Article

La relevancia de los intangibles para la valoración y la gestión de empresas: Revisión de la literatura (1)

Revista Espanola de Financiacion y Contabilidad (Impact Factor: 0.13). 01/1999; 28(100).
Source: OAI

ABSTRACT

This paper presents a survey of the economics, business and accounting literature focusing on the analysis of intangibles. First, it addresses the analysis of the economic nature of intangibles, discusses several alternative definitions, and reviews the classifications proposed in the literature, as well as the accounting criteria for the recognition, valuation and depreciation of intangible assets. Then, a discussión on the relevance of specific intangible assets for firm valuation is presented, paying special attention to the risks of underestimating the value of intangibles. The paper then delves on the managerial implications of intangibles, discusing the relevance of organizational innovation and the strategic management of intangibles. Finally, several proposals for the disclosure of information on intangibles are reviewed. Este trabajo presenta una revisión de la literatura publicada en el terreno de la economía, la administración de empresas y la contabilidad, que ha centrado su atención en el análisis de los intangibles. En primer lugar, revisando algunas de las definiciones y clasificaciones propuestas en la literatura y discutiendo los criterios contables adoptados para el reconocimiento, valoración y amortización de los activos intangibles. A continuación, se analiza la relevancia de algunos intangibles para la valoración de la empresa, concediendo especial atención a los riesgos que pueden derivarse de la infravaloración o la no consideración de los intangibles en el análisis. Las implicaciones de los activos intangibles para la gestión de empresas se analizan considerando su importancia en relación con la innovación organizativa y la gestión y la gestión estratégica. Finalmente, se discuten algunas propuestas para la revelación de información financiera sobre los intangibles de la empresa.

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    • "the motives that drive companies to value their intangibles can be internal –related to generating information for managers– or external –related to the report on intangibles to external stakeholders. Greater knowledge regarding intangibles and their value, among other benefits, allows an efficient allocation of the resources (Cañibano et al., 1999), reduces the risk of opportunist behavior by managers (abbody & lev, 2000) and reduces capital costs (Botosan, 1997; lev, 2001). independently of the motive that drives the valuation of intangibles , the generated information should contribute to a better management and thus improve results. "
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    • "Esa es la razón por la cual los mercados de capital, para funcionar bien, necesitan estados financieros lo más informativos posibles " . Cañibano, García-Ayuso y Sánchez (1999) concluyen: " En suma, la incapacidad del modelo contable actual para reflejar correctamente el impacto de los intangibles en la situación presente y futura de la empresa, implica que los estados contables son incapaces de reflejar la imagen fiel (verdadera y justa) de la posición financiera de la empresa. Por tanto, la información contable no es relevante ni comparable y, con toda probabilidad, no permite a sus usuarios estimar el valor de la compañía de cara a adoptar decisiones eficientes de asignación de recursos. "
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