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Measuring Intangible Investment

出版	Melbourne Institute of Applied Economic and Social Research, 2005
ISBN	07340319399780734031938
URL	http://books.google.com.hk/books?id=ZIihMQEACAAJ&hl=&source=gbs_api

註釋Recent years have seen a growth in the literature on a variety of aspects of intagible property investment, the complement of the more familiar investment in tangible assets, such as buildings, plant, and equipment. For economic and business analysts, this change in emphasis neccesitates the selection of a meaningful metric for intangible investment and the firm's total capital stock of tangible and intangible assets, which is not provided by conventional accounting systems. This gives rise to a deficiency of information for two principal audiences: shareholders and external stakeholders in the firm, and the internal management of the firm. Information to know and understand the level of returns on past investments, and to form expectations about future investments, their returns and risk profile, is accordingly missing. This paper builds on recent studies focusing on this problem to (1) characterise the nature and implications of the information deficiency; and (2) develop an intangible metric that illustrates what can be achieved with suitable accounting data.