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Alexandra Klimko

Alexandra Klimko 

Faculty: Computer Science and Technology

Speciality: Economic cybernetics

Scientific adviser: Artem Gizatulin

About author

Nonlinear methods and models for assessing the value of intellectual capital

Introduction

To develop a new method for estimating the value of intellectual capital on the basis of nonlinear modeling and model of decision making on the management of intellectual capital on the basis of this method, adapted to modern conditions of the Ukrainian economic environment. Using these methods and models will enhance intellectual capital management, as well as provide an additional factor of competitiveness of the organization in the world market.

Objectives of work:

Justification of the relevance of the topic

Analysis of recent scientific sources showed that the basic postulates of the theory of intellectual capital assessment tool based on economic and mathematical modeling are not fully processed. Disadvantages of existing methods of preventing their implementation on real domestic enterprises, which reduces the competitiveness of the latter. Lack of adequate methodology and practical methods of valuation of intellectual capital-based nonlinear modeling identified the relevance and topic of master's thesis.

Features of modern economic development leads to the fact that it is intellectual capital of the company becomes a major factor in the competition. Intellectual capital is nothing but a difference between the market value of the enterprise and the real value of its assets. But to understand what is intellectual capital, how it changes over time and can predict its change as a result of specific actions more difficult.

There are more than 40 methods of valuation of intellectual capital. Do draw a conclusion on the urgency of the problem of measuring intellectual capital and the lack of a single view on this issue. But when management is an efficient method of measuring the value of intellectual capital can be decisive in making decisions about areas for further development of the enterprise.

The planned scientific innovation

Existing methods of valuation of intellectual capital in the majority does not take into account not linear development of the economy in general and businesses in particular. The new nonlinear method for determining the value of intellectual capital has to bring scientific methods to the real conditions of modern Ukrainian enterprises

Planned practical value

To ensure the stable functioning of enterprises need to constantly work on creating new value of intellectual capital. Intellectual capital is inherent not only to enterprises that are directly linked with scientific activity. Obviously, the university intellectual capital is worth more of its assets. But given, for example, advertising agency, their intellectual capital will be included in the products of copyright, which they develop. Even the grocery store has intellectual capital, in this case can be, for example, that sellers know how much inventory.

Development of a method of valuation of intellectual capital allow me to create a system of decision making based on the value of intellectual capital. The adoption of a more balanced decisions when management will increase profitability of a particular enterprise.

Review of research and development on the topic:

global (world)

Important role in the development of theoretical foundations of the intellectual capital owned by such well-known scholars as K. Becker, D. Bell, P. Draker, L. Edvinsson, I. Roos, M. Castells, M. Malone, R. Reich, T. Sakayya, T. Stewart, M. Malone, P. Piltser, A. Toffler, L. Italianate older, S. Huntington, T. Schultz, F. Fukuyama et al.

National

Ukrainian scientists have begun work on this issue in the 90's of last century. Significant contribution to the development of methodological principles have Abalkin L., A. Amos, D. Goddess, W. Wroblewski, NL Havkalova, V. Geyets, MI lower, OI Daci, MS Doronina, O. In Kendyukhov, A. Colot, V. Koutsenko, A. Krysalnyy, O.Butnik-Seversky, ND Bow aided, V. Onikiyenko , OM Onishchenko, PT Cabluk, VP Bulrush, AA Chukhno, PM Tsybulev.

As a result of the search among Materials Masters of DonNTU

Works of Mandaji P., Grach E.G. were found. They examined problems of valuation of various enterprises and intellectual justification of the cost impact of predictive value for all companies in generalу.

Problem investigation

For assess the use of intellectual capital to create innovative products to estimate the share value of the intellectual component of the total cost of production, ie to estimate the cost as the cost of the consumer properties of products, which were given to her in the process of creation and innovation that made products.

To manage the intellectual capital necessary to clearly understand its structure. It is represented in Figure 1.1. Thus, intellectual capital affect virtually all elements of the organization, forming part of are difficult to calculate its value, and this part more increases, thereby highlighting the issue of intelligence organizations.

