Research On The Correlation Between Intangible Assets And Enterprise Value Of Listed Companies In China 's Automobile Manufacturing Industry

In this time of knowledge and technology as the means of competition, the competition between enterprises, no longer rely on tangible assets, but more rely on intangible assets, intangible assets become the decisive factors in enterprise value creation. In recent years, China’s automobile manufacturing industry has been developing rapidly, contributes much to the economy. Whether intangible assets have meaning to the performance of automobile manufacturing enterprise? Whether intangible assets have contribution to the market value? How to invest and manage intangible assets in order to promote the development of automobile manufacturing enterprises? If these enterprises want to win in the fierce competition, they must find out the answers to these questions.This paper adopts the method of normative and empirical study to research the correlation between the amount of intangible assets and the performance of the automobile companies. First of all, this paper research some basic issues, such as the concept, characteristics and classification of the intangible assets. Then analyzes the value of intangible assets. Intangible assets can be divided into the use class, the technical class and the other class. Furthermore, this paper makes a statistical analysis of automobile manufacturing industry in2007-2013, found that the number of intangible assets of automobile companies increases year by year, but the proportion of total assets are still low. And the intangible assets are mainly constituted by land use rights, technical intangible assets account for less. Lastly, choose23automobile listed companies as samples, set up five models (they are:the stock of intangible assets, increment of intangible assets, classification of intangible assets, the land use right with enterprise performance model, the classification of intangible assets with stock price model), using the multivariate regression analysis method, to quantify the intangible assets to operating performance and the influence of the stock price.Through the analysis, we found that both the stock and the increment of intangible assets can make positive contribution to the enterprise performance and the influence of different types of intangible assets to the enterprise’s performance is different. In the three categories of intangible assets, only the technical intangible assets have a significant positive contribution to the enterprise’s performance. Land use right doesn’t has any effect with enterprise’s performance. The capital market make a positive response to the technical intangible assets.The innovation of this paper are:(1) In terms of the content, compared with the wide industry study, this paper focus on the automobile manufacturing industry,(2) In practical application, a detailed analysis on automobile manufacturing industry can find the existing problems. This paper respectively gives suggestion to the manufacturers, regulators and investors. This may improve the operating performance of automobile manufacturing industry and corporate value.