新准则下信息技术业上市公司无形资产价值相关性研究

发布时间：2018-01-08 03:06

本文关键词：新准则下信息技术业上市公司无形资产价值相关性研究　出处：《成都理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着知识经济的蓬勃发展,产品和劳务价值中所包含的无形资产价值比重不断上升,无形资产在社会经济活动中的作用日益突出,无形资产成为价值创造的决定性因素。本文在总结前人关于无形资产价值相关性研究成果的基础上,从理论角度分析了无形资产具有价值相关性的机理以及会对无形资产的价值相关性产生影响的因素。这些因素主要包括无形资产会计准则的变化、公司所在的行业等。因而本文选择新无形资产会计准则实施以后的2009-2011年为时间区间,以无形资产较为密集的信息技术业上市公司作为研究对象来研究无形资产的价值相关性,并将无形资产作了分类,研究各类无形资产是否都具有价值相关性,以及这些价值相关性之间是否存在强弱差异。随后本文又研究了无形资产会计准则的变化对无形资产价值相关性的影响。通过分析旧准则存在缺陷损害了无形资产的价值相关性,而新准则进行了改进,预测准则的变化会提高无形资产的价值相关性。然后从研发支出的会计处理角度,分别建立新准则下研发支出有条件资本化的“资本化组”和依照旧准则研发支出全部费用化的“费用化对比组”进行对比实证研究,比较两组的价值相关性,从而得出研究结果。最终本文得出以下研究结论： (1)信息技术业上市公司在2009-2011年间无形资产的投入呈现不断上升的势头,不论是总额还是增长率都在逐年变大。但无形资产在总资产中所占的比例仍然不大,无形资产投入与固定资产相比相差很多。通过进一步的分析还发现无形资产信息的披露不够规范不够全面,随意性较大,其中含金量不高的权利类无形资产占了很大的比重,含金量比较高的技术类无形资产也是以含金量不高的外购软件为主,因而无形资产的内部构成含金量普遍偏低。 (2)各类无形资产对信息技术业上市公司的主营业务利润发挥了不同的贡献作用。权利类无形资产与主营业务利润显著负相关,也就是说权利类无形资产的增加会降低当期的主营业务利润。技术类无形资产和其它无形资产与主营业务利润呈正相关,但在统计上不显著。这与无形资产内部构成的低含金量化不无关系,使得无形资产尤其是技术类无形资产没有发挥出应有的作用。此外对无形资产的分类没有明确的标准,将含金量高的专有技术和含金量低的外购软件归为一类,本身也可能导致结果的可信度偏低。 (3)各类无形资产对信息技术业上市公司的股价具有正向贡献作用。技术类无形资产与股价显著正相关,而权利类和其它无形资产的正向性不显著。表明技术类无形资产能明显提高当期的股价。 (4)我国证券市场对无形资产做出了正向的价格反应。这说明投资者利用了无形资产信息,并认为其是有价值的资产,能够引起企业价值的增加。 (5)通过对“资本化组”和“费用化对比组”的实证对比,发现“资本化组”的调整R方确实比“费用化对比组”的大,也就说明新无形资产准则的变化提高了无形资产会计信息的价值相关性,新无形资产准则的改进是合理的。基于上述实证研究,本文提出以下相关建议：(1)加强无形资产在企业价值创造中的管理。企业应强化无形资产管理意识,加大投入力度；充分挖掘无形资产的价值创造潜力。(2)不断完善我国无形资产会计准则。(3)完善无形资产的相关法规,加大执法力度,加强对无形资产的保护。本文的研究创新在于：(1)从理论上研究了无形资产与企业价值创造的关系,首先从无形资产价值驱动和价值抑制两方面因素分析了无形资产的价值动因,接着对无形资产对价值创造的贡献机理作了研究,并就影响无形资产价值相关性的因素进行了分析,为后续实证做理论基础。(2)利用实证研究分析研发支出资本化和费用化对信息技术业上市公司无形资产信息相关性的影响,得出新准则对研发支出的会计处理变化是否提高了会计信息的有用性。虽然本文取得了一些研究成果,但鉴于笔者研究水平、研究实践的限制,研究过程还存在一些局限性：(1)本文研究中所用到的无形资产各分类信息全部通过手工翻阅上市公司的财务报表附注获得,因而在数据获取过程中难免存在误差。此外由于对无形资产的分类没有明确的标准,因而在对各明细项目进行分类时,会有归类不明确的情况存在,这就可能会在一定程度上影响研究结果的准确性。(2)业绩计量指标的选择有一定局限性。本文选取的是单一业绩指标主营业务利润作为因变量进行研究,以后的研究可以拓展财务业绩指标,将更多的财务指标引入研究范围,这样可以更全面地认识和研究无形资产的价值相关性。
[Abstract]:With the rapid development of knowledge economy , the value of intangible assets included in the value of products and services is rising , the role of intangible assets in social and economic activities is becoming more and more prominent , and intangible assets become the decisive factor of value creation . This paper also studies the influence of the changes of the accounting standards on intangible assets on the value of intangible assets . Through the analysis of the existing defects of the old norms , the value relevance of the intangible assets is improved , and the changes of the forecast criterion can improve the value relevance of the intangible assets . ( 1 ) The investment of the information technology industry listed company in the period 2009 - 2011 shows rising momentum , whether the total or the growth rate increases year by year . However , the proportion of intangible assets in the total assets is still small , the intangible assets investment is different from the fixed assets . ( 2 ) All kinds of intangible assets have different contribution to the profit of the main business of the listed companies in the information technology industry . The intangible assets of the rights category have a negative correlation with the profit of the main business , that is , the increase of the intangible assets of the right class will decrease the profit of the main business of the current period . ( 3 ) All kinds of intangible assets have positive contribution to the stock price of the information technology industry listed companies . The intangible assets of the technology are positively correlated with the stock price , and the positive performance of the rights class and other intangible assets is not significant . It is shown that the intangible assets of the technology can obviously improve the share price of the current period . ( 4 ) China ' s securities market has made a positive price response to intangible assets . This indicates that investors use intangible assets information and think they are valuable assets , which can lead to an increase in the value of the enterprise . ( 5 ) Through an empirical comparison of the " capitalization group " and " expense contrast group " , it is found that the adjustment of the " capitalization group " is indeed greater than that of the " expense contrast group " , and the change of the new intangible assets norm increases the value relevance of the intangible assets accounting information , and the improvement of the new intangible assets criterion is reasonable . Based on the empirical research , the following suggestions are put forward : ( 1 ) strengthening the management of intangible assets in the creation of enterprise value . The research innovation of this paper is : ( 1 ) The relationship between intangible assets and enterprise value creation is studied theoretically . First , the value motivation of intangible assets is analyzed from the two aspects of intangible asset value driving and value suppression , and the factors that influence the value of intangible assets are analyzed . Although some research results have been obtained in this paper , some limitations exist in the research process in light of the author ' s research level and the limitation of research practice . ( 1 ) The classification information of intangible assets used in this paper is obtained by hand - turning the financial statements of the listed companies .

【学位授予单位】：成都理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F273.4;F233

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