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1、杭州电子科技大学硕士学位论文高新技术企业无形资产的价值相关性研究姓名：陈娟申请学位级别：硕士专业：会计学指导教师：沈炳珍20091201杭州电子科技大学硕士学位论文 I 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。 高新技术企业作为资本密集型和知识密集型企业，无形资产在企业经济活动过程中所起的作用愈加重要。本文在对国内外关于无形资产价值相关性的文献进行回顾的基础上，结合无形资产价值相关性理论，对无形资产与企业经营绩效、市场价值的相关性分别进行了理论阐述。接着，本文以 2004 年至
2、2008 年存续的高新技术产业上市公司作为研究对象，依据它们披露的无形资产及其他相关的财务数据，采用经验实证分析方法，对无形资产的价值相关性进行了检验。 运用 Eviews3.1 软件及多元线性回归模型，经过无形资产价值与主营业务利润和市场价值间的回归分析。笔者发现：我国高新技术企业上市公司的无形资产与企业经营绩效和当期市场价值存在着显著的正相关；高新技术企业的无形资产对企业经营绩效的贡献大于有形资产的贡献；无形资产与市场价值的相关性明显强于固定资产。在对无形资产进行了深入剖析后，笔者进一步发现高新技术企业上市公司的技术类无形资产与企业经营绩效和当期市场价值存在着显著的正相关，而且其相关性同样
3、显著高于固定资产，而非技术类无形资产与企业经营绩效和市场价值存在显著的负相关。 最后，根据模型检验结果，就无形资产尤其是技术类无形资产对企业价值创造的作用，提出了以下相关建议：强化无形资产管理意识，充分利用现有无形资产，积极培育新的无形资产，增加无形资产拥有量；重视并规范地对外披露无形资产信息，拓宽无形资产会计信息披露的内容；做好内部的无形资产信息管理系统工作；完善无形资产的相关法规，加大执法力度，加强无形资产的保护等，最大限度地发挥无形资产在企业价值创造中的作用。 关键词：高新技术企业，无形资产，经营绩效，市场价值，价值相关性 杭州电子科技大学硕士学位论文 II ABSTRACT With
4、the advent of the knowledge economy and its prosperity, the proportion of high-tech, patents and other intangible assets in products and services is increasing. The gold content of intangible assets is increasing in socio-economic activities. Also, the value of intangible assets plays an important p
5、art in the modern economic society. It becomes a decisive factor in the value creation process. As the capital-intensive and knowledge-intensive industries- High-tech industry, the function of intangible assets plays a more important role in enterprise economic process. In this paper, we take High-t
6、ech listed companies existing from 2004 to 2008 as our research object. We tested the value relevance of intangible assets by using qualitative analysis and quantitative analysis method, measuring empirical, comparative analysis and historical analysis of empirical research methods and the disclosur
7、e of intangible assets data and other relevant data in high-tech industry listed companies. In this paper, first of all, based on the literatures of home and broad about the value relevance of intangible assets, combined with related theory about the value of intangible assets, we expounded the rele
8、vance about intangible assets and business performance, market value respectively. Subsequently, we analyzed the correlativity about intangible assets and business performance, market value by using Eviews3.1 software and multiple linear regression models. We found that in high-tech industry listed
9、companies, there was a significant positive correlation between intangible assets and business performance, current market value. First, the empirical results show that the intangible assets contribution to business to performance in high-tech enterprises is greater than the contribution of tangible
10、 assets. Similarly, the correlation of intangible assets and the market value is clearly stronger than that of fixed assets. Second, we took part the intangible assets to analyze the technical intangible assets and non-technical intangible assets. Our purpose is finding their difference of correlati
11、vity in business performance and market value. The regression results show that not only there is a significant positive correlation between technical intangible assets and business performance, market value. Also this kind of correlativity is higher than the correlation of fixed assets. Moreover, t
12、here is an interesting result. That is the non-technical intangible assets and the business performance, market value exist a significant negative correlation. Finally, according to model regression results, in the long run of value creation about intangible assets, especially technical intangible a
13、ssets, we put forward some recommendations. For example, strengthening the management awareness of intangible assets; increasing the quantity of 杭州电子科技大学硕士学位论文 III intangible assets; fully using the existing intangible assets; cultivating new intangible assets actively; attaching importance to the d
14、isclosure of intangible assets; managing intangible assets information systems; broadening the content of accounting information disclosure of intangible assets; perfect relevant laws and regulations of intangible assets; strengthening law enforcement efforts to strengthen the protection of intangib
15、le assets, by these ways, maximize the function of intangible assets in the enterprise value creation process. Keyword: high-tech enterprise, intangible asset, business performance, market value, value relativity 学位论文原创性声明和使用授权说明学位论文原创性声明和使用授权说明 原创性声明原创性声明 本人郑重声明： 所呈交的学位论文，是本人在导师的指导下，独立进行研究工作所取得的成果。
16、除文中已经注明引用的内容外，本论文不含任何其他个人或集体已经发表或撰写过的作品或成果。 对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。 申请学位论文与资料若有不实之处，本人承担一切相关责任。 论文作者签名： 日期： 年 月 日 学位论文使用授权说明学位论文使用授权说明 本人完全了解杭州电子科技大学关于保留和使用学位论文的规定，即：研究生在校攻读学位期间论文工作的知识产权单位属杭州电子科技大学。 本人保证毕业离校后，发表论文或使用论文工作成果时署名单位仍然为杭州电子科技大学。学校有权保留送交论文的复印件，允许查阅和借阅论文；学校可以公布论文的全部或部分内容，可以允许采用影印、缩印或其它复制手段保存论文。 （保密论文在解密后遵守此规定） 论文作者签名：
