我国饮料制造业无形资产价值与企业价值相关性研究

发布时间：2018-05-15 20:59

本文选题：饮料制造业 + 无形资产　；参考：《北京交通大学》2014年硕士论文

【摘要】：在知识经济时代,无形资产越来越受到关注,尤其是在其企业价值创造中所发挥的作用。伴随着科技的不断进步,无形资产的地位也不断凸显,已然成为现代经济社会中企业核心竞争力的重要因素。2006年财政部发布新会计准则,该准则对无形资产概念的界定和适用范围都发生了一定的变化,新准则的实施必然会使部分上市公司无形资产的数额和计量方法发生明显变化。而饮料制造业近年来业绩飙升,各类商标、广告权之争不断,也正显示出该行业对无形资产的重视。本文正是基于此来研究新准则实施后我国饮料制造业无形资产对企业价值的影响。本文对我国饮料制造业典型的25家上市公司从定性研究和定量分析两个角度进行分析。首先通过理论分析来说明了无形资产在企业价值创造中的作用,其次对我国饮料制造业上市公司无形资产进行描述性分析来了解无形资产发展现状,最后利用相关模型进行实证分析来验证无形资产在企业价值创造中的实际作用。实证分析通过借鉴前人的经验,构建相对应的模型来一一研究无形资产对企业经营绩效的影响、无形资产的价值相关性以及无形资产摊销和减值信息的价值相关性。此外,又构建了饮料制造业的绩效评价综合模型来取代单一指标,对模型进行稳健性检验。研究结果表明,我国饮料制造业无形资产科技含量不高,土地使用权占比较大；无形资产对短期内的企业经营绩效有显著的影响,但无形资产信息对股票市场而言没有价值相关性；进一步利用剔除土地使用权后的无形资产进行模型检验,同样发现该信息对股票市场不具有价值相关性。
[Abstract]:In the era of knowledge economy, intangible assets are paid more and more attention, especially in the value creation of enterprises. With the continuous progress of science and technology, the status of intangible assets has become an important factor in the core competitiveness of enterprises in modern economic society. In 2006, the Ministry of Finance issued new accounting standards. The definition and application scope of the concept of intangible assets have been changed, and the implementation of the new standard will inevitably make the amount and measurement methods of intangible assets of some listed companies change obviously. The beverage industry has seen a surge in results in recent years, with competition over trademark and advertising rights showing the industry's emphasis on intangible assets. This paper is based on this to study the impact of intangible assets in beverage manufacturing industry on enterprise value after the implementation of the new standards. In this paper, 25 typical listed companies in beverage manufacturing industry in China are analyzed from two aspects: qualitative research and quantitative analysis. First of all, it explains the role of intangible assets in the creation of enterprise value through theoretical analysis, and then analyzes the intangible assets of listed companies in the beverage manufacturing industry to understand the current situation of intangible assets development. Finally, empirical analysis is carried out to verify the actual role of intangible assets in enterprise value creation. The empirical analysis studies the influence of intangible assets on business performance, the value correlation of intangible assets, and the value correlation of amortization and impairment information of intangible assets. In addition, the comprehensive performance evaluation model of beverage manufacturing industry is constructed to replace a single index and to test the robustness of the model. The results show that the intangible assets of beverage manufacturing industry in China are not high in science and technology, and land use rights are relatively large, and intangible assets have a significant impact on the business performance of enterprises in the short term. However, the information of intangible assets has no value relevance to the stock market. Further using the intangible assets after excluding the land use right to carry on the model test, it is also found that the information has no value relevance to the stock market.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.82

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