我国旅游上市公司无形资产明细及价值相关性研究

发布时间：2019-01-11 13:37

【摘要】：在当今以知识与技术为竞争手段的时代,无形资产作为一项经济资源对企业经营活动的作用越来越大。企业拥有无形资产的数量和质量是企业核心竞争力的重要标志,其作用的发挥程度甚至能决定一个企业的兴衰成败。在新的市场环境下,利用无形资产刺激固定资产及其他类资产带来经济利润将成为一种必然趋势。本研究以沪深A股典型旅游上市公司为研究对象,基于无形资产价值创造理论,运用多元回归方法探讨无形资产价值相关性。本选题的研究目的：(1)国内大多数研究把无形资产作为一个整体,很少分行业进行具体研究,忽视了行业类别对无形资产价值的影响,以旅游上市公司为研究对象,丰富无形资产价值相关性理论；(2)通过对旅游上市公司披露的无形资产信息进行分析,充分了解当前旅游上市公司无形资产现状,并对其进行明细分类,帮助企业进一步认识无形资产问题,深入了解无形资产管理的意义；(3)研究无形资产、无形资产类型对经营绩效的贡献度,使企业了解无形资产创造企业价值的地位与作用,提醒企业针对不同类型无形资产采取差异化管理,优化无形资产内部结构,实现无形资产的最佳效益。本选题的研究过程：(1)从国内外无形资产研究现状、企业绩效评价2个方面进行文献整理分析；(2)对旅游上市公司资产负债表,以及年报中会计报表附注披露的无形资产具体构成,进行描述性统计,把握旅游上市公司无形资产现状,并按照不同标准对其进行明细分类,为后续的实证分析奠定基础；(3)从绝对量、相对量两方面出发,构建多元回归模型研究旅游上市公司无形资产、不同类型无形资产与经营绩效的相关性；(4)利用因子分析方法计算经营绩效综合指数,将单一指标与综合指标进行对比,检验所构建回归模型的稳健性。本选题研究结论：(1)截止2011年9月,在沪深证券交易所挂牌交易的A股旅游上市公司共32家,以2001年为分界点,除了西藏旅游、西安旅游、新都酒店3家旅游上市公司之外,剩下的29家旅游公司年报中都详细披露了无形资产及其具体构成科目；(2)旅游上市公司无形资产具体构成名目命名随意,晦涩难懂,没有统一标准,无形资产类型名目规范化,亟需解决；(3)我国旅游上市公司无形资产占总资产的比例为10%左右,远远低于西方发达国家的50%,且明显低于固定资产所占比重；无形资产每年的增量低于固定资产或其他类资产；酒店类旅游上市公司无形资产比例明显高于景区类,综合类最低；(4)无形资产、固定资产、总资产逐年增加,但其增长率并没有明显的变化规律；相对于固定资产、总资产,无形资产增长率波动最大,发展速度稍快。景区类旅游上市公司无形资产增长率稍高于酒店类与综合类,酒店类最低；(5)旅游上市公司披露的无形资产主要是使用权类,含金量较高的技术类无形资产比率仅为1%左右；(6)旅游上市公司无形资产对经营绩效的贡献是正向的,显著的,但是低于固定资产的贡献；无形资产、固定资产增加会导致旅游上市公司经营绩效的增加,但程度不同,固定资产波动变化的作用更明显；(7)旅游上市公司不同类型无形资产对经营绩效的贡献度不同,技术类最高,其他类次之,使用权类比重最大但贡献度最低并在统计上不显著；(8)利用因子分析方法计算出经营绩效的综合指数,再次回归,所得结果与以上的保持一致,说明单一指标模型通过了稳健性检验,研究结论可靠。本研究的创新点：(1)本研究以旅游上市公司为研究对象,探讨无形资产与经营绩效的相关性,丰富和发展了无形资产相关性理论；(2)详细分析了旅游上市公司无形资产现状,指出了无形资产投资与管理存在的问题,并针对相关问题提出了建议与策略,对于提高旅游上市公司经济效益具有指导意义。
[Abstract]:In the era of knowledge and technology as an important means, the role of intangible assets as an economic resource in the operation of enterprises is becoming more and more important. The number and quality of the intangible assets of the enterprise is an important symbol of the core competence of the enterprise, and the effect of the enterprise can even determine the success or failure of an enterprise. In the new market environment, the use of intangible assets to stimulate the economic profit of fixed assets and other assets will become an inevitable trend. In this study, based on the value creation theory of intangible assets, the relationship between the value of intangible assets and the value of intangible assets is discussed based on the value creation theory of intangible assets. The purpose of this study is to: (1) Most of the research in China use the intangible assets as a whole, with few sub-industries to carry out specific research, and neglect the influence of the industry category on the value of the intangible assets, taking the tourism listed company as the research object, and enriching the value of the intangible assets. (2) Through the analysis of the information of the intangible assets disclosed by the listed companies, the present situation of the intangible assets of the current listed companies is fully understood, and the detailed classification is carried out to help the enterprises to further recognize the intangible assets, and further understand the meaning of the management of the intangible assets (3) To study the contribution of intangible assets and intangible assets to the operation performance, so as to make the enterprise understand the position and function of the intangible assets to create the enterprise value, and remind the enterprise to adopt differential management for different types of intangible assets, and optimize the internal knot of intangible assets Structure and realize the best effect of intangible assets The research process of this topic: (1) from the research status of intangible assets at home and abroad, 2 aspects of enterprise performance evaluation, (2) the balance sheet of the tourism listed company, and the intangible assets disclosed in the note to the financial statements in the annual report The paper makes a description of the present situation of the intangible assets of the listed companies, and