Research On The Impact Of Intangible Assets And Goodwill On The Capital Structure Of Listed Companies In China

With the implementation of the national innovation strategy and the change of the market competition environment,the products or services transformed from the scientific and technological innovation of listed companies are increasing,and the value created by them is constantly improving.The value brought by intangible assets such as technology patents,intellectual property rights,innovation ability,brand value,management level,service quality,corporate culture and goodwill to the company is increasingly recognized by people The company's investment in such assets is also significantly accelerated,making it increasingly become an important factor to measure the core competitiveness of listed companies.In this context,it is of theoretical and practical significance to focus on the impact of intangible assets on the capital structure of listed companies,and to explore whether intangible assets have the role of debt support,so as to improve the efficiency of the use of intangible assets,adjust the financing ratio of companies,optimize the capital structure and enhance the value of companies.Although intangible assets and goodwill are listed separately under the current accounting standards,in the current assets evaluation standards of our country,based on the common characteristics of goodwill and intangible assets,they are classified into intangible assets,that is,the definition of intangible assets covers two parts: identifiable intangible assets and unrecognizable intangible assets.This division also provides a basis for the study of the combination of the two.Considering the common characteristics of intangible assets and goodwill,such as exclusivity,efficiency and excess return,it can make intangible assets have the ability to continuously create cash flow for the company like tangible assets,promote the value of the company,provide the possibility for mortgage financing,and then have an impact on the capital structure.Therefore,from the perspective of relevant theories,combining intangible assets with goodwill,this paper comprehensively studies the impact of such asset changes on the capital structure of listed companies.Firstly,we select a total of 10145 samples from 2029 listed companies in Shanghai and Shenzhen A-share markets in 2014-2018 as the research samples,and then divide the research samples into full samples,annual samples and industry samples to form the corresponding cross-sectional data and balance panel data.The methods of OLS + robust standard error and OLS + clustering robust standard error were used to test multiple linear regression.Based on the definition of intangible assets and goodwill in China's current accounting standards,this paper empirically studies whether the proportion of intangible assets and goodwill in China's listed companies will have an impact on the capital structure of the company and the extent of the impact.Through empirical research,we find that intangible assets and goodwill affect the change of capital structure of listed companies.The specific performance is as follows:(1)the higher the proportion of intangible assets is,the higher the level of debt leverage is;(2)the higher the proportion of goodwill is,the more obvious the debt management strategy is.It shows that the value creation ability,core competitive advantage and the possibility of obtaining continuous cash flow of such assets play a certain supporting role in debt financing of the company,in fact,they play a part of debt guarantee role in replacing tangible assets,and provide a certain guarantee for the company to use financial leverage effect.Therefore,in the future development process,in order to obtain more debt financing support,it is necessary for the company to improve the conversion rate of research and development achievements,strengthen the ability to obtain cash flow of intangible assets and goodwill and the ability to support debt financing,so as to reasonably use the financial leverage effect,obtain leverage income,and improve the capital utilization ratio.On the basis of adjusting and optimizing the capital structure of the company,promote the promotion of the value of the company.