外文翻译--评估财务健康状况时无形资产的相关性.docVIP

本科毕业论文（设计） 外 文 翻 译 外文出处 Journal of Intellectual Capital 外文作者 Ram S. Sriram 原文： Relevance of intangible assets to evaluate financial health 1、Asset composition – relevance to financial health evaluation Technology firms differ from traditional firms both in their internal and external environments. Unlike traditional manufacturing or retail firms, technology firms may not offer tangible products for sale. Compared to traditional firms, technology firms are relatively younger and would not have a long history of management. On the average, technology firms own relatively fewer physical assets than their traditional manufacturing counterparts. They derive future economic benefits primarily from the strength of their intangible assets – patents, research and development, human resources, or knowledge-bases. Since these intangible assets take long time to develop, their ability to contribute to the bottom line profits of a technology firm would also take a long time. Consequently, in the initial years of a technology firm, the earnings, profitability, or return on assets would be low and using these indicators to assess their financial strength is likely to lead to misleading conclusions. A primary assessment of a technology firm’s strength could be derived only from the value of the intangible assets that it owns. However, such values are rarely reported in published financial statements. The principal reason that published financial statements do not report intangible asset values is because, measuring the value of these assets is subjective and is prone to measurement errors. Intangible assets do not fit the definition of an “accounting asset” and reporting their monetary worth is likely to provide unreliable information to investors. But, regardless of whether such values are reported in published financial statements or not, investors do seem to consider the strength of these assets when making investment decisions