Intellectial capital valuation: Case of Russian companies

The paper dwells on Intangible Assets (IA), covering a range of their definition, composition and evaluation problems. The main research objective is to define the impact of fundamental value of both tangible and intangible assets on the market value of assets of Russian companies. As a general approach used herein for IA evaluation, the method of Calculated Intangible Value (CIV) offered by T. Stewart was chosen. According to CIV the evaluation of intangible assets is based on Residual Operating Income (REOI) model as a variant fundamental value of equity model. The paper gives the definition of Intangible Assets, reveals their correlation with the concepts of "Intellectual Capital" and "Intangibles", covers the problem of Intangible Assets composition and structure. Developed econometric models are tested on the data of Russian stock market from 2001 to 2005 year. In the focus of the research there is both the analysis of the sampled companies (43 companies) as a whole as well as divided into five aggregated fields: mechanical engineering, extractive industry, power engineering, communication services, and metallurgy. In conclusion, the main directions for further research in this field are outlined.