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中国创业板上市公司无形资产年度研究报告（2021-2022）

作译者：文豪,陈昊,黄纪新

出版时间：2025-04 千字数：518 版次：01-01 页数：324

开本：16开装帧： I S B N ：9787121500435

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内容简介

前言

上架建议

作者简介

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报告一 创业板 2021—2022 年发展回顾 ·······················································.001
一、2021—2022 年创业板市场整体概况 ·····················································.001 
二、创业板市场规模及结构 ·····································································.002 
三、创业板市场主要指标与经营业绩变化 ··················································.005 
四、创业板市场行情变化 ········································································.008 
五、新增创业板市场规则 ········································································.009 
报告二 2022 年创业板上市公司无形资产账面价值分析 
——基于创业板上市公司财务报表和报表附注 ········································011
一、基于招股说明书的创业板新上市公司无形资产账面价值分析 ······················011 
二、基于年度报告的创业板上市公司无形资产账面价值变化 ··························.013 
三、研究结论 ·······················································································.018 
报告三 创业板上市公司技术类无形资产研究 ··················································.019
一、概念界定 ·······················································································.019 
二、基于招股说明书的技术类无形资产披露情况 ·········································.021 
三、基于年报的技术类无形资产披露情况 ··················································.032 
四、结论与小结 ····················································································.042 
报告四 创业板上市公司市场类无形资产研究 ··················································.044
一、概念界定 ·······················································································.044 
二、基于招股说明书的市场类无形资产披露情况 ·········································.045 
三、基于年报的市场类无形资产披露情况 ··················································.053 
四、研究结论 ·······················································································.059 
VIII
报告五 创业板上市公司人力资源类无形资产研究 ············································.060
一、概念界定 ·······················································································.060 
二、基于招股说明书的人力资源类无形资产披露情况 ···································.061 
三、基于年报的人力资源类无形资产披露情况 ············································.065 
四、结论 ·····························································································.093 
报告六 创业板上市公司资质研究··································································.095
一、概念界定 ·······················································································.095 
二、基于招股说明书的资质无形资产披露情况 ············································.097 
三、基于年报的资质类无形资产披露情况 ··················································.104 
四、结论 ·······························································································115 
报告七 创业板上市公司无形资产投入研究 ·······················································116
一、概念界定 ·························································································116 
二、基于年报的无形资产投入披露情况 ·······················································119 
三、研究结论 ·······················································································.127 
报告八 创业板机械设备仪表行业无形资产研究 ···············································.130
一、行业概况 ·······················································································.130 
二、行业无形资产规模 ···········································································.133 
三、基于无形资产竞争矩阵的行业无形资产竞争分析 ···································.136 
四、案例分析 ·······················································································.139 
报告九 创业板软件、信息技术服务行业无形资产研究 ······································.143
一、行业概况 ·······················································································.143 
二、行业无形资产规模 ···········································································.145 
三、基于无形资产竞争矩阵的行业无形资产竞争分析 ···································.149 
四、案例分析 ·······················································································.151 
报告十 创业板计算机、通讯及电子行业无形资产研究 ······································.155
一、行业概况 ·······················································································.155 
目 录
IX
二、行业无形资产规模 ···········································································.157 
三、基于无形资产竞争矩阵的行业无形资产竞争分析 ···································.160 
报告十一 创业板化学、橡胶、塑料行业无形资产研究 ······································.167
一、行业概况 ·······················································································.167 
二、行业无形资产规模 ···········································································.169 
三、基于无形资产竞争矩阵的行业无形资产竞争分析 ···································.173 
四、案例分析 ·······················································································.176 
报告十二 创业板医药制造行业无形资产研究 ··················································.180
一、行业概况 ·······················································································.180 
二、行业无形资产规模 ···········································································.183 
三、基于无形资产竞争矩阵的行业无形资产竞争分析 ···································.186 
四、案例分析 ·······················································································.189 
报告十三 创业板互联网和相关服务行业无形资产研究 ······································.193
一、行业概况 ·······················································································.193 
二、行业无形资产规模 ···········································································.195 
三、基于无形资产竞争矩阵的行业无形资产竞争分析 ···································.198 
四、案例分析 ·······················································································.200 
报告十四 创业板文化与传播及相关行业无形资产研究 ······································.203
一、行业概况 ·······················································································.203 
二、行业无形资产规模 ···········································································.205 
三、基于无形资产竞争矩阵的行业无形资产竞争分析 ···································.208 
四、案例分析 ·······················································································.210 
报告十五 创业板与科创板上市公司无形资产年度指数（2022） ························.213
一、2022 年度无形资产信息披露指数的构建 ···············································.213 
二、2022 年度无形资产信息披露指数的统计 ···············································.219 
三、2022 年度无形资产质量指数的构建 ·····················································.224 
X
四、2022 年度无形资产质量指数的统计 ·····················································.230 
五、2022 年度无形资产价值评价指数的构建 ···············································.235 
六、2022 年度无形资产价值评价指数的统计 ···············································.236 
报告十六 专精特新上市公司无形资产分析报告 
 ——以创业板、科创板和北交所企业为例 ·········································.240
一、引言 ·····························································································.240 
二、专精特新上市公司发展概况 ······························································.242 
三、专精特新上市公司无形资产分析 ························································.249 
四、专精特新上市公司无形资产质量指数 ··················································.284 
五、专精特新上市公司无形资产价值指数 ··················································.293 
附录 A 专精特新上市公司无形资产质量指数排名（2022） ······························.295
附录 B 专精特新上市公司无形资产价值指数排名（2022） ······························.305

