The Effects of Intangible Assets （IA） on the Loan Interest Rates for Small- and Medium-Sized Enterprises （SMEs） in Taiwan

This study is motivated by the lack of direct empirical research on the relationship between intangible assets （IA） and loan interest rates for small- and medium-sized enterprises （SMEs） in emerging markets. This study uses a multivariate regression to investigate the effects of 1A on loan interest rates by focusing on SMEs. Using a panel sample of 186 publicly-listed SMEs with 952 annual observations in Taiwan from 2001 to 2006, the empirical findings indicate that an SME＇s IA does negatively affect loan interest rates. The main contribution of this study lies in its direct testing of whether IA can affect the loan interest rates for SMEs in an emerging market. The finding provides empirical evidence that an SME with greater IA leads to lower interest rates on bank loans, implying that SMEs should strive to invest in IA and enhance their knowledge management for obtaining more benefits of loan interest rates. Furthermore, the findings may provide empirical evidence for SMEs in emerging markets and can be compared with those for firms in industrialized economies.

Research on the Strategy of China Assets Appraisal Development

This article gets more inspiration about how to design the system of standards by inspecting the framework and it＇s content of intangible asset appraisal standard, which is the first specific one issued by The Chinese Institute of Certified Public Accountants so far and puts forward proposal of the strategies of China assets appraisal development.

Establishment of an Assets Appraisal Approach in Investment Decision Making

The purpose of this paper is to analyze the mistakes that are typically made in the choosing of current appraisal assessment methods for investment decisions. Aider research and comparison of three assessment methods, the relationships among the objectives of valuation, valuation standards and appraisal means are established. Furthermore, the effects of the appraisal measures chosen are empirically analyzed.

The Regulating Effect of Complementary Assets on the Incremental Innovation of Traditional Chinese Medicine Enterprises

Objective To provide references and suggestions for the future innovation model for traditional Chinese medicine (TCM) enterprises,and to promote the modernization and the innovative changes of these enterprises through identifying the incremental innovation and analyze how different types of complementary assets adjust the relationship between incremental innovation and enterprise performance.Methods Pooled OLS model was used to make an empirical study on the relationship between the incremental innovation and the performance of the listed TCM enterprises and the regulating effect of different types of complementary assets.Results and Conclusion As far as the current complementary assets are concerned,manufacturing-specific complementary assets and marketspecific complementary assets are positively affecting the incremental innovation of enterprise performance,while manpower-specific complementary assets do not have a regulatory role.TCM enterprises should adhere to the mode of incremental innovation and use their own complementary assets to improve enterprise performance.

Performance Evaluation of Low-Carbon and Clean Transformation of China’s Coal Economy

In China,the oversupply of coal occurred in 2009,and from that year onwards,China’s coal economy began a low-carbon and clean transformation.Evaluating transformation performance is the research goal of this paper.The data collection for this paper includes data on deep processing of Chinese coal products from 2009 to 2020,as well as data on asset structure evolution and financial performance of 34 listed companies in the Chinese coal mining.Entropy value method is used to calculate the entropy value of low-carbon transformation,and the regression analysis is used to study the performance of cleaner transformation,the conclusion is as follows:(1)From 2009 to 2020,in China’s total energy consumption,coal consumption accounted for 71.6%in 2009 and 56.8%in 2020,the goals set by the state have been achieved.(2)The national goal of reducing the proportion of coal consumption and reducing carbon emissions has forced the transformation of deep processing of coal products.The transformation of coal enterprises towards low-carbon and clean production has achieved remarkable results.(3)From 2009 to 2020,the non coal industry income of 34 listed companies in China’s coal mining industry increased by 8.21%annually.At the same time,the asset structure was adjusted,and nearly 80%of the asset structure evolution showed an orderly development trend.(4)The regression analysis results show that the entropy value of coal deep processing products and the entropy value of asset structure adjustment are significantly related to transformation performance.The paper proposes to summarize the successful experience of China’s coal energy economic transformation,lay a foundation for achieving the carbon peak and carbon neutral goals in the future,further increase the intensity of coal deep processing,increase the proportion of clean energy in total energy consumption,and strive to control asset operation towards the goal of increasing the proportion of non coal industry income.

