An Empirical Study On The Value Relevance Of Intangible Assets Disclosure Information

Based on the theory of behavioral finance and information economics,this paper analyzes the relationship between accounting information of intangible assets and stock pricing from the perspective of accounting information users.Firstly,the paper reviews the evolution of empirical research on Accounting in capital market,and then analyses the formation of the theory of correlation between accounting information and stock pricing,focusing on the accounting measurement and information disclosure of intangible assets,in order to explore the value relevance of information disclosure of intangible assets.On the basis of the relevant research results of intangible assets value at home and abroad,this paper,based on the revised Ohlson residual income model,studies and analyses the total intangible assets of A-share listed companies from 2009 to 2016 and their subdivision composition,and classifies the subdivided intangible assets information so as to facilitate the analysis of factors related to corporate value.Through empirical analysis,two hypotheses are verified.Firstly,intangible assets have positive value relevance;secondly,there are different pricing phenomena in the capital market for the segmentation of intangible assets in different industries.The innovation of this paper is that the research period started in 2009 and examined the status of intangible assets information disclosure of listed companies in China since the revision of accounting standards for intangible assets in 2006 and the implementation of accounting standards for intangible assets in 2007,providing empirical evidence for the formulation and modification of accounting standards.On the research data source,intangible assets are further divided by the detailed information of intangible assets disclosed in the annual report,which enables a more detailed study of intangible assets.