Relationship Between Intangible Assets And Enterprise Value Of Listed Tourism Companies

At the present stage,with the deepening of building a moderately prosperous society in all respects in China,the GDP growth rate is basically stable at more than 6%.The targeted implementation of poverty alleviation policies,the policy of reducing fees and taxes,and the system of paid leave are steadily improved.the people's demand from the simple to eat satisfied wear warm level transition in the entertainment and leisure,including food and clothing live line level,in this kind of demand,under the stimulus of listed tourism companies in China ushered in the great development opportunities.Tourism listed companies in China have a relatively high proportion of intangible assets,which have a decisive impact on the value of enterprises.On the one hand,the excess profitability and heterogeneity of intangible assets can greatly improve the efficiency of enterprises and enhance their core competitiveness.On the other hand,the high risk of intangible assets has a certain inhibitory effect on enterprise value.This study takes the data of 32 listed tourism companies in a-share as samples,conducts an empirical study on the impact of intangible assets on enterprise value,and the research results show that :(1)intangible assets of listed tourism companies in China are positively correlated with enterprise value in A non-linear way,and their contribution to enterprise value is diminishing marginal.(2)intangible assets of listed tourism companies of different types have different contributions to enterprise value,among which the intangible assets of listed catering and hotel companies are significantly positively correlated with enterprise value;The intangible assets of listed companies in tourist attractions and tourism integrated services are non-linearly related to enterprise value,and their contribution to enterprise value is diminishing marginal.(3)intangible assets of listed tourism companies contribute more to enterprise value than fixed assets.When fixed assets are added into the model as control variables,intangible assets of the overall sample are positively correlated with enterprise value in a non-linear way,while fixed assets are significantly negatively correlated with enterprise value.Separately,the intangible assets of listed catering and hotel companies are positively correlated with the enterprise value in a non-linear way,and their contribution to the enterprise value is diminishing marginal;the fixed assets are negatively correlated with the enterprise value in a non-linear way,and their drag on the enterprise value is decreasing marginal.The intangible assets,fixed assets and enterprise value of listed companies in tourist attractions are non-linear and positively correlated.The contribution degree of enterprise value of both listed companies is decreasing marginal,but the correlation coefficient of fixed assets is smaller than that of intangible assets.The intangible assets of listed tourism integrated services companies are positively correlated with the enterprise value in a non-linear way,their contribution to the enterprise value is diminishing marginal,and the fixed assets are negatively correlated with the enterprise value.Based on the theory of enterprise value measurement and the effect of intangible assets on enterprise value,this paper studies the influence of the change of intangible assets scale on enterprise value of listed tourism companies in China.The purpose of this study is to enrich theoretical and empirical research on intangible assets of listed tourism companies and help managers get better Suggestions on intangible assets management.It is of great enlightenment significance to optimize the structure of intangible assets of listed tourism companies in China and match the investment of assets with the development status of enterprises in a scientific way.