上市公司无形资产价值相关性研究
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摘要
在知识经济不断发展和公司之间竞争日趋激烈的形势下,无形资产以其特殊的性质和作用成为公司的一项可持续发展资源,代表着公司的核心竞争力和价值创造的源泉,由此可见,无形资产在公司发展过程中扮演着越来越重要的角色,人们对无形资产信息的重视程度也不言而喻,如何有效经营和管理无形资产已成为公司寻求未来发展的重要手段和紧迫任务。2006年2月15日,财政部颁布了包括1项基本准则和38项具体准则在内的新会计准则体系,其中《企业会计准则第6号——无形资产》的内容有较大变化,这会给上市公司无形资产的确认、计量和披露带来一定的影响,无形资产是上市公司立足证券市场的重要保证,如果运用得当，上市公司可以通过证券市场提升无形资产价值,进而提高公司价值。
国外学者对无形资产的研究早期主要集中在规范研究上,实证研究开始于上世纪四十年代,主要研究无形资产的价值相关性问题以及无形资产对上市公司信息披露的影响,近年来对开发支出、专利权和品牌等方面作了进一步深入的研究,得出的结论是：无形资产能够显著改善公司盈利能力和会计盈余持续性,无形资产具有显著的价值相关性。目前国内学者对于无形资产的研究尚处于探索阶段,虽然取得一些研究成果但仍然存在着一定的局限性,总体上来说,学者们主要研究的是无形资产作为一个整体对公司价值和公司经营业绩的影响,对不同行业的无形资产价值相关性以及无形资产明细类别信息的实证研究比较少,事实上,不同行业中不同类别的无形资产对公司经营业绩的贡献具有显著差异。
本文在前人研究的基础上,选取了我国上海证券交易所发行的A股上市公司作为研究对象,以2006—2008年为研究区间,提出假设,建立模型,运用实证分析的方法对无形资产的价值相关性进行研究。首先,通过研究无形资产对股价的影响来检验资本市场对无形资产作出的价格反应；其次,通过研究无形资产对上市公司经营业绩的贡献程度来考察无形资产对公司经营活动的作用；最后,根据行业特征分析,研究不同行业的无形资产明细类别信息,考察无形资产的内部结构在各个行业中的的价值相关性。研究结果表明：无形资产对上市公司的公司价值(股价)有显著正向的影响；无形资产对上市公司经营业绩起到了显著正向的作用；从行业角度和无形资产明细分类角度,发现无形资产对上市公司经营业绩的影响存在明显差异,并且影响的程度因行业特征有所不同,说明不同类别的无形资产在不同行业中发挥了不同的效用。
本文根据上市公司无形资产价值相关性的实证研究,不仅支持了无形资产价值相关性理论,而且提出了一些政策建议：我国要不断完善会计准则的修订,加强无形资产的确认、计量和披露,提高无形资产披露的质量,为财务报告使用者提供与决策有关的无形资产信息；投资者要更加关注和充分理解上市公司披露的无形资产信息,提高投资决策的有用性,证券监管部门有责任积极引导投资者在一定程度上多关注无形资产的重要信息；上市公司要积极提高无形资产的整体规模并且优化无形资产的内部结构,加强研究开发项目的投入,合理确定研究开发支出,各行业应该根据自身特征进行无形资产的内部管理,使得无形资产能为公司创造有用价值。
With the development of knowledge economy and fierce competition among enterprises, intangible assets have special characteristics and effects. They are sustainable development resources of enterprises and they represent the enterprise core competitive ability and the source of value creation. Therefore, intangible assets play more and more important roles in the process of enterprise development. People can clearly realize the importance of intangible assets information, but how to effectively operate and manage intangible assets? It has become an urgent task and important means of enterprises'future development. On February 15th,2006, Ministry of Finance has promulgated the new accounting standards system, including a basic criteria and 38 specific guidelines. "Accounting Standards for Enterprises No.6-intangible assets" has great changes. It will influence the recognition and measurement of intangible assets. Listed companies can enhance the value of intangible assets through the stock market, then increase the enterprise value.
Foreign scholars have carried through a lot of theoretical research and positive research on the value relevance of intangible assets. They drew a conclusion:intangible assets can obviously improve the enterprise profitability and accounting earnings. Domestic scholars have got some achievement on the study of intangible assets. However, some limitations exist. As a whole, they have tested the intangible assets' influence on stock price and accounting earnings, yet there were little empirical research on the value relevance of intangible assets in different industries and categories.In fact, different industries and different kinds of intangible assets make the different contributions to enterprises'development.
On the basis of the predecessors, this paper selects listed companies of Shanghai Stock Exchange from 2006 to 2008.Positive analysis is conducted to study on the value relevance of intangible assets.First, this paper tests the capital market reaction to the price of intangible assets; second, this paper tests contributions of intangible assets to company's operating performance; finally, this paper selects the sample data according to industries, collects category information of intangible assets and conducts more credible research on the value relevance of intangible assets. It is found that intangible assets have significant positive effect on stock price and company's operating performance. Different industries and different kinds of intangible assets make the different contributions to company's operating performance. Therefore, it is useful to analyze the value relevance of intangible assets according to different industries and different kinds of intangible assets.
