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La escasa relevancia de la información contable sobre los activos intangibles en la valoración de las empresas innovadoras españolas: el caso de los sectores farmacéutico y biotecnológico || The Low Impact of Accounting Information about Intangible Assets in the Valuation of Innovative Spanish Companies: The Case of Pharmaceutical and Biotechnology Industry

Listed author(s):
  • Rubio Martín, Gracia


    (Departamento de Economía Financiera y Contabilidad III. Universidad Complutense de Madrid (España))

  • Rodríguez Paredes, Mercedes


    (Departamento de Economía Financiera y Contabilidad III. Universidad Complutense de Madrid (España))

  • Maroto Acín, Juan Antonio


    (Departamento de Economía Financiera y Contabilidad III. Universidad Complutense de Madrid (España))

Registered author(s):

    El presente artículo analiza en qué medida la norma contable recoge adecuadamente el valor de los activos intangibles, así como su utilidad para los agentes financieros en los procesos de compra-venta de empresas. A partir de una muestra, que recoge los precios pagados en transacciones privadas y en los mercados cotizados de los sectores farmacéutico y biotecnológico españoles durante el periodo 2005-2011, se ha analizado, en primer lugar, el comportamiento de la ratio precio-valor en libros. En segundo lugar, a través de un modelo de regresión, se ha evaluado la relevancia de las diferentes partidas contables en el proceso de generación de precios, así como qué parte del valor intangible de la empresa no aparece recogido en los estados contables. Los autores concluyen sobre la necesidad de acompañar la información económico-financiera tradicional con un informe de capital intelectual. || This article analyzes the extent to which accounting standards adequately reflects the value of intangible assets as well as its usefulness for financial agents in the process of buying and selling companies. Based on a sample that includes price of private transactions and listed companies from the pharmaceutical and biotech Spanish sector in the period 2005-2011, we have analyzed: i) The performance of price-to-book ratio; and ii) Based on a regression model, the relevance of different accounting items in the price generation process, as well as what part of the intangible value of the company is not reflected in the financial statements. The authors conclude that traditional financial information must be complemented with an intellectual capital report.

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    Article provided by Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration in its journal Revista de Métodos Cuantitativos para la Economía y la Empresa.

    Volume (Year): 16 (2013)
    Issue (Month): 1 (December)
    Pages: 68-94

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    Handle: RePEc:pab:rmcpee:v:16:y:2013:i:1:p:68-94
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    15. repec:bla:joares:v:37:y:1999:i:2:p:319-352 is not listed on IDEAS
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