Given this is the actual allocation of intellectual capital management in a separate functional strategy. Issues of training and the creative abilities of staff to ensure adequate technical level of its activity, the direction and nature of research and improvements, Office of External Relations should be considered not in the individual strategies, but in its totality. Ultimately, we can talk about the key role of intellectual capital for the organization, as any manifestation of it - is, in fact, the physical embodiments of a risk. [9]
Forming a unified strategy for managing intellectual capital and optimization of its elements will increase the synergy effect of the use of intellectual resources, and create conditions for better disclosure of potential.

Today there are several approaches to intellectual property. The approach to valuation - the general method of valuation, in which use one or more methods of assessment.
The advantages in choosing a particular approach to the assessment depends on the availability of essential information requirements of buyers or owners of intellectual property and economic situation at the time of evaluation [17].

Market approach:

Spending approach:

Income approach:

Most existing methods Estimate the value of intellectual capital fall into the class of linear methods, or are based on a linear view of intellectual property. Consider what are the properties of linear methods and models allowed them to become widespread. These properties are most useful to consider the example of specific methods. Were selected for this two different ways: a method of direct capitalization method and Leontiev. These methods are often found in the literature are somehow related to intellectual property [10].

Thus, the most appropriate information to stay on that method as a method of direct capitalization (Direct Capitalization Method - DCM).

The method of direct capitalization for the valuation of intangible assets: capitalization (which means the division of the appropriate rate of return) Permanent or constantly changing economic income for a certain period of time.

The first step of direct capitalization method is to determine the proper measure of economic income to be used in the assessment or economic analysis. Just as in the capitalization of income method, the analysis based on the direct capitalization method can be used many alternative measures of economic income.

The second step of the method of direct capitalization is to evaluate further the economic forecast predicted time income. In other words, this step includes assessing the expected further estimated the useful life of an intangible asset. It is recognized that using the method of direct capitalization is no need to consider further the useful life. It is simply wrong.

Some analysts also believe that direct capitalization can be used only when the economic forecast revenue stream can be established for an indefinite period. In other words, direct capitalization can be used only when the following expected useful life estimated intangible asset is equal to infinity, that is not true [15].

However, it is true that the direct capitalization method can be used only if the projected income stream is an annuity or perpetuitet. Annuity - a revenue stream, which is a constant (or changes from a constant rate) during the final period. Perpetuitet - a revenue stream, which is a constant (or changes with a constant rate) for an infinite period of time. Direct capitalization is certainly applicable when the projected income stream is perpetuitetom - ie, when the estimated remaining useful life estimates for intangible asset is endless. Direct capitalization is also applicable when the projected income stream is an annuity - that is, when next the expected useful life estimates for the final intangible asset (ie, less than infinity).

Therefore, the direct capitalization method, in fact, requires further analysis and assessment of the useful life. If the analyst uses a capitalization rate perpetuiteta under the direct capitalization method, the analyst implicitly based on the infinite future time using the estimated intangible asset.

The third step of the method of direct capitalization is reduced to the study forecasts economic income. To use the direct capitalization forecast for economic income should be [16]: constant (ie the same in any period) during the final or infinite number of periods or fluid (ie, changing with a constant rate in each period) in the final or infinite number of periods.

If the change in forecast income is not a constant rate, the direct capitalization method can be used. For example, if the forecast income changes for different percentages in each period, the direct capitalization unusable. Also, if the weather changes to permanent income dollar amount - but not on a fixed interest rate - then direct capitalization can not be used. In such cases, use of income capitalization method.

Fourth step method of direct capitalization is relevant in assessing the direct capitalization rates. Direct capitalization rate used to bring the projected economic income to present value. As we will see, direct capitalization rate takes into account the growth rate. Depending on the growth rate rate of change of economic income may be positive, negative or zero.

The fifth step method of direct capitalization is to establish indicators of the cost estimates for an intangible asset. Index value is determined by calculating the present value of projected stream of economic income for the period of receiving the expected economic return on a direct capitalization rate chosen [18].

