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1、本科毕业论文（设计）外文翻译外文出处JournalofIntellectualCapital外文作者RamS.Sriram原文：Relevanceofintangibleassetstoevaluatefinancialhealth1、Assetcomposition–relevancetofinancialhealthevaluationTechnologyfirmsdifferfromtraditionalfirmsbothintheirinternalandexternalenvironments.Unliketraditionalmanufacturingorretailfi
2、rms,technologyfirmsmaynotoffertangibleproductsforsale.Comparedtotraditionalfirms,technologyfirmsarerelativelyyoungerandwouldnothavealonghistoryofmanagement.Ontheaverage,technologyfirmsownrelativelyfewerphysicalassetsthantheirtraditionalmanufacturingcounterparts.Theyderivefutureeconomicbenefitsp
3、rimarilyfromthestrengthoftheirintangibleassets–patents,researchanddevelopment,humanresources,orknowledge-bases.Sincetheseintangibleassetstakelongtimetodevelop,theirabilitytocontributetothebottomlineprofitsofatechnologyfirmwouldalsotakealongtime.Consequently,intheinitialyearsofatechnologyfirm,th
4、eearnings,profitability,orreturnonassetswouldbelowandusingtheseindicatorstoassesstheirfinancialstrengthislikelytoleadtomisleadingconclusions.Aprimaryassessmentofatechnologyfirm’sstrengthcouldbederivedonlyfromthevalueoftheintangibleassetsthatitowns.However,suchvaluesarerarelyreportedinpublishedf
5、inancialstatements.Theprincipalreasonthatpublishedfinancialstatementsdonotreportintangibleassetvaluesisbecause,measuringthevalueoftheseassetsissubjectiveandispronetomeasurementerrors.Intangibleassetsdonotfitthedefinitionofan“accountingasset”andreportingtheirmonetaryworthislikelytoprovideunrelia
6、bleinformationtoinvestors.But,regardlessofwhethersuchvaluesarereportedinpublishedfinancialstatementsornot,investorsdoseemtoconsiderthestrengthoftheseassetswhen12makinginvestmentdecisions.Theyinferthevalueoftheintangibleassetsownedbyafirmbyobservingthedataonmarketcapitalizationofafirm’sstock.For
7、example,afewyearsago,whenDellCorp.implementedawell-workingsupplychainsystem,themarketsrecognizedtheintangiblevalueofthesupplychaintoDellbymakingadjustmentstothemarketvalueofDell’sstocks.Analystsandotherscautionthatmarketcapitaliza
