无形资产与企业特质对股东回报差异化的影响  

The Effect of Intangible Assets on Firm-Specific Differentiation and Stock Returns Noncommonality

作　　者：崔也光[1] 张悦[1] 

机构地区：[1]首都经济贸易大学会计学院

出　　处：《经济与管理研究》2013年第11期109-116,共8页Research on Economics and Management

基　　金：教育部人文社会科学研究项目(10YJA630022);首都经济贸易大学研究生科技创新重点项目

摘　　要：本文以沪深两市2005～2012年上市公司作为研究样本，发现无形资产和股东回报差异与行业和市场平均水平的程度具有显著的相关性，这一结果印证了企业资源观理论，说明了无形资产有助于企业形成自身特质，从而区别于其竞争对手。根据中国使用权类无形资产占比较大的特点，本文进一步将无形资产区分为使用权类无形资产、技术类无形资产、商誉和其他无形资产。研究结果显示，使用权类无形资产与股东回报差异化的相关度更大，这一现象与中国使用权类无形资产具有更强的隔离机制，防止被竞争对手获得有关。For a sample of listed companies between 2005 and 2012, we find that stock returns noncommonality is pos- itively associated with intangible assets. The finding is consistent with resource-based view of the company, which shows that intangible assets can help firms differentiate themselves from their rivals. Considering that proportion of rights intangi- ble assets to total assets is much higher than technical intangibles and goodwill in China, we also examine the effect of dif- ferent types of intangible assets on stock returns noneommonality. The result says that rights intangible assets contribute more to stock returns noncommonality, perhaps because rights intangible assets are more likely to be protected from expro- priation by the rivals

关 键 词：无形资产 企业资源观股东回报差异化 

分 类 号：F275[经济管理—企业管理]