Research On The Impact Of Intangible Asset Quality On Corporate Performance

In the era of knowledge and technology competition,intangible assets as an important"drivers" of enterprise development,has gradually replaced the tangible assets in the leading position in the enterprise value creation,and become the dominant factors influencing the enterprise innovation and performance,enterprise quality,it is necessary to focus on intangible asets to further improve its performance.However,in the existing studies,the research on the impact of intangible assets quality on corporate performance mainly focuses on the qualitative level,while there are few researches on quantitative analysis.Therefore,it is of great practical significance to study the relationship between intangible assets quality and corporate performance.Based on the summary and analysis on the impact of the intangible asset quality at home and abroad on corporate performance based on existing research,selecting the capability of innovation of the gem listed companies during 2014-2018 annual report data for an object,first of all,according to the characteristics of the assets quality definition and intangible assets,intangible assets from the technology innovation effectiveness,profitability,sustainability,and risk evaluation in five aspects the gem listed company quality of intangible assets.Secondly,indicators are selected from the four aspects of the gem listed companies’ profitability,solvency,operation ability and development ability,and the comprehensive factor score reflecting the company’s performance is obtained by using factor analysis method.Finally,multiple regression analysis is used to study the impact of intangible assets quality on the performance of gem listed companies.The results show that:(1)technical innovation of intangible assets has a significant positive effect on performance of gem listed companies;(2)The profitability of intangible assets is at a relatively high level on the whole,and the profitability of intangible assets in each year has a significant positive promotion effect on corporate performance at the level of 1%-10%.However,the promotion effect of the profitability of intangible assets on corporate performance does not gradually increase during the whole research period.(3)The sustainability of intangible assets has a significant positive promotion effect on corporate performance,and the promotion effect has a lag.The r&d intensity,namely the sustainability of intangible assets,has the greatest promotion effect on corporate performance when it is delayed by two years.(4)The effectiveness of intangible assets has a significant positive effect on corporate performance;(5)There is no significant relationship between the risk of intangible assets and corporate performance.Finally,based on the above empirical conclusions,this paper puts forward optimizing structure of intangible assets,attaches great importance to the intangible assets value,improve r&d ratio,promoting the transformation of intangible assets,intangible assets such as information disclosure countermeasures,in order to form a high quality of intangible assets,and use it to improve the gem of corporate performance of listed companies,promoting the further development of the gem listed companies in our country.