文化创意上市企业无形资产资本化、融资能力与经济绩效  

Intangible Assets Capitalization,Financing Capacity and Performance of Cultural and Creative Listed Firms

作　　者：李燕[1] 安烨[1] LI Yan;AN Ye(School of Business, Northeast Normal University, Changchun 130117, China)

机构地区：[1]东北师范大学商学院,长春130117

出　　处：《商业研究》2018年第6期143-150,共8页Commercial Research

摘　　要：企业的研发与其他创新活动通常通过无形资产科目反映,无形资产的信息披露可以传递企业创新与成长的重要信息。本文利用沪深A股2007年至2015年文化创意企业的财务数据,实证检验文化创意企业无形资产资本化水平对其绩效的影响,并分析了融资能力对这种影响的调节作用。结果表明,文化创意企业无形资产资本化程度的提升对其经营绩效产生显著的负面影响,但随着市场对文化创意价值的发现与进一步检验,这种负向影响有所减弱。虽然文化创意企业内源融资能力和外源融资能力的加强均有助于文化创意企业业绩的提升,但内源融资能力和外源融资能力对其无形资产资本化程度与绩效关系的调节作用并不显著,即同等融资能力水平下,无形资产资本化水平越高,对文化创意企业的绩效提升作用并不显著。在克服内生性问题和度量误差的可能影响之后,上述结论依然存在。The R＆D and other innovative activities of enterprises are usually reflected by the subject of intangible assets, and the information disclosure of intangible assets can convey the important information of enterprise innovation and growth. Using the financial data from A- shares from 2007 to 2015, this paper investigates the impact of intangible assets capitalization on the performance of cultural and creative listed firms （ CCFs）, and examines the moderating effect of financing capacity on the correlation between intangible assets capitalization and the performance of CCFs. The results show that the improvement of intangible assets capitalization has significantly negative impact on the performance of CCFs, however, along with the cultural and creative value is recognized and confirmed by the market, the negative correlation gradually gets mitigated. Although the improvement of both the internal and external financing capacity can significantly enhance the performance of CCFs, its moderating effect on the correlation between intangible assets capitalization and performance of CCFs is not statistically significant. That is, assuming on a certain level of financing capacity, strengthening the intangible assets capitalization cannot significantly improve the performance of CCFs. Regarding to the endogenous problems and measurement errors, our conclusions are robust.

关 键 词：无形资产资本化 融资能力 企业绩效 信号传递理论 文化创意企业 

分 类 号：F270[经济管理—企业管理]