New approach to analyzing the risk of intellectual capital in the structure of the market price of shares

International Scientific Conference "Digital Transformation on Manufacturing, Infrastructure and Service"

Tikhomirov, Anton^1 ; Komshilova, Svetlana^2

Peter the Great St.Petersburg Polytechnic University, Politechnicheskaya st., 29, St. Petersburg

195251, Russia^1

Digrafika LLC, 6th Verkhniy Lane, 12, St. Petersburg

194292, Russia^2

关键词: Extractive industry;    Information technology sector;    Intangible assets;    Intellectual capital;    Market capitalization;    Negative values;    New approaches;    Tangible assets;   

Others  :  https://iopscience.iop.org/article/10.1088/1757-899X/497/1/012052/pdf
DOI  :  10.1088/1757-899X/497/1/012052

来源: IOP

【 摘 要 】

The paper presents an approach to the analysis of the share price as the total value of two assets: tangible, and the "market premium" associated with intangible assets (intellectual capital). It is shown that the share of intellectual capital in the market price of shares of companies that are the leaders of the information technology sector (Google, Baidu) can reach 90%, and significantly exceeds the share of the company in the extractive industry. However, the high proportion of intangible assets (intellectual capital) in the share price carries an additional risk of a significant drop in the company's market capitalization, caused by changes in the factors forming these intangible assets. The cost of intellectual capital can take both positive and negative values. It is shown by the example of Gazprom PJSC that the market price of shares falls below their balance sheet estimates with a stable growth in the value of tangible assets, which is the result of the market's negative assessment of the price component associated with the company's intellectual capital.