On Financing Models of Real Estate Enterprise

Against the background that the central government is strengthening macro control and tightening credit scale of real estate businesses, financing capacity becomes the determinant for a real estate enterprise＇s development. Domestic enterprises have many ways of financing, and this paper describes ten common models, simply analyses the advantages and disadvantages of each model, while explains and recommends three financing models with practical examples： individual entrusted loan, trust financing and assets securitization.

The Development of Market Method of Asset Appraisal Based on the Application of Big Data

Big data could be utilized in work and life. Asset appraisal could also make full use of big data to improve the efficiency and effectiveness of appraisal. The paper is going to study the application of big data in different fields to learn how big data works in practices and what the effect is after utilizing the new tool. Then, the paper is going to apply big data in appraisal in specific work environment. By collecting information, researching literature and practicing with appraisers, this paper f＇mds some means to improve market method by making full use of big data. The article researched further by applying the method in different projects of asset appraisal. Real estate, intangible asset, corporate valuation and machines could be valued by the market method improved by big data. There are different details for appraisers to be careful in practical work. Some companies have already put the technology into practice and achieved great benefit, which makes the application of big data meaningful.

Comparison on new and old assets devaluating preparation

Assets devaluating rules are decreed as independent rules for the first time. And this will influence much on enterprises for the new rules are more adjusted in many aspects. Through comparing with the old assets rules, the paper has analyzed the characteristics of the new assets devaluating rules. Compared with the old rules, the more different characteristics are that in the new rules, assets devaluating confirmation is defined, tangible amount calculation is prescribed in detail, the conception of ＂Assets Group＂ is raised for the first time, and the processing method of creditworthiness is set. The most important thing is that the new rules provide that once the assets devaluating preparation is confirmed, it will not be withdraw. At the same times, from comparing the confirmation of devaluating assets, tangible amount and dealing with devaluating loss, assets devaluating influence of the new rules and the old on enterprises＇ profit and loss is analyzed and an instance is used in the analysis.

Customer Asset Risk Discernment of E-commerce Enterprises Based on Case-based Reasoning

In the Internet economy of the twentieth century, the competition for customers between enterprises is stiffer so that they strive for customers by all means. As a kind of new thing in the Internet economy, E-commerce can attract customers and expand sales efficiently; therefore, E-commerce becomes a powerful means by which enterprises can improve customer asset rapidly. However, compared with customer asset of traditional commerce enterprises, E-commerce enterprises customer asset is more liable to be affected by the surroundings, which will result in risk. On the other hand, though enterprises pay close attention to the study of customer asset risk of E-commerce enterprises currently, the academic circles have made little research in this respect, which is not helpful for enterprises to improve customer asset by applying for E-commerce, nor can meet the actual requirement for the development of academic circles. Therefore, the customer asset risk discernment of E-commerce enterprises has been studied in this paper, and case-based reasoning（CBR） has been applied to the discernment of the customer asset risk of E-commerce enterprise, which provides quantitative basis for customer asset risk management of E-commerce enterprises and conduces to the prevention of customer asset risk and the efficiency improvement of E-commerce.

The Future of Quasi Emission Control Enterprises in a Low-Carbon Economy

At 9:30 a.m.on July 16,2021,the national carbon emission trading market started operation at Shanghai Environment and Energy Exchange.On the first day,the carbon emission quota totaled 4.244 million tons,with a turnover of 210 million yuan and an average transaction price of 51.23 yuan/ton.The carbon trading price is on the rise.With the gradual maturity and improvement of conditions,there will be about 8,000 to 10,000 emission control enterprises under the eight major industries in the future,and China’s carbon market will become the largest market covering greenhouse gas emissions worldwide.It can be seen that carbon trading is a“big deal.”If enterprises participate well,they will form carbon assets,but if they do not participate well,they will form carbon liabilities.This paper analyzes the opportunities and challenges faced by quasi emission control enterprises under the background of low-carbon economy.This provides certain reference significance for these enterprises to actively participate in the national carbon trading market in the future.

