英语翻译INTANGIBLE ASSETS Measurement,Drivers,Usefulness Working paper #2003-05 By Feng Gu and Baruch Lev* Boston University School of Management Accounting 595 Commonwealth Avenue Boston,MA 02215 gu@bu.edu Phone:(617) 353-4985 Fax:(617) 353-6667

英语翻译INTANGIBLE ASSETS Measurement,Drivers,Usefulness Working paper #2003-05 By Feng Gu and Baruch Lev* Boston University School of Management Accounting 595 Commonwealth Avenue Boston,MA 02215 gu@bu.edu Phone:(617) 353-4985 Fax:(617) 353-6667
英语翻译
INTANGIBLE ASSETS
Measurement,Drivers,Usefulness
Working paper #2003-05
By
Feng Gu and Baruch Lev*
Boston University School of Management
Accounting
595 Commonwealth Avenue
Boston,MA 02215
gu@bu.edu
Phone:(617) 353-4985
Fax:(617) 353-6667
Abstract
The measurement and valuation of intangible assets are a matter of considerable interest to managers,investors,and accounting-standard setters.Important decisions concerning intangibles are hampered by the lack of systematic and comparable measures for these increasingly important assets.In this study,we provide an approach to estimating the value of intangible assets that are not recorded on the firm’s balance sheet.The methodology is based on the economic notion of “production function,” where the firm’s economic performance is stipulated to be generated by physical,financial,and intangible assets.We estimate the contribution of intangible assets by subtracting the normal returns on physical and financial assets from an earnings-based economic performance measure.Capitalizing the expected value of this contribution over future years yields an estimate of intangible capital.
We find compelling evidence that our approach provides economically meaningful estimates of intangible assets.Our results indicate that investments in R&D,advertising,brands,information technology,and human resource practices are important drivers of intangible capital,and in turn corporate value.We find that intangibles measures provide more value-relevant information than conventional performance measures,such as earnings and cash flows.Furthermore,the approach is shown to be useful to investors seeking information on future performance of valuable intangibles.We document extensive evidence that the intangibles-based measures can effectively distinguish between overvalued and undervalued stocks.
We believe the intangibles measures described here can add an essential,and hitherto missing,valuation tool for managers and investors concerned with intangible assets.The results on the value drivers of intangible can also be potentially useful to regulators in identifying candidate disclosure items to be considered in their effort to improve disclosure on intangibles.
Keywords:Intangibles,measurement,drivers,usefulness.
Data Availability:Data are available from sources identified in the text.
Intangible Assets:Measurement,Drivers,Usefulness

英语翻译INTANGIBLE ASSETS Measurement,Drivers,Usefulness Working paper #2003-05 By Feng Gu and Baruch Lev* Boston University School of Management Accounting 595 Commonwealth Avenue Boston,MA 02215 gu@bu.edu Phone:(617) 353-4985 Fax:(617) 353-6667
无形资产计量,司机 用处工作文件# 2003-05由顾峰和巴鲁克列夫*波士顿大学管理学院会计595巷英联邦波士顿 马gu@bu.edu 02215电话:( 617 ) 353-4985传真:( 617 ) 353-6667摘要测量和估价的无形资产,是一个令人颇感兴趣的管理者,投资者,与会计准则制定机构.决定重要无形资产是因缺乏系统性和相应措施,为这些日益重要的资产.在这项研究中,我们提供了一种新的估算价值的无形资产,都没有被记录在公司的资产负债表.该方法是基于经济的"生产函数" ,如果一个公司的经济表现,是规定要 所产生的物质,资金,无形资产等.我们估计的贡献,无形资产减去正常回报实物和金融资产的收益型 经济绩效衡量.借助预期值的贡献,这对未来几年的产量估计的无形资本.我们找到令人信服的证据表明,我们的方式提供经济意义估计的无形资产.我们的结果显示,在投资,研发,广告,品牌,信息技术,和人力资源管理的重要动力,无形资本,使企业价值.我们发现无形资产措施提供更多的价值相关资料比常规性能的措施,例如盈利和现金流量.而且,这种方式证明是有益的投资者寻求关于未来的业绩,宝贵的无形资产.我们广泛的文件证据表明无形资产为本的措施,可以有效区分高估和低估的股票.我们相信无形资产措施形容这里可以补充必需的,至今下落不明,估价工具,为管理者和投资者关注无形资产.结果,对价值驱动的无形资产也可以潜在有用稳压物色人选披露项目 要考虑自己的努力改善披露无形资产.关键词:无形资产,计量,司机,用处.数据:数据来源确定的文字.

日，这么点分谁翻啊？