企业无形资产信息披露质量研究.docVIP

企业无形资产信息披露质量研究——来自中国资本市场的证据ZHU Wei-dong1, PAN Na2, LING Lan-lan3 1 School of Management, Hefei University of Technology, Anhui China, 230009 【摘要】本文以上市公司的无形资产信息为研究对象，以观测无形资产报酬率为手段，分劳动力密集型、资本密集型和知识密集型行业三大类，选取代表性行业进行了回归分析。无形资产的账面价值几乎不能提供有意义的决策信息，知识经济下的现行财务报告体系的有用性正在减弱；应用无形资产的评估价值作决策参考时谨慎进行，现行的无形资产评估机制因信息严重匮乏而有失公允。【关键字】无形资产，信息披露质量，资产报酬率 [Abstract] Using the method of observing the return rate of intangible assets, through establishing 2-variables regression models which refer to the book value of intangible asset and the estimated value of intangible asset, this paper investigates the information of intangibles from the listed company, and implements the regression testing through choosing the representative industries which are categorized into three parts: labor-intensive, capital-intensive and knowledge-intensive. Hypothesis Test suggested: (1) The contribution Rate of book value of intangible assets isn’t significantly positive, and relative samples mostly show negative. That is to say, the book value of intangibles barely supplies any meaningful information for decision-making, which intimates the usefulness of existing financial reporting system under knowledge-based economy is descending; (2) The contribution Rate of estimated value of intangible assets is significantly higher than the contribution Rate of book value of intangible assets, and is mostly positive, but isn’t significantly higher than the contribution Rate of visible assets and the average rate of earnings. It drops a hint that comparing with the book value of intangible asset, the estimated value of intangible asset supplies more useful information for decision making, but it is far from enough. Do be prudent when applying the estimated value of intangibles to assist your decision, and it shows that information disclosure system today deviates from the fair rule owing to shortness of relative information. [Key Words] Intangible assets, the Quality of Information disclosure, the Contribution Rat