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The Company Intellectual Capital Valuation

Student: Mariia Panshina

Supervisor: Elena A. Ponomareva

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

The implementation of intellectual resources into the processes of production of goods and services leading to increase in value added of products is an essential part and basis of the economy of the post-industrial society. Organizations have to become more and more innovative to follow today’s global realities and stay on the market. Not only products and technologies are considered as the subjects of innovation, but also the ways of organizing of production processes and interacting with the environment are taken into consideration. Nowadays the organization management focus is shifting from material aspects to non-material ones and cash flows. The economic structure is characterized by such features as: becoming information and information technology a key resource and main advantage of an organizations, an increase in the number of people engaged in intellectual work and a decrease in the number of people employed in extractive and manufacturing industries. Thus, the role of knowledge and intellectual capital that represent non-traditional resources for creating product has increased greatly and it is becoming a trend of the modern economy. The ongoing discussions about the components of intellectual capital and the lack of a unified, officially accepted definition let researchers consider a set of definitions, each of which highlights some special features and characteristics of intellectual capital. There are various methods for assessing the value of the intellectual capital of a firm. However, the "official" approach to intellectual capital valuation has not yet been adopted. Some of the available assessment methods were criticized by the scientific community. However, it is intuitively clear that valuing intangible capital in financial equivalent is quite complex. While measuring of intellectual capital, it is important to take into account the purpose of the assessment and company's scope of activity. That is why there is not only one appropriate approach for assessing the value of intellectual capital. In this study we will compare different approaches to the conception of intellectual capital, consider the features of the company's business activities and evaluate the company's intellectual capital by using well-known methods. We will also estimate the value of intellectual capital by proposed model using DCF - model, modified option pricing model and net asset value. In conclusion, we will compare the results obtained through the different methods and expose the disadvantages and advantages of these methods.

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