Approaches to Quantitative Estimation of Intellectual Capital in Highly-Technological Companies

Abstract

The ability to use intellectual assets effectively predetermines competitiveness and efficiency of highly-technological companies. Thus key stakeholders face the problem of estimating quantitative parameters of intellectual capital (IC) in the process of setting-up such enterprises, especially for managing the company value. Quantitative and qualitative IC estimation can give investors an opportunity to forecast the degree of company success on market and can give management a possibility to use additional information in the form of IC data to govern the enterprise. On the basis of experience of overseas aerospace enterprises the authors put forward the method of quantitative IC estimation, which allows stakeholders to solve the problem of informational asymmetry and inside. To assess the value of the company own capital the model of free cash flows is used and to estimate the value of key tangible asset, i. e. the totality of means of production – the modified method of real options can be used. The authors study the approach to the quantitative IC estimation, according to which the value of company IC in assessing the market value of the enterprise could be calculated within the frames of the method of net assets. IC value of highly-technological companies was found, its share in the own capital of the enterprise was calculated and conclusions about IC role in generation of value in corporations being researched was made.