无形资产对企业市场价值的影响:来自巴基斯坦证券交易所的证据

IF 3 Q1 ECONOMICS
Suhrab Khan, M. M. Iqbal
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引用次数: 0

摘要

本研究估计无形资产的经济价值对企业市场价值的影响。国际会计准则对公司未来的发展和成功起着重要的作用。拥有更多国际投资机构和研发(R&D)支出的企业在产品生产和服务提供方面可能更具创新性和竞争力。因此,本研究通过选取2007年至2014年期间在巴基斯坦证券交易所(PSX)上市的66家公司作为样本,发现了投资组合对mv的影响。采用常规固定效应、随机效应和广义矩量法(GMM)模型对年数据进行实证分析。结果表明,国际投资机构增加了巴基斯坦公司的mv。此外,杠杆率和管理效率也增加了企业的mv,而营销和广告支出降低了企业的mv。本研究认为,企业经理人可以增加投资于投资组合的累积,以达到最大的mv。此外,投资者和其他市场参与者在投资股票以及其他决定因素,特别是杠杆和管理效率之前,也应该考虑IAs水平。杠杆的价值相关性也为巴基斯坦公司提供了一个有价值的政策建议。因此,为实现股东价值最大化,提高负债率存在一定的空间。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Impact of Intangible Assets on Market Value of Firms: Evidence from Pakistan’s Stock Exchange
This study estimates the economic value of intangible assets (IAs) on the market values (MVs) of firms. The IAs play an important role in the future development and success of firms. A firm having more IAs and Research and Development (R&D) expenditures can be more innovative and competitive in the production of goods and service delivery. Therefore, this study finds the impacts of IAs on the MVs by taking a sample of 66 firms listed on Pakistan’s Stock Exchange (PSX) from the period 2007 to 2014. For empirical analysis, the conventional Fixed Effect, Random Effect and Generalized Method of Moment (GMM) models are applied on annual data. The results depict that IAs have increased the MVs of firms in Pakistan. Moreover, leverage ratio and managerial efficiency have also increased the MVs while the expenditures on marketing and advertising have decreased the MVs of firms. This study suggests that firms’ managers can increase investment in the accumulation of IAs for maximization of the MVs. Moreover, the investors and other market participants should also look at the level of IAs before investing in stocks as well as other determinants, especially leverage and managerial efficiency. The value relevance of leverage has also been a worthy policy recommendation for Pakistani firms. So, there is a scope for increasing the debt ratio for the shareholders’ value maximization.
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