Отношенческий капитал как источник стоимости компании
Taking into account the transformation in economic reality towards knowledge economy, it seems logical for company’s intellectual capital to be treated not as a cost but as an investment. Intellectual capital is a resource of creation value equal to physical assets and financial capital. In order for the new system to be consistent it is necessary to define new index of intellectual capital efficiency in the value creation.
Using the theory of efficiency value added by the major company’s resources that are physical capital, human capital and structural capital this paper examines the association with company’s profitability, productivity and market value. Data is drawn from a sample of 56 Russian publicity traded firms from sectors heavily reliant on intellectual capital that are communication systems, instrumentation, pharmacology and financial services. Empirical research is conducted using correlation and linear multiple regression analysis.
Ключевые слова: портфельный подход, концепция VaR, хеджирование рисков, хедж-премия, стоимость компании
This paper analyses from a financial perspective one of the most controversial of company assets, namely goodwill. The controversial nature of goodwill lies not only in its definition but also in its evaluation and accounting disclosure, giving rise in recent years to an important line of research centred on impact of goodwill on company performance.
The paper has a two-fold objective: First, to compare international and national standards of accounting of goodwill, to work out a number of suggestions for unification and optimising of accounting methods; and secondly to evaluate the impact of goodwill from the perspective of company value. The comparison focuses on the advantages and potential complexities of international standards highlighting the many problems and ambiguities that will arise in the application of those rules for Russia. On the other hand, we underline that both the acquired and the generated goodwill influence the value of a company and unifiacation of accounting methods is inevitable.
Knowledge management is becoming the most relevant and challenging issue of company’s strategy implementation in the new economy. Intellectual capital identification and evaluation is one of the most important issues in knowledge management. Our study focuses on the evaluating intellectual capital methods that allow finding out the most efficient way of intellectual capital management, including investment decision making. We suppose that the potential effectiveness of intellectual capital resources varies depending on a company size, industry and country. Therefore, to solve problems of intellectual capital evaluation we integrate two approaches that are relevant for studying the companies’ and industries’ behavior.