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1、企業(yè)無形資產(chǎn)信息披露質(zhì)量研究＊——來自中國資本市場的證據(jù)ZHUWei-dong1,PANNa2,LINGLan-lan31SchoolofManagement,HefeiUniversityofTechnology,AnhuiChina,230009【摘要】本文以上市公司的無形資產(chǎn)信息為研究對象，以觀測無形資產(chǎn)報酬率為手段，從無形資產(chǎn)賬面價值和無形資產(chǎn)評估價值兩方面建立二元回歸模型，分勞動力密集型、資本密集型和知識密集型行業(yè)三大類，選取代表性行業(yè)進(jìn)行了回歸分析。假設(shè)檢驗結(jié)果表明：（1）無形資產(chǎn)賬面價值的報酬水平并不顯著為正，且絕大部分表現(xiàn)為負(fù)值，即無形資產(chǎn)的賬面價值
2、幾乎不能提供有意義的決策信息，知識經(jīng)濟(jì)下的現(xiàn)行財務(wù)報告體系的有用性正在減弱；（2）無形資產(chǎn)評估價值的報酬水平顯著高于無形資產(chǎn)賬面價值的報酬水平，且為正值，但并不顯著高于有形資產(chǎn)的報酬水平和行業(yè)平均報酬率，也即無形資產(chǎn)評估價值較無形資產(chǎn)賬面價值提供了更多決策有用信息，但還遠(yuǎn)遠(yuǎn)不夠，應(yīng)用無形資產(chǎn)的評估價值作決策參考時仍當(dāng)謹(jǐn)慎進(jìn)行，現(xiàn)行的無形資產(chǎn)評估機制因信息嚴(yán)重匱乏而有失公允?！娟P(guān)鍵字】無形資產(chǎn)，信息披露質(zhì)量，資產(chǎn)報酬率[Abstract]Usingthemethodofobservingthereturnrateofintangibleassets,throughes
3、tablishing2-variablesregressionmodelswhichrefertothebookvalueofintangibleassetandtheestimatedvalueofintangibleasset,thispaperinvestigatestheinformationofintangiblesfromthelistedcompany,andimplementstheregressiontestingthroughchoosingtherepresentativeindustrieswhicharecategorizedintothr
4、eeparts:labor-intensive,capital-intensiveandknowledge-intensive.Hypothesis&Testsuggested:(1)ThecontributionRateofbookvalueofintangibleassetsisn’tsignificantlypositive,andrelativesamplesmostlyshownegative.Thatistosay,thebookvalueofintangiblesbarelysuppliesanymeaningfulinformationfordeci
5、sion-making,whichintimatestheusefulnessofexistingfinancialreportingsystemunderknowledge-basedeconomyisdescending;(2)ThecontributionRateofestimatedvalueofintangibleassetsissignificantlyhigherthanthecontributionRateofbookvalueofintangibleassets,andismostlypositive,butisn’tsignificantlyhi
6、gherthanthecontributionRateofvisibleassetsandtheaveragerateofearnings.Itdropsahintthatcomparingwiththebookvalueofintangibleasset,theestimatedvalueofintangibleassetsuppliesmoreusefulinformationfordecisionmaking,butitisfarfromenough.Dobeprudentwhenapplyingtheestimatedvalueofintangiblesto
7、assistyourdecision,anditshowsthatinformationdisclosuresystemtodaydeviatesfromthefairruleowingtoshortnessofrelativeinformation.[KeyWords]Intangibleassets,theQualityofInformationdisclosure,theContributionRateofassets1研究背景2006年2月，財政部發(fā)布了《企業(yè)會計準(zhǔn)則2006》，通過引入公允價值等進(jìn)一步強調(diào)了會計信息的決策有用性。其中，無形資產(chǎn)準(zhǔn)則允許將