助力还是阻力:税收优惠政策与企业数字化转型

税收优惠政策在推进企业数字化转型中发挥了助力还是阻力,这是亟须研究的重要课题。基于2008—2021年中国上市公司数据,考察税收优惠政策对企业数字化转型的影响及作用机制。研究发现:税收优惠能有效促进企业数字化转型,且可以通过促进创新产出、缓解债务风险及优化融资环境的路径提高企业数字化转型水平。进一步研究发现,将税收优惠区分研发费用加计扣除和固定资产加速折旧这两种不同优惠方式,加计扣除与加速折旧对企业数字化转型的影响效应具有显著差异,加计扣除与企业数字化转型呈倒“U”型关系,而加速折旧显著促进了企业数字化转型,且两者之间没有形成“1+1>2”的协同效应。异质性检验发现,税收优惠促进企业数字化转型的作用在非国有企业、内部控制质量较高和成熟期企业较为明显。研究结论有利于厘清税收优惠政策助推企业数字化转型的作用机制,促进企业加快数字化转型。

数据资产、人力资本升级与企业价值

在数字经济时代,数据资产在企业价值创造过程中发挥重要作用。区别于数据资产的规范性研究,本文采用文本分析法构建上市公司的数据资产指标,以2009—2020年沪深A股上市公司为样本,检验了数据资产对企业价值的影响,并进一步探讨了人力资本升级在数据资产影响企业价值过程中发挥的中介效应。研究结果表明:第一,数据资产是提升企业价值的有效驱动力,该结论经过一系列内生性分析和稳健性检验后依然成立;第二,从中介效应来看,数据资产带来的人力资本升级,即员工教育水平和技能水平的提高有利于提升企业价值;第三,对于高科技企业、非国有企业、行业竞争程度高的企业而言,数据资产对企业价值的提升效果更加显著。本文从企业价值的视角,检验了数据资产“入表”制度的有效性,不仅在理论上拓宽了数据资产领域的相关研究,也在实践中为企业利用数据资产优势赋能企业价值创造,发展新质生产力提供了有益参考。

数字化转型如何促进企业创新效率提升——来自金融资产配置视角的再审视

以大数据、云计算、人工智能等为核心的数字技术可为创新发展提供新动能。企业作为微观创新主体,在我国创新驱动发展战略实施过程中占据主导地位,对我国经济高质量发展具有重要影响。基于金融资产配置视角,以2010—2021年A股上市企业为样本,构建企业数字化转型创新驱动框架,采用双向固定效应模型、有调节的中介效应模型以及门限效应模型进行一系列实证检验。结果表明:数字化转型能够显著提升企业创新效率;在企业数字化转型创新驱动机制中,融资约束发挥重要中介作用;金融化抑制数字化转型对企业创新效率的直接影响效应,正向调节融资约束在数字化转型创新驱动机制中的中介作用。通过探讨数字化转型对企业创新效率的驱动机制,为政府、金融机构和企业共同打造数字驱动创新生态提供实践启示。

三大数据资产化路径探析

数据资产化是抓住数字机遇,实现数据价值,推进经济社会数字化转型的关键环节。本研究认为,公共数据、企业数据和个人数据三大类数据是数据要素的主体。目前对三大数据的资产化实现路径研究不足,阻碍了数据要素的价值释放。本文系统梳理了数据资产的相关概念,深入探讨了来自公共、企业和个人的三大数据资产化路径。研究结果表明,公共数据可以面向政府内部或供给社会使用,分别借助共享和开放、授权运营三种路径产生社会效益或经济利益,形成公共数据资产;企业在持有数据或不持有数据两种权属配置下,可以对数据进行不同程度的加工、处理,从而完成数据价值的深挖和数据利益的再分配,形成存货、无形资产等类型的数据资产;个人数据资产化的相关实践较少,主要依靠供需双方直接交易或委托数据中介机构交易两种路径完成市场化流转,形成个人数据资产。通过对这一议题的探讨,研究期望为数据要素价值实现和数据资源有效配置提供理论指导和实践借鉴。

环保考核、ESG表现与企业价值——基于领导干部自然资源资产离任审计试点的准自然实验

基于利益相关者理论和信号传递理论,以2010—2019年我国A股上市公司为研究对象,采用多期双重差分模型的准自然实验,考察领导干部自然资源资产离任审计这一新型环保考核制度对企业价值的影响及其作用机制。研究发现:(1)领导干部自然资源资产离任审计能够提高企业价值;(2)领导干部自然资源资产离任审计可以通过提高企业ESG表现进而提高企业价值;(3)进一步分析结果表明:离任审计对企业价值的影响在非重污染企业、媒体关注度较低地区、绿色金融水平较低地区中更为显著。研究结果为如何健全领导干部环保考核机制,更好地激励地方领导干部实施可持续发展战略,促进经济社会全面发展提供参考。同时对离任审计的深化落实具有重要意义,有助于更好地改善环境质量,推动经济的高质量发展。

