Research On The Impact Of Intangible Assets On Firm Growth

In the knowledge economy era, firms need to pay more attention to the importance of knowledge and science and technology in the process of management, which is necessary for firms to survive and grow in the competitive market. Intangible assets, as knowledge intensive assets, are still the key factors to determine the growth and development of firms. As innovation becomes one of the main driving forces of firm growth, intangible assets have attracted more and more attention in recent years, and its scale is also growing. So the problem of the management about intangible assets cannot be ignored any more.At present, the research on the intangible assets in China is still in the exploration stage. Most research considers the intangible assets as a whole to study their effects on the growth of the firm, regardless of the industry factors and the characteristics of different types of intangible assets. Due to the different industries with their unique operating mechanism, there are many differences between each other, so intangible assets in different industries play different roles in firm growth. This will cause structure of intangible assets differs a lot in different industries. The contribution of different types of intangible assets on the growth of firms is also different, so adding industry factor to the related research is as necessary as segmenting different types of intangible assets. It can be used to guide the firms to develop more scientific intangible assets strategy, so it has practical significance.We select listing companies of the IT industry and pharmaceutical industry as research objects to study the influence of intangible assets on the firm growth in the whole. We attempt to combine the characteristics of the two industries, collect information on the intangible assets of the listing companies, and then collate and summarize it. Our research focuses on the relationship between intangible assets and corporate growth of listing companies in IT industry and pharmaceutical industry, that we hope it can make some contribution to the theory about intangible assets and the firm growth in our country.The result finds out that intangible assets has significant positive impact on firm growth, goodwill, the land use right and firm growth is positive correlation, but the other usage right, technical intangible assets and other types of intangible assets have negative correlation with the firm growth. Among them, the influence of goodwill is the biggest. After introducing industry to the model, the influence of the intangible assets on the firm growth differs a lot between the IT industry and pharmaceutical industry. And the contribution of the same type of intangible assets to the growth of firms in different industries is not exactly the same. Our result is not completely consistent with theory analysis, which means it is necessary to carry out further relevant research from the perspective of industry and intangible asset detail classification.