Application of an intangible asset valuation model using panel data for listed enterprises in Vietnam

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Intangible assets play an important role in increasing the value of companies. The performance of companies increasingly depends on ideas, information, and professional services rather than tangible assets. The question of how to accurately measure intangible assets remains a challenge for many scientists. This study aims to measure intangible assets of 396 companies listed on Vietnam’s stock market between 2010 and 2014 using the panel data technique by Yamayuchi (2014). The estimation shows that intangible assets make up a large share of total assets of companies. In addition, construction, steel, building materials, mining, and food are sectors with high intangible assets in Vietnam. The study also finds a positive impact of intangible assets on improving company performance. The findings demonstrate the importance of investing in intangible assets, such as R&D, technology, advertising, and human resources, to increase the value of a company in the future.

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    • Table 1. Description of variables used in the model
    • Table 2. Regression results of equation (6) by using fixed and random effect models
    • Table 3. Top 10 industries in Vietnam wwith highest intangible assets in 2014
    • Table 4. Top 10 Vietnamese firms by intangible asset value, 2014
    • Table 5. The impact of intangible assets on a firm’s value added
    • Table 6. The impact of intangible assets on EBIT
    • Table 7. The impact of intangible assets on stock prices
    • Conceptualization
      Quan Minh Quoc Binh, Nguyen Minh Ha, Ngo Thi Huyen Trang
    • Data curation
      Quan Minh Quoc Binh, Ngo Thi Huyen Trang
    • Formal Analysis
      Quan Minh Quoc Binh, Nguyen Minh Ha, Ngo Thi Huyen Trang
    • Methodology
      Quan Minh Quoc Binh, Nguyen Minh Ha
    • Resources
      Quan Minh Quoc Binh, Nguyen Minh Ha
    • Validation
      Quan Minh Quoc Binh, Nguyen Minh Ha, Ngo Thi Huyen Trang
    • Visualization
      Quan Minh Quoc Binh, Nguyen Minh Ha, Ngo Thi Huyen Trang
    • Writing – original draft
      Quan Minh Quoc Binh, Ngo Thi Huyen Trang
    • Writing – review & editing
      Quan Minh Quoc Binh, Nguyen Minh Ha
    • Investigation
      Quan Minh Quoc Binh, Nguyen Minh Ha
    • Project administration
      Nguyen Minh Ha
    • Supervision
      Nguyen Minh Ha