중국기업의 무형자산이 기업가치에 미치는 영향

Abstract

Under the condition of knowledge economy, intangible assets play an important role in the enterprise value creation process. The intangible assets have gradually became the core competitive advantage under the condition of new economy situation. Especially, in Chinese companies, the value that Chinese company has created depends more and more on the intangible assets, and the competition of intangible assets between two enterprises will also affect the strength of enterprises. Therefore, the management of intangible assets have got more and more attention. The purpose of this study was to examine the impact of intangible assets on the firm value of listed corporations in China, as earlier studies established that intangible assets are associated with firm value on a long-term basis. This study has selected listed corporations in China and their's relevant financial data in 2009-2013 for research. As a result of making an empirical analysis of the listed Chinese enterprises, the following findings were given: First, we found that in listed Chinese companies, there was a significant positive correlation between intangible assets and current firm value. The empirical results show that the intangible assets’ contribution to current firm value in listed Chinese companies is greater than the contribution of tangible assets. Second, the multiple regression analysis shows that the investment of R&D in the listed corporations in China was found to have been statistically significantly influential. In the study of the listed corporations in China, the R&D of the year exerted positive influence on firm value. Finally, according to regression results, in the long run of value creation about intangible assets, we put forward some recommendations. For example, strengthening the management awareness of intangible assets; increasing the quantity of intangible assets; attaching importance to the disclosure of intangible assets; perfect relevant laws and regulations of intangible assets; strengthening law enforcement efforts to strengthen the protection of intangible assets, by these ways, maximize the function of intangible assets in the enterprise value creation process.