Despite the importance of intangible assets in firm valuation, the value-relevance and reliability of intangibles remain unclear. Specifically, intangible assets are critically important to restaurant firms because of the intangible nature of their core services. Thus, this study examined the value-relevance and reliability of intangible assets in the restaurant industry. The results of this study confirmed that goodwill and identifiable intangible assets had significant value-relevance and reliability in association with firm value creation. The results also suggested that intangible assets are significantly related to restaurant firm value, implying that restaurant investors can rely on the intangible information on balance sheets when considering future investments. However, this study found that franchising has a positive moderating effect on the relationship between goodwill and market-based/accounting-based firm value measures, but it does not moderate the relationship between identifiable intangibles and restaurant firm value. This means that the value created by franchising is not fully reflected in the valuation of goodwill, while identifiable intangibles are fairly well valued or at least are not closely related to the value created by franchising. Consequently, the value relevance and reliability of non-franchise restaurants were confirmed. In contrast, although the value reliability of franchise restaurants was confirmed, the value relevance of franchise restaurants was not fully supported.

尽管无形资产在公司估值中很重要，但无形资产的价值相关性和可靠性仍不清楚。具体来说，无形资产对餐饮企业至关重要，因为其核心服务具有无形的性质。因此，本研究考察了餐饮业无形资产的价值相关性和可靠性。这项研究的结果证实，商誉和可识别的无形资产与企业创造价值具有显着的价值相关性和可靠性。结果还表明，无形资产与餐饮企业的价值显着相关，这意味着餐饮投资者在考虑未来投资时可以依赖资产负债表上的无形信息。然而，这项研究发现，特许经营对商誉与基于市场/基于会计的公司价值度量之间的关系具有积极的调节作用，但并不能缓解可识别的无形资产与餐馆公司价值之间的关系。这意味着特许经营所创造的价值没有完全反映在商誉的估值中，而可识别的无形资产的估值却相当高，或者至少与特许经营所创造的价值没有密切关系。因此，确认了非特许经营餐厅的价值相关性和可靠性。相反，尽管确认了特许餐厅的价值可靠性，但并未完全支持特许餐厅的价值相关性。但这并不能缓和可识别无形资产与饭店企业价值之间的关系。这意味着特许经营所创造的价值没有完全反映在商誉的估值中，而可识别的无形资产的估值却相当高，或者至少与特许经营所创造的价值没有密切关系。因此，确认了非特许经营餐厅的价值相关性和可靠性。相反，尽管确认了特许餐厅的价值可靠性，但并未完全支持特许餐厅的价值相关性。但这并不能缓和可识别无形资产与饭店企业价值之间的关系。这意味着特许经营所创造的价值没有完全反映在商誉的估值中，而可识别的无形资产的估值却相当高，或者至少与特许经营所创造的价值没有密切关系。因此，确认了非特许经营餐厅的价值相关性和可靠性。相反，尽管确认了特许餐厅的价值可靠性，但并未完全支持特许餐厅的价值相关性。可识别的无形资产的价值相当高，或者至少与特许经营所创造的价值没有密切关系。因此，确认了非特许经营餐厅的价值相关性和可靠性。相反，尽管确认了特许餐厅的价值可靠性，但并未完全支持特许餐厅的价值相关性。可识别的无形资产的价值相当高，或者至少与特许经营所创造的价值没有密切关系。因此，确认了非特许经营餐厅的价值相关性和可靠性。相反，尽管确认了特许餐厅的价值可靠性，但并未完全支持特许餐厅的价值相关性。