As a saying goes, the trade mark is an inseparable part of the commodity and an intangible asset of an enterprise.

有道是商标是商品不可分割的一部分，它也是企业的无形资产。

And the intangible asset it was paying for was management foresight.

它所付出的无形资产是管理层的远见。

It is less reliant on China and more reliant on intangible assets such as software and patents.

它对中国的依赖程度较低，而对软件和专利等无形资产的依赖程度更高。

One evening he comes across the accounts of a target company and sees immediately that it has overvalued the intangible assets on its balance-sheet.

一天晚上，他偶然看到一家目标公司的账目，并立即发现他们高估了该公司资产负债表上的无形资产。

Perhaps this is because, as the industrial age gives way to the digital age, the intangible assets that increasingly matter are not easy to put a value on.

这或许是因为，随着工业时代让步于数字时代，无形资产日益重要且其价值变得难以估量。

As AI automates tasks across industries, companies are increasingly shifting their focus towards intangible assets such as creativity, critical thinking, and emotional intelligence.

随着人工智能实现跨行业任务的自动化，公司越来越多地将注意力转向创造力、批判性思维和情商等无形资产。

In other words, saying that the profits it was making were because its management had superior skill to all other executives and therefore that was an intangible asset.

换句话说，说它所赚取的利润是因为它的管理层拥有优于所有其他高管的技能，因此这是一项无形资产。

Because capital and intangible assets are highly mobife, they lend themselves to pure tax arbitrage-which strives to allocate profits not for greater economic efficiency, but merely to cheat the tax collector.

因为资本和无形资产具有高度的流动性，它们适用于纯粹的税收套利，这种套利旨在分配利润并不是为了更大的经济效益，而仅仅是为了欺骗税务人员。