Based on the result, this paper supports the theory on the value relevance of intangible assets.It also proposes some suggestions:our country should constantly improve the revised accounting standards, enhance the recognition and measurement of intangible assets,provide the information of intangible assets;investors should pay more attention to the information of intangible assets, the securities regulatory departments have the responsibility to actively guide the investors;listed companies should improve the overall scale of intangible assets and optimize the internal structure of intangible assets, strengthen investment in research and development projects; every industry should carry out internal management according to their own characteristic. Intangible assets can create useful value for the company.
国外学者对无形资产的研究早期主要集中在规范研究上,实证研究开始于上世纪四十年代,主要研究无形资产的价值相关性问题以及无形资产对上市公司信息披露的影响,近年来对开发支出、专利权和品牌等方面作了进一步深入的研究,得出的结论是：无形资产能够显著改善公司盈利能力和会计盈余持续性,无形资产具有显著的价值相关性。目前国内学者对于无形资产的研究尚处于探索阶段,虽然取得一些研究成果但仍然存在着一定的局限性,总体上来说,学者们主要研究的是无形资产作为一个整体对公司价值和公司经营业绩的影响,对不同行业的无形资产价值相关性以及无形资产明细类别信息的实证研究比较少,事实上,不同行业中不同类别的无形资产对公司经营业绩的贡献具有显著差异。
本文在前人研究的基础上,选取了我国上海证券交易所发行的A股上市公司作为研究对象,以2006—2008年为研究区间,提出假设,建立模型,运用实证分析的方法对无形资产的价值相关性进行研究。首先,通过研究无形资产对股价的影响来检验资本市场对无形资产作出的价格反应；其次,通过研究无形资产对上市公司经营业绩的贡献程度来考察无形资产对公司经营活动的作用；最后,根据行业特征分析,研究不同行业的无形资产明细类别信息,考察无形资产的内部结构在各个行业中的的价值相关性。研究结果表明：无形资产对上市公司的公司价值(股价)有显著正向的影响；无形资产对上市公司经营业绩起到了显著正向的作用；从行业角度和无形资产明细分类角度,发现无形资产对上市公司经营业绩的影响存在明显差异,并且影响的程度因行业特征有所不同,说明不同类别的无形资产在不同行业中发挥了不同的效用。
本文根据上市公司无形资产价值相关性的实证研究,不仅支持了无形资产价值相关性理论,而且提出了一些政策建议：我国要不断完善会计准则的修订,加强无形资产的确认、计量和披露,提高无形资产披露的质量,为财务报告使用者提供与决策有关的无形资产信息；投资者要更加关注和充分理解上市公司披露的无形资产信息,提高投资决策的有用性,证券监管部门有责任积极引导投资者在一定程度上多关注无形资产的重要信息；上市公司要积极提高无形资产的整体规模并且优化无形资产的内部结构,加强研究开发项目的投入,合理确定研究开发支出,各行业应该根据自身特征进行无形资产的内部管理,使得无形资产能为公司创造有用价值。
With the development of knowledge economy and fierce competition among enterprises, intangible assets have special characteristics and effects. They are sustainable development resources of enterprises and they represent the enterprise core competitive ability and the source of value creation. Therefore, intangible assets play more and more important roles in the process of enterprise development. People can clearly realize the importance of intangible assets information, but how to effectively operate and manage intangible assets? It has become an urgent task and important means of enterprises'future development. On February 15th,2006, Ministry of Finance has promulgated the new accounting standards system, including a basic criteria and 38 specific guidelines. "Accounting Standards for Enterprises No.6-intangible assets" has great changes. It will influence the recognition and measurement of intangible assets. Listed companies can enhance the value of intangible assets through the stock market, then increase the enterprise value.
Foreign scholars have carried through a lot of theoretical research and positive research on the value relevance of intangible assets. They drew a conclusion:intangible assets can obviously improve the enterprise profitability and accounting earnings. Domestic scholars have got some achievement on the study of intangible assets. However, some limitations exist. As a whole, they have tested the intangible assets' influence on stock price and accounting earnings, yet there were little empirical research on the value relevance of intangible assets in different industries and categories.In fact, different industries and different kinds of intangible assets make the different contributions to enterprises'development.
On the basis of the predecessors, this paper selects listed companies of Shanghai Stock Exchange from 2006 to 2008.Positive analysis is conducted to study on the value relevance of intangible assets.First, this paper tests the capital market reaction to the price of intangible assets; second, this paper tests contributions of intangible assets to company's operating performance; finally, this paper selects the sample data according to industries, collects category information of intangible assets and conducts more credible research on the value relevance of intangible assets. It is found that intangible assets have significant positive effect on stock price and company's operating performance. Different industries and different kinds of intangible assets make the different contributions to company's operating performance. Therefore, it is useful to analyze the value relevance of intangible assets according to different industries and different kinds of intangible assets.
