The Role of Intangible Assets in Value Creation of a Company: The Oretical And Empirical Approaches

Abstract

The paper is dedicated to the questions of valuation and defining the role of intangible assets (IA) in value creation of a company. The first part represents several models that help to see obviously the influence of IA on value creation of a company. The second part has a practical dedication. On the base of residual operating income (REOI) an approach to measure three different kinds of value of IA: fundamental, market and theoretical is represented. The valuation results are obtained for the data of Russian stock market from 2001 to 2006 year. In the focus of the research there are 43 companies divided into five aggregated fields: mechanical engineering, extractive industry, engineering, communication services, and metallurgy. The obtained results help to find out those Russian companies that are undervalued from the point of view of intangible assets. E-mail: garanina@gsom.pu.ru