Интеллектуальный капитал российских компаний как драйвер снижения стоимости долга

Журнал Новой экономической ассоциации. 2017. № 4(36). С. 107–134.

Teplova T., Sokolova T., Теплов А. С.

In the 21st century intellectual capital (IC) is considered as a source of competitive advantages and as a factor increasing the enterprise value. The question about the significance of IC for reducing the cost of debt in the Russian
market is still open. Our paper is devoted to the identification of the process and innovative IC indicators signalizing financial benefits. We consider the transparent and market element of debt – corporate bonds outstanding. The sample consists of 299 observations on 93 Russian companies of the non-financial sector in the period from 2010 to 2015. We use the method of regression analysis on the unbalanced panel. Our empirical research showed that firms have an opportunity to reduce the cost of debt by increasing elements of IC. IC elements affect the cost of publicly traded debt differently. The following factors have a significant impact on bond yields: indicators of intangible assets, R&D expenses, the composition of a team of managers, the size of the Board of directors. Possession of intangible assets and an increase in the number of patents raises yields of quoted corporate bonds. Existence of R&D for Russian companies is a positive signal for creditors – yields of corporate bonds decline. The original conclusion of our study – sole executive body leads to an increase in the cost of public debt. The greater size of the Board of directors contributes to the development of a balanced strategy and is recognized by market investors: yields of outstanding
corporate bonds become lower.

Keywords: интеллектуальный капитал, intellectual capital, нематериальные активы, доходность облигаций, рублевые корпоративные облигации, cost of debt, intangible assets, ruble corporate bonds, bond yield to maturity (YTM), стоимость долга