Based on the result, this paper supports the theory on the value relevance of intangible assets.It also proposes some suggestions:our country should constantly improve the revised accounting standards, enhance the recognition and measurement of intangible assets,provide the information of intangible assets;investors should pay more attention to the information of intangible assets, the securities regulatory departments have the responsibility to actively guide the investors;listed companies should improve the overall scale of intangible assets and optimize the internal structure of intangible assets, strengthen investment in research and development projects; every industry should carry out internal management according to their own characteristic. Intangible assets can create useful value for the company.
引文
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①转引自美国财务会计准则委员会的高级项目经理Wayne Upton的论述。
①丁汉鹏.公司价值的形成与股权激励适用对象的选择[J].管理世界,2001,(3)：200-202.
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②Lev, B., On the usefulness of earnings and earnings research:lessons and directions form two decades of empirical research.. Journal of Accounting Research 27,1989:153-191.
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④Barth, M.E.and Clinch, G.Revalued Financial Tangible and Intangible Assets:A ssociations with Share Prices and Non Market-Based Estimates [J].Journal of Accounting Research,1998, (36):199-233.
①Ely, K. and Waymire, G.Intangible Asset and Stock Price in the Pre-SEC Era [J].Journal of Accounting Research (Vol.37 Supplement) 1999:17-44.
②Lev, B., and P. Zarowin, The Bundaries of Financial Reporting and How to Extend Them[J].Journal of Accounting Research.,1999:353-385.
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②Lev, B., and T.,Sougiannis. The Capitalization,Amortization and Value Relevance of R&D[J].Journal of Accounting and Economics,1996, (71):467-492.
③Lev, B.,and P.Zarowin.Investment in R&D and the Declining Value-Relevance of Earnings [Z].New York:New York University,1997.
④Aboody, D.,B. lev. The value relevance of intangibles:The case of software capitalization[J].Journal of accounting research (Supplement),1998:235-247.
⑤Lev B, R&D and capital market [J]. Journal of Applied Corporate Finance,1999:23-24.
①Chan,Louis K. C.,Josef Lakonishok and Theodore Sougiannis.The Stock Market Valuation of Research and Development Expenditures [J].Journal of Finance,2001,(6):2431-2456.
②David S.Gelb.Intangible Assets and Firms' Disclosures:An Empirical Investigation[J].Journal of Business Finance &Accounting 2002,(29):457-477.
③Hall B.,A.Jaffe, and M. Trajtenberg. Market value and patent citations Working paper [J].Stanford University, 1998.
④Gu, F., and B. Lev.Markets in Intangibles:Patent Licensing [J].New York University, Unpublished working paper,2001.
⑤Barth, M.E.,M.B.Clement,G.Foster et al.Brand Values and Capital Market Valuation [J]. Review of Accounting Studies,1998,(3):41-68
①Egginton, D., Towards Some Principles for Intangible Asset Accounting[J].Accounting and Business Research. 1990.(20):193-205.
②Hodgson,A.,Okunev, J.,and Willett, R. Accounting for Intangibles:A Theoretical Perspective[J].Accounting and Business Research,1993,(23):138-150.
③Won W Choi, Sung S Kwon, Gerald J Lobo. Market Valuation of Intangible Assets[J].Journal of Business Research, 2000,(49):35-45.
④蔡吉祥.无形资产学[M].深圳：海天出版社,2002：1-10.
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①唐雪松.知识经济对无形资产计量的影响fJl.会计研究,1999,(2)：44-45.
②梁俊平,唐纯.无形资产的会计确认与相关信息披露[J].经济论坛,2003,(3)：53-60.
③邵红霞,郑岭俊.关于出租汽车运营企业出租汽车牌照会计核算方法的探[J].会计研究,2003,(9)：46-48.
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⑤马德林,朱元午.无形资产会计研究中的问题与改进[J].会计研究,2005,(4)：20-24.
①于玉林.无形资产概论[M].上海：复旦大学出版社,2005.
②薛云奎,王志台.无形资产信息披露及其价值相关性研究——来自上海股市的经验证据[J].会计研究,2001,(11)：40-47.
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④邵红霞,方军雄.我国上市公司无形资产价值相关性研究——基于无形资产明细分类信息的再检验[J].会计研究,2006,(12)：25-32.
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②邓小洋,周南玉.无形资产的市场定价——来自中国股市的经验证据[J].财务理论与实践,2006,(4)：64-67.
③王娟娟,梅良勇.我国上市公司无形资产的现状分析——基于沪深A股上市公司的数据研究[J].中南财经政法大学学报,2007,(2)：101-105.
①钭志斌.无形资产对企业经营绩效影响的实证分析[J].商业时代,2007,(22)：49-50.
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③赵青.无形资产对企业绩效影响的实证研究[J].消费导刊,2007,(8)：40.
④戴书松.无形资产投资与企业价值创造——来自A股市场的上市公司证据[J].江西金融职工大学学报,2008,(4)：61-65.
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