classifies the intangible assets of the listed companies according to different standards, and lays the foundation for the follow-up of the empirical analysis. (3) In terms of the absolute quantity and the relative quantity, the multiple regression model is constructed to study the non-profit of the tourism listed company. (4) using factor analysis method to calculate the comprehensive index of business performance, comparing the single index with the comprehensive index, and checking to build the regression model Robustness. The research conclusion of this topic: (1) As of September 2011, the total number of AShares tourism listed companies listed on the Shanghai-Shenzhen Stock Exchange is 32, which is the cut-off point in 2001, in addition to the tourism of Tibet, Xi 'an's tourism and the three new hotels in the new hotel In addition to the city company, the remaining 29 tourism company annual reports detail the intangible assets and their specific components; (2) the intangible assets of the tourism listed company are named as random, obscure, and have no unified standards, and the type of intangible assets is standardized (3) The proportion of intangible assets of tourism listed companies in China is about 10%, which is far lower than 50% of the western developed countries, and is obviously lower than that of fixed assets; and the annual increment of intangible assets is lower than that of fixed assets or Other types of assets; the proportion of the intangible assets of the hotel-based tourism listed company is obviously higher than that of the scenic spot and the comprehensive class is the lowest; (4) the intangible assets, the fixed assets and the total assets increase year by year, but the growth rate of the intangible assets is not obvious; with respect to the fixed assets, the total assets and the growth of the intangible assets The rate of fluctuation is the largest. The exhibition speed is a little faster. The growth rate of the intangible assets of the scenic spots in the scenic area is slightly higher than that of the hotel class and the comprehensive class, and the hotel class is the lowest; (5) the intangible assets disclosed by the tourism listed company are mainly the right to use, and the ratio of the technical-class intangible assets with higher gold content is only (6) The contribution of the intangible assets of the tourism listed company to the performance of the operation is positive, significant, but lower than the contribution of the fixed assets; the increase of the intangible assets and the fixed assets can lead to an increase in the operation performance of the tourism listed company, (7) The contribution degree of different types of intangible assets of the tourism listed company to the operation performance is different, the technical class is the highest, the other is the second, the share of the right to use is the largest, the contribution degree is the lowest, and the contribution degree is the lowest (8) The factor analysis method is used to calculate the comprehensive index of the operation performance, and the result is consistent with the above, and the single index model is proved to pass the robustness test and the research. The research results are reliable. The innovation points of this study are: (1) The study focuses on the relationship between the intangible assets and the performance of the business, and enriches and develops the theory of the correlation between the intangible assets and the business performance. The present situation of the intangibles of the Division points out the problems of the investment and management of the intangible assets, and puts forward the suggestions and strategies for the related problems, and it is important to improve the economic efficiency of the listed companies
【学位授予单位】：陕西师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F592.6;F224

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