国资监管体制改革与国有企业投资效率

国资监管体制已由“管资产与管人管事相结合”的模式向以“管资本”为主的模式转变,这为国有企业的高质量发展提供了制度保障。本文以2009—2019年中国沪深A股上市国有企业为样本,实证检验国资监管体制改革对国有企业投资效率的影响。研究结果表明,国资监管体制改革显著提升了国有企业投资效率,代理成本降低与政府干预弱化在其中发挥了中介作用。进一步研究发现,政府治理水平在国资监管体制改革与国有企业投资效率之间具有正向调节作用。异质性分析发现,在非西部地区和金字塔层级低的国有企业中,国资监管体制改革对其投资效率的提升作用更显著。经济后果检验表明,国资监管体制改革通过提高国有企业投资效率提升了国有企业价值。研究结论为进一步深化国资国企改革提供了经验证据。

数字文化新业态发展影响因素研究——基于DEMATEL-ISM-MICMAC展开的实证分析

文化与数字信息技术的相互融合孕育出了丰富多样的数字文化新业态,为我国文化产业发展注入了新的活力。发展数字文化新业态是文化产业升级的内在要求,客观科学地认识数字文化新业态发展的影响因素及其相互关系,有助于全方位解析数字文化新业态的发展机制和创新发展路径,以促进文化产业数字化战略的实施。通过识别15个数字文化新业态发展影响因素,运用DEMATEL法分析数字文化新业态发展各影响因素的重要程度,采用ISM-MICMAC法分析影响因素的层级关系与驱动-依赖关系,找出数字文化新业态发展的直接影响因素、间接影响因素和根本影响因素。研究表明:数字文化新业态发展以企业规模、服务创新、产品开发、人才培养、装备制造与模式创新为直接影响,以平台构建、数字化管理、资金支持与IP影响力为间接影响,以标准应用、资产禀赋、产学研协同、技术研发与政策支持为根本影响。

数据资产的会计核算研究——兼评《企业数据资源相关会计处理暂行规定》

2023年8月财政部出台《企业数据资源相关会计处理暂行规定》,回应了数据资源在构建数字中国中的引擎作用,导入现有的存货及无形资产会计准则体系,分别规制待售及自用数据资产的相关会计核算。数据是对客观世界的记录,数据资产的交付仅是共享数据资产的使用权,即数据资产的自用与出售两种业务模式可同时并存。随着运营时长的增加,数据量的积累,其价值不断增长,计提摊销的情形并不常见,故现有会计准则体系无法将所有数据资产囊括其中。因此,宜创设“数据资产”一级科目,根据核算对象不同,分别就“数字化资产”“数据库资产”及“其他数据资产”制定相应的会计确认、计量与披露规则,以此激发数据要素潜力、做大做强数据要素市场。

品牌价值来源的研究综述

企业品牌作为一个极具标识性的重要无形资产,对企业引导消费行为,提升企业价值,树立社会形象具有不可替代的作用。目前学术界对品牌价值来源的研究仍呈现出多方观点,文章按照成本、收益、供求、市场四个视角对各方观点进行综述,并在此基础上分析各品牌价值评估方法的适用性。文章旨在为系统认识品牌价值来源、合理使用品牌价值评估方法提供理论基础,并对品牌价值理论发展趋势提出展望。

fsQCA组态视角下数据资产信息表外披露对企业价值影响机制研究

数字化和互联网技术不断发展,使得数据成为企业的重要资产。基于集合论思想,从技术支持和数据资产风险信息匹配视角,采用模糊集定性比较分析(fsQCA)方法,以13家互联网企业为研究对象,从多个层面挖掘数据资产信息披露与企业价值之间的复杂关系,识别出互联网企业价值提升存在4条等效路径:数据挖掘型、市场竞争主导型、数字化能力型和资本推动型。其中,科技人才和数据资产质量水平作为核心条件存在,通过与不同水平的其他要素匹配,实现了提升企业价值的可能。