无形资产与企业市场价值动态研究

摘要

This paper studies the market value of intangible assets represented by R&D investment , numbers of authorized patent and advertise spending by using the data of 2005-2007 China′s manufacturing enterprise .It uses the static model to examine the relationship between intangible assets and corporate value , and then applies the system GMM method to ana-lyze the dynamic effects of innovation investment .The empirical results show that , there is no significant relationship be-tween R&D flows and enterprise value , but R&D stock has significant time lag , and has positive impact on enterprise val-ue, furthermore different depreciation rate of R&D stock has different relative shadow prices ;patents have no market pre-mium in the static model , but in the dynamic model , the enterprises that have a large number of patents have higher market value, and advertisement spending has not generated positive value but would push down the current profit of enterprise .%本文使用2005-2007年中国制造业企业数据，采用静态结构模型检验无形资产和企业价值的相关关系，运用系统GMM估计分析创新投资和企业价值的动态效应，研究了以R＆D投入、专利授权量和广告投入为代表的企业无形资产的市场价值。研究发现R＆D流量与企业价值无明显关系， R＆D存量有着显著时滞性，并对企业价值产生积极影响，而且不同折旧率下R＆D存量所代表的无形资产的相对影子价格不同；静态模型中专利没有市场溢价，而在动态模型中拥有大量专利的企业具有更高的企业价值，广告投入并没有产生正向价值，反而会拉低企业的当期利润。