全球智库信息集成服务系统(G2TT): What is a Company Really Worth? Intangible Capital and the \"Market to Book Value\" Puzzle

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14548
来源ID	Working Paper 14548
	What is a Company Really Worth? Intangible Capital and the \"Market to Book Value\" Puzzle
	Charles R. Hulten; Xiaohui Hao
发表日期	2008-12-22
出版年	2008
语种	英语
摘要	"What is a company really worth?" is a question asked repeatedly during the recent financial crisis. Attention has been focused on short-term valuation issues, like the "mark-to-market" controversy. Sorting out these issues is complicated by the fact that the market puts a value on shareholder equity that is consistently more than twice the reported book value of a company. Numerous observers have pointed to the absence of most intangible assets from financial statements as an important source of this puzzle. We use Compustat financial data for 617 R&D intensive firms to test this possibility. We find that conventional book value alone explains only 31 percent of the market capitalization of these firms in 2006, and that this increases to 75 percent when our estimates of intangible capital are included. The debt-equity ratio also falls from 1.46 to 0.61. These findings suggest that financial reports tend to substantially understate the long-run intrinsic value of corporate America.
主题	Financial Economics ; Corporate Finance ; Other ; Accounting, Marketing, and Personnel ; Development and Growth ; Innovation and R& ; D
URL	https://www.nber.org/papers/w14548
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/572272
推荐引用方式 GB/T 7714	Charles R. Hulten,Xiaohui Hao. What is a Company Really Worth? Intangible Capital and the \"Market to Book Value\" Puzzle. 2008.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w14548.pdf（118KB）	智库出版物		限制开放	CC BY-NC-SA	浏览