The Role of Intangible Assets in Shaping Firm Value
提出衡量企业无形资产密集度的新指标，发现高无形资产密集度的企业年回报率高出3%，并解释了价值股表现不佳的原因。
ABSTRACT This study introduces a new metric to evaluate a firm's intangible asset intensity, focusing on its ability to generate revenue from nonphysical assets. It finds a strong positive correlation between firm performance and both internally generated and externally acquired intangible assets. Firms with high intangible intensity outperform peers by 3% annually. The oversight of intangible assets is identified as a factor in value stocks' underperformance. Rigorous tests, including endogeneity checks, confirm these firms exhibit superior accounting quality, labour investment efficiency and acquisition returns. A framework highlights how managerial attributes enhance firm value through decision‐making.