Difficult moments in this method is the choice of capitalization rate, which essentially depends on the stability of earnings. If a company has stable revenue growth, elected lower rate of capitalization, which in turn leads to increase in value of intellectual property. By contrast, the unstable income capitalization rate increase. The essential drawback of the method of capitalization is that it can be applied only in cases where the income is stable or predictable. If you can not determine the capitalization rate, this method is not used [11].

Based on methods developed B.B Leontiev, AN Kozyrovym Makarov and VL [12, 13] value of intellectual property may be calculated as the sum of human capital, structural capital and customer capital. However, a full assessment difficult, due to the lack of effective methods for determining the value of intellectual capital components in different periods of evolution [14].

Thus both contain the method can not be used in the wild, or range of cases where their use can be too narrow for wide use. Also among the deficiencies should be noted the very basis of these linear methods, because it does not match the actual development of the economy in general and the enterprise as its component parts. This simplification leads to significant errors when calculating and turned practically impossible to make a statistical prediction of the further development of intellectual property.
However, methods that belong to the class of linear simpler to use and programming. Also impossible not to note that in some narrow sectors they show good results.

All are considered by us earlier methods are based on one-sided view of intellectual capital. These methods see it or as a product and calculate its cost (expensive) or as capital and expect to profit from its use (income). More complex to measure the value of intellectual capital needs comparative methods, but they require the owner of the enterprise search and comparison with some analogue, as it requires large expenditures on market analysis of intellectual capital. But the major drawback of these methods is that intellectual product is almost always artificial and valued just for its uniqueness, because use of these methods is impossible under present conditions. Enterprises need to develop a method that integrated approaches to intellectual capital.

It should be noted that the nonlinearity of the economic environment and Increasing globalization were not the only key factor that makes a significant impact on the competitiveness of individual enterprises, but also one of the most striking consequences of the new network economy.

Sharing information and communication technologies indukuvalo widespread changes in market strategies, ways of doing business and productive capacity of enterprises. These changes have a dual character: on the one hand, economic globalization contributed to the creation of a range of new opportunities for enterprise development, on the other hand, made it past the external environment is extremely dynamic and uncertain.

We describe the process naturally led to the emergence of new principles of economic interaction, which in general can be characterized as hiperkonkurentsiyi. During hiperkonkurentsiyi certainly understand intense competition in the rapidly changing conditions in certain markets or industries. Obviously, in a task hiperkonkurentsiyi increase the enterprise's capability to respond flexibly to changes in the environment takes priority. However, methods traditionally used to solve this problem, do not meet the existing economic realities.

The specifics of modern economic processes and of the business environment dictates the need for new principles of economic activity. Particularly promising in this respect seems to approach based on active use of intellectual capital. But the exploitation of intellectual capital is impossible without an integrated method that takes into account not only internal and external factors, but also the effect that the synergy created by combining different components of intellectual capital.

Resume

Thus, the formation of a unified strategy for managing intellectual capital and optimization of its elements will increase the synergy effect of the use of intellectual resources, and create conditions for better disclosure of potential.

Existing methods can not be used in the wild, or range of cases where their use can be too narrow for wide use. Also among the deficiencies should be noted the very basis of these linear methods, because it does not match the actual development of the economy in general and the enterprise as its component parts. This simplification leads to significant errors when calculating and turned practically impossible to make a statistical prediction of the further development of intellectual property.

The specifics of modern economic processes and of the business environment dictates the need for new principles of economic activity. Particularly promising in this respect seems to approach based on active use of intellectual capital. But the exploitation of intellectual capital is impossible without an integrated method that takes into account not only internal and external factors, but also the effect that the synergy created by combining different components of intellectual capital.

Model of intellectual capital management is a "mechanism" reproduction of knowledge, focused on core competencies an organization on the basis of innovation processes and the legal protection of innovations.

Important note: at the time of writing this abstract the master's project has not been finished yet. The Final date is December 2011.The full text and materials on a theme can be received from the author or the tutor of the project after this date.

References

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