无形的转变：重新定义市净率的动态

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-07-17 DOI:10.1016/j.jcorpfin.2025.102850

Peter Cheng , Lin Li , Wilson H.S. Tong , Chingfu Tsai

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引用次数: 0

摘要

研究表明，从1999年到2023年，MTB比率的演变存在一个持续的模式，其中高（低）MTB比率的公司倾向于随着时间的推移保持这些水平。MTB比率的持续存在与行业效应无关，不能很好地用会计绩效来解释。无形投资在决定MTB比率中起着至关重要的作用，其持久性主要是通过持续的内部无形投资而不是外部并购来维持的。此外，尽管美国公司在过去25年中增加了对无形资产的投资，但高和低mtb公司在无形投资方面的差距已经扩大。我们的研究结果表明，随着时间的推移，股票价值的基础已经从有形投资转向无形投资。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The intangible shift: Redefining the dynamics of market-to-book ratios

We demonstrate that a persistent pattern exists in the evolution of the MTB ratio from 1999 to 2023, wherein firms with high (low) MTB ratios tend to maintain those levels over time. The persistence of the MTB ratio is independent of industry effects and cannot be well explained by accounting performance. Intangible investment plays a crucial role in determining the MTB ratio, and its persistence is primarily maintained through continued internal intangible investment rather than external mergers and acquisitions. Moreover, although U.S. firms have increased their investment in intangible assets over the past 25 years, the gap between high- and low-MTB firms in intangible investment has widened. Our results suggest that the basis of stock value has shifted from tangible to intangible investments over time.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.