The Effect Of Intangible Assets Utilization Ability And Efficiency On Enterprise Value Creation

It has no doubt that intangible assets are very important in the value of corporations. Many researchers and investors concern how to use the value of intangible assets to create the value of corporations. This paper tries to find some solutions after reading some related and classic papers on this topic and refining, digestion and absorption.By doing these work I make myself have a general idea of research status and results, in order to find appropriated research direction.Many researches have done on intangible assets,not only based on the criteria of intangible assets but also on the scope of specific classification of generalized intangible assets, they all found that intangible assets have value correlation to the enterprise value, and they also found that intangible assets are the main source of enterprise value. In some degree, intangible assets create more value than tangible assets in corporations.However, from the angle of quantitative value related degree there is little research. In the process of analyzing the value realization of intangible assets, this paper finds that not only the usage of intangible assets but also the efficiency of intangible assets will influence the value realization. In view of this, this paper chooses the value mechanism of the value network as the breakthrough point. By analyzing the ability and efficiency of using generalized intangible assets to create the value of enterprises in order to test its value creating process. With the results from the study this paper tries to found the effective index of measurement of the ability and efficiency of intangible assets and analyze the value creation ability of listing companies in our country. Thus we try to find the neglected points in the process of enterprise assets utilization and give some policy recommendation.In the process of data collection, the paper mainly selects listing companies in Shenzhen stock exchange and shanghai stock exchange as a whole. To ensure the feasibility of the empirical study, we eliminate the financial insurance industry and the companies which have missed data.From the two aspects of quantitative measurement, we have empirical research of the intangible assets,by considering the value creation mechanism of enterprise,the related research achievements obtained as follows:Firstly, we choose CIV and ICE indicators to measure the using ability and efficiency of intangible assets respectively. We think that in some sense it is feasible, because they are tested significantly.Secondly, we noticed that the selected samples of intangible assets create more value than the tangible assets.It assures that in knowledge economy era or network economy era, intangible assets are the most competitive resources;the enterprises should improve its utilization ability and efficiency of intangible assets, thus it will help form the core competitiveness of the enterprise.Finally, through the comparison of the high-tech enterprises and the traditional enterprises,we found that high-tech enterprises are more efficient. It proves that intangible-intensive enterprises create more value than labor-intensive enterprises because of its characteristics of network effect.