The ownership structure and intangible assets performance: The case study of Chinese public companies

Abstract

The paper examined the correlation between intangible assets performance and corporate ownership structure based on the evidence from Chinese stock market. The author made hypothesis and testified each type of ownership, including state-owned, institutional, foreign investor, non-government, individual investor, and management shareholding. Research shows that foreign and institutional shareholdings detriment company’s intangible assets accumulation, while other types of investor influence intangible assets efficiency variously depending on the proportion they possess. Meanwhile, market does not always react to the reality correctly. Furthermore, the author suggested a new measurement of intangible assets evaluation by combining Tobin’s q and VAIC calculation and justified the advantages and disadvantages of the method from the result of empirical research. Given the high credibility of constructed models, the paper discloses feasibility of the new measurement method on a global level.