中南财经政法大学企业价值研究中心对自 2009 年 10 月以来在中国创业板上市的 218
家公司所披露的无形资产信息进行深入挖掘和分析，并形成这本对完善创业板上市制度有
重要参考价值的蓝皮书，这一成就值得肯定和祝贺。 
首先，由高校独立研究机构对我国创业板公司无形资产信息披露状况进行系统研究，
并定期公开发布成果，有利于推动上市公司无形资产信息披露质量的提升。我国上市公司
的信息披露面临多重挑战，既有内部人因经营优势形成的主观操控，又有现行制度不完善
形成的揭示壁垒，还有市场噪声引发的信息扭曲，以至于招股说明书和年报披露的数据未
必能全面反映公司无形资产的数量和质量。蓝皮书对特定时间内不同公司在同一类型无形
资产信息披露上的比较分析，至少能引起相关公司对差异原因的关注，如有必要，也应做
出解释。 
其次，该报告对创业板上市公司无形资产的研究，考虑了无形资产因技术进步和市场
变革导致的结构演化。我同意报告作者关于当代企业具有消耗有形资产，借以形成无形资
产特征的判断。无形资产确实是一个复杂系统，既涉及受有关法律保护并得到会计制度认
可的以专利、商标和版权为代表的常规无形资产，也涉及尚未得到专门法律规范和会计科
目反映，但在企业实际生产经营中已发挥重要作用的以资质、客户和劳动力集合为代表的
非常规无形资产。后者在实践中已成为公司上市和企业并购的关键资源。正是考虑到无形
资产的结构演化，该报告既对无形资产进行了基于细分类的比较研究，还对以研发费用、
销售费用和政府补助为代表的无形资产投入要素进行了分析。相信这些研究将有助于人们
了解无形资产的影响因素和变化规律。 
再次，该报告检验了我国创业板市场关于无形资产的发现和甄别功能。中国证监会对
创业板公司信息披露报告系统做出了特别规定，要求相关企业通过表外信息披露的方式，
为资本市场参与者提供更多有关无形资产的信息。研究发现，这些规定对投资者了解企业
无形资产并判断其价值，确实发挥了作用，IPO 时的高市净率和高市盈率至少表明，我国
创业板公司通过历史积累、政策支持和自主创新取得的无形资产部分得到了资本市场的认
可。同时，研究还发现，常规与非常规无形资产较多和质量较好的企业，在 IPO 时市净率
往往低于无形资产较少和质量较差的企业，但在资本市场整体下行时，前者的基准日市净
率往往明显高于后者。这表明资本市场在多次交易和反复甄别后，逐渐挤出非市场泡沫，
对优质资产的贡献给予了理性回应。 
VI
最后，该报告针对我国上市公司无形资产信息披露制度存在的问题，提出了一系列有
参考价值的建议。报告在指出当前无形资产信息披露失衡、低效甚至无效的问题后，提出
了建设性意见。例如，建议对资质进行准入类、能力类和荣誉类的统计分析；可将独立董
事的贡献价值细分为形象价值、专业价值和制衡价值；编制基于可能性和危害性分析构成
的风险测度报告等。这些建议将有利于监管部门优化信息披露标准，提高市场效率，维护
市场秩序，并保护资本市场弱势群体的利益。 
人力资本、知识产权等无形资产定价入股的问题，自 20 世纪 90 年代初的股份制改制
中就提出，但迄今未能有效解决。如今的创业板已非 1998 年提出的创业板，它更像是在 A
股市场中专为中小企业设计的股市板块。有效推进人力资本、知识产权的市场定价机制，
不仅是创业板有别于其他股市板块的一个关键功能，而且对推动中国高新技术发展至关重
要。从这个角度来看，这本蓝皮书做出了具有开创性意义的工作。 
我希望今后每年都能看到不断完善的创业板无形资产蓝皮书，同时也期待创业板已上
市及拟上市的公司持续优化无形资产管理，以实现基业长青。
是为序。
中国社会科学院金融研究所所长
2012 年 5 月 6 日于北京

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