Research On The Relationship Between Intangible Assets,Financing Constraints And Enterprise Performance

With the development of economic globalization,the competition among enterprises becomes more and more fierce.Intangible assets,as heterogeneous resources within enterprises,are regarded as an effective weapon to defeat competitors.Both the government and enterprises attach great importance to the value and value transformation of intangible assets.In March 2015,the state council clearly pointed out that enterprises should take transform research results as an innovative new road.Information technology and technological revolution are the forerunners of economic globalization.The development of information technology industry can help a country to gain a dominant position in economic globalization.Intangible assets,as the internal heterogeneous resources of information technology enterprises,can affect enterprise performance,but their value transformation is affected by financing constraints.Faced with financing constraints,information technology enterprises have high capital cost or insufficient financing,resulting in lower investment than the optimal investment level and affecting the value transformation of intangible assets.Therefore,the relationship between intangible assets,financing constraints and enterprise performance should be deeply discussed.A review of relevant literatures shows that there is no consensus on the relationship between intangible assets and corporate performance,and few literatures take financing constraint as a moderating variable to study its impact on the relationship between them.Based on domestic and foreign literatures,this paper theoretically analyzes the impact of intangible assets on enterprise performance,the reasons for the existence of financing constraints in information technology enterprises and the impact of financing constraints on the relationship between them,and puts forward corresponding hypotheses.On this basis,231 listed companies in the information technology industry were selected as samples to collect data from 2014 to 2016 for empirical research.Firstly,this paper constructs a multiple regression model to study the impact of intangible assets on enterprise performance,in which intangible assets are divided into technical and non-technical categories,and enterprise performance is divided into business performance and market performance.Secondly,the sensitivity model of investment-cash flow is constructed to test whether there are financing constraints in information technology enterprises.Finally,the Logistic model was used to establish the financing constraint index,and samples were grouped according to the degree of financing constraint to study the impact of financing constraint on the relationship between them.The main conclusions are as follows :(1)Information technology enterprise's overall intangible assets,technical intangible assets and non-technical intangible assets have a significant promoting effect on the improvement of business performance,and non-technical intangible assets have a stronger promoting effect in the short term;(2)overall intangible assets and technical intangible assets have a significant role in promoting market performance,but non-technical intangible assets have an insignificant role in promoting market performance;(3)there is a significant positive correlation between investment expenditure and operating cash flow of information technology enterprises,that is,information technology enterprises have financing constraints;(4)financing constraints have a negative regulating effect on the relationship between intangible assets and business performance.As the degree of financing constraints increases,the promoting effect of intangible assets on business performance is no longer significant.(5)financing constraint has a negative regulating effect on the relationship between the overall intangible assets and technical intangible assets and market performance,but not on the relationship between nontechnical intangible assets and market performance.On the basis of empirical research,this paper puts forward the following Suggestions: in the aspect of enterprise management,enterprise managers lean resources into the construction of intangible assets,which can improve the proportion of intangible assets;Optimize the allocation of intangible assets and the operation to improve the conversion efficiency;Ensure the standardization and continuity of information disclosure and alleviate the degree of financing constraints.in the aspect of policies and systems,relevant departments should improve the intangible assets accounting system,standardize disclosure requirements,and reduce information asymmetry,Promote the development of diversified financial institutions and expand external financing channels;We will develop a system for evaluating and guaranteeing intangible assets and develop new financing schemes for intangible assets.