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Valoración De Los Activos Intangibles En El Mercado De Capitales Español

Listed author(s):
  • Germán López Espinosa

    (Universidad de Navarra)

  • Raúl Iñiguez

    (Universidad de Alicante)

In the international context there are currently important differences in theaccounting rules that the firms must apply to intangible assets. In Spain the accountingfor intangibles and their recognition in the balance sheet is restrictive. The objective ofthis study is to test if the recognized intangibles have influence on the valuation andreturn of the shares of the Spanish stock market. In that sense we try to investigate inthe Spanish accounting regulatory framework if investors perceive intangibles to belegitimate assets. Moreover, we investigate if the level of non-recognized intangibleshas influence on the returns of the shares. We confirm this hypothesis, even when weadjust by risk. This fact calls the validity of the CAPM into question. En la actualidad existen diferencias en el contexto internacional respecto a la normativa contable aplicable a la capitalización de intangibles. En España existe una normativa estricta en cuanto al reconocimiento en el balance de los activos intangibles que posee una empresa, por ello el objetivo de este trabajo consiste en comprobar, si en nuestro mercado de capitales, el nivel de intangibles capitalizados afecta a la valoración y rentabilidad de las acciones. En este sentido, se pretende también indagar si los inversores, teniendo en cuenta la normativa contable española, perciben los activos intangibles como legítimos. Adicionalmente se analiza si el nivel de intangibles no contabilizados afecta a la rentabilidad, obteniéndose evidencia afirmativa, incluso cuando se ajusta por riesgo, cuestionándose así la validez del CAPM.

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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2003-04.

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Length: 51 pages
Date of creation: Apr 2003
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasec:2003-04
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