The Study On The Relationship Between Intangible Asset And Enterprise Value

The study of intangible assets value relevance has made a great progress since the end of 1990s,However, comparison between two different country and same sector has not to be the study, in order to clear the relationship between intangible assets with profitability and stock price of china and America pharmaceutical biotechnology quoted company, know the difference and same of china and America pharmaceutical biotechnology quoted company, study the advantages of western pharmaceutical biotechnology powerful country, This article intends to consult the intangible asset value of relevance for widespread adoption of the model Ohlson and model Aboody, use SPSS software to do statistical analysis, two variables relevant analysis, multiple linear regression analysis, and use the result of analysis to be the main base of result.On the basis of clearing the background of study for chapter I , the paper proposed that the main aim is to compare the relationship between intangible assets with profitability and stock price of china and America pharmaceutical biotechnology quoted company. Chapter II introduces intangible asset conception of China and America, limit range of enterprise value of the paper, explain object of study and research hypothesis.Chapter III and IV does statistical analysis, two variables relevant analysis, multiple linear regression analysis on the basis of the model Ohlson and model Aboody, then makes a comparison to the result of analysis, gets the following several results: firstly , Net profit per share is an important consideration for Chinese stock investors ,but for American stock investors it is not. Secondly, intangible asset does not show its obvious relationship with stock price for both china and America pharmaceutical biotechnology quoted company. Thirdly, both china and America pharmaceutical biotechnology quoted company pass the test of model Ohlson and model Aboody meet five condition of the condition of establishing regression equation. Fourthly, the analysis which is based on Descriptive statistical finds that there is more pharmaceutical biotechnology quoted company in china than in America, but on the corner of company of scale and the research and development ability, Chinese pharmaceutical biotechnology quoted company is far more limited than same company of America. Fifth, only fixed asset among four arguments shows its obvious relevance with corporate profitability. As the core technology of enterprise, Intangible asset will show its obvious influence on corporate profitability only if when intangible asset changed to be fixed asset which can bring profit to enterprise. Sixth, as an intangible asset, market can not solve all pharmaceutical biotechnology difficulties, pharmaceutical biotechnology science can not depend on enterprise which is catch for profit to make progress only. The progress when catch for maximum of profit for the organization that is existed on profit can even to be the resistance of pharmaceutical biotechnology advance.Chapter V conclude main conclusion of study and proposed related policy. Firstly, government should introduce all kinds of preferential policy, prompt intangible change to be reality manufacture ability. Secondly, doing the protection job of enterprise intangible asset well, improving protecting laws of intangible asset. Thirdly, government scientific research institutions must take responsibility of scientific and technological research mission that can not response by market, because that job is hardly finished by market.