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1、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ZHUWei-dong1,PANNa2,LINGLan-lan31SchoolofManagement,HefeiUniversityofTechnology,AnhuiChina,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,从无形资产账面价值和无形资产评估价值两方面建立二元回归模型,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。假设检验结果表明:(1)无形资产账面价值的报酬水平并不显著为正,且绝大部分表现为负值,即无形资产的账面价值几乎
2、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;(2)无形资产评估价值的报酬水平显著高于无形资产账面价值的报酬水平,且为正值,但并不显著高于有形资产的报酬水平和行业平均报酬率,也即无形资产评估价值较无形资产账面价值提供了更多决策有用信息,但还远远不够,应用无形资产的评估价值作决策参考时仍当谨慎进行,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]Usingthemethodofobservingthereturnrateofintangibleassets,throughestabl
3、ishing2-variablesregressionmodelswhichrefertothebookvalueofintangibleassetandtheestimatedvalueofintangibleasset,thispaperinvestigatestheinformationofintangiblesfromthelistedcompany,andimplementstheregressiontestingthroughchoosingtherepresentativeindustrieswhicharecategorizedintothreepart
4、s:labor-intensive,capital-intensiveandknowledge-intensive.Hypothesis&Testsuggested:(1)ThecontributionRateofbookvalueofintangibleassetsisn’tsignificantlypositive,andrelativesamplesmostlyshownegative.Thatistosay,thebookvalueofintangiblesbarelysuppliesanymeaningfulinformationfordecision-mak
5、ing,whichintimatestheusefulnessofexistingfinancialreportingsystemunderknowledge-basedeconomyisdescending;(2)ThecontributionRateofestimatedvalueofintangibleassetsissignificantlyhigherthanthecontributionRateofbookvalueofintangibleassets,andismostlypositive,butisn’tsignificantlyhigherthanth
6、econtributionRateofvisibleassetsandtheaveragerateofearnings.Itdropsahintthatcomparingwiththebookvalueofintangibleasset,theestimatedvalueofintangibleassetsuppliesmoreusefulinformationfordecisionmaking,butitisfarfromenough.Dobeprudentwhenapplyingtheestimatedvalueofintangiblestoassistyourde
7、cision,anditshowsthatinformationdisclosuresystemtodaydeviatesfromthefairruleowingtoshortnessofrelativeinformation.[KeyWords]Intangibleassets,theQualityofInformationdisclosure,theContributionRateofassets1研究背景2006年2月,财政部发布了《企业会计准则2006》,通过引入公允价值等进一步强调了会计信息的决策有用性。其中,无形资产准则允许将