enterprise value".At the same time,"China Manufacturing 2025" is an important strategic goal for China to become a manufacturing superpower issued by the State Council in 2015.Taking this as an opportunity,this paper will conduct a case study on intangible assets and enterprise value.Research issues of this paper are:Analyses of the impact of intangible assets on enterprise value.At the same time,I will take BYD Company Limited as an example to conduct a specific case study and establish a way of thinking and method to analyze the influence of intangible assets on enterprise value of modern enterprises.Research ideas and methods:Based on the latest research results at home and abroad,this paper establishes a method to analyze the influence of intangible assets on enterprise value and takes BYD automobile as an example for case study.The intangible assets of the automobile industry are divided into three categories:technical intangible assets,market intangible assets and intellectual capital intangible assets.At the same time,under each category of intangible assets,a number of indicators are used for quantitative analysis and evaluation.Specific indicators include six categories:R&D investment rate,patent ownership rate,market share,brand value,proportion of technical developers and proportion of highly educated talents.Based on the above research ideas,this paper analyzes and evaluates various indicators of BYD automobile from 2011 to 2017 based on the perspective of intangible assets,and finally obtains the change of BYD’s enterprise value with intangible assets.In order to ensure the accuracy of research conclusions,this paper compares and verifies the results of EVA-based evaluation and analysis methods of enterprise value.As for the research method of BYD case,not only do I use the data of recent seven years for the longitudinal comparison study,but I also take the date for 2017 as an example to conduct a horizontal comparison study between BYD auto and Great Wall motor in the same industry,so as to increase the depth and breadth of the case study and form a three-dimensional research modelResearch innovation and practical significance:This paper studies BYD’s enterprise value from a new perspective of intangible assets,which is different from the traditional evaluation methods of enterprise value.The basic evaluation methods of enterprise value include market method,income method and cost method.However,traditional methods seldom pay attention to the value of intangible assets of enterprises,so the study of this paper has a very important pioneering significance for enriching the analysis perspective and evaluation methods of enterprise value.At the same time,this paper draws an important conclusion:intangible assets have a positive impact on enterprise value.Finally,the end of this paper provide constructive opinions and suggestions for the development of BYD,Great Wall motor and other automobile enterprises,and also provide a valuable idea and method for the analysis of enterprise value for the investors and managers in the automobile industry.