Issue 1, 2007

Volkov D. L., Garanina T. A. Intellectual Capital Valuation: Case of Russian Companies

The paper is devoted to Intangible Assets and some questions connected with their definition, structure and valuation. The main aim of the paper is to find out whether there is a relationship between a market value of company’s assets and fundamental value of its tangible and intangible assets. The main ap-proach that is used in the paper is a method of Calculated Intangible Value (CIV) which was developed by T. Stewart. According to CIV, valuation of Intangible Assets is based on residual operating income model as a variant of fundamental value of equity model. Developed econometric models are tested on the data of Russian stock market from 2001 to 2005 year. The models are first tested on all the companies as a whole and then on five aggregated industries: engineering, extractive industry, energetics, communication services and metallurgy. In conclusion some main directions of further investigation are discussed.

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