A Study On The Relationship Between Intangible Assets And Sustainable Growth Of The Enterprise

New economic and social is going to pay high importance to sustainable development of the enterprise,particular to the sustainable growth ability of enterprises.At the same time,along with the intangible assets play an increasingly important role in the economic life,it's pay more attention to the impact of intangible assets on business.Researches have showed that the intangible assets has positive influence on the value of enterprises,and intangible assets have value relevance. According to the guid of the theory of enterprise value,the paper attempts use enterprise growth theory to explain why intangible assets can effect the sustainable growth of the enterprise,and how to affect the sustainable growth of the enterprise.And in the process of analysis,relevant cases are introduced as circumstantial evidences to prove my analysis.From the point of general objects of enterprises'financial management,the overall goal to an enterprise is to achieve the maximum value of enterprise, and the process to maximize the value of enterprise requires the creation of value,the sustainable growth of enterprise value, can promote to realize the maximization of enterprise value.From the point of enterprise growth theory,this paper selected resource-based theory,knowledge-based theory,and theoretical maximum growth.The view from resource-based theory about the analytical model of "enterprise resources - enterprise skills-enterprise growth," and the point of knowledge-based theory that elements behind the ability is knowledge,especially knowledges that is difficult to imitate play a very important role on the growth of enterprises.The theory from the perspect that intangible assets as resources of "heterogeneity" can contribute to the core competencies of enterprise, then promote the sustainable growth of the enterprise. From the point of maximum growth,intangible assets not only come from enhanced loop,but also come from the regulation loop.Then we select the number of listed companies and test the data by empirical.The results show that sustainable growth of enterprises and intangible assets are positively correlated,but the difference between intangible assets about technology and non-technical impact on sustainable growth of enterprises is not very obviously, and the performance are different in different industries.At the end of the paper, some of the recommendations are put forward.This paper includes five parts.The main content and structure are as follows: In the first part,this artiele deseribes the research background and significane of research methods and ideas.Then from the current domestie and foreign,carry out the review of the literature about the theory of sustainable growth of enterprises and researches on intangible assets.In the seeond part of the article, theories which can explain intangible assets can contribute to the sustainable growth of enterprises are presented,include enterprise growth on the resource-based theory,knowledge-based theory,and maximum growth theoretical,theory of core competence-based view of the firm,enterprise-value- maximization theory.The third part of the article, through explain the most basic theory of intangible assets and sustainable growth theory, and quote the relevant theory be mentioned in the second part of the paper to link them, then further analysis of how the intangible asset of the enterprise impact on sustainable growth.The fourth part of the article, mathematical models are introducted to test the relationship between the intangible assets and sustainable growth of the enterprise, use the actual data to verify the important link between the sustainable growth of enterpriseand intangible assets.The last part of the article as a conclusion,through the results of empirical re-emphasize the closely relationship between intangible assets and sustainable growth of the enterprise.The main innovation of this paper is to construct a theoretical system to explain the logic of intangible assets action to sustainable growth of the enterprise,and that the intangible assets contribute to sustainable growth, not only in its enhanced loop but also in its regulated loop.and regulated loop play more important role in sustainable growth of the enterprise.