Issue №3, 2019

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The cost of intellectual capital as a factor in the investment attractiveness of an organization

 

DOI: 10.34130/2070-4992-2019-3-75-82

Full article 

Melay E. A. — Financial University under the Government of the Russian Federation, Tula branch, Tula, Russia; Candidate of Technical Sciences, Associate Professor of Finance and Credit Department, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Sergeeva A. V. — Financial University under the Government of the Russian Federation, Tula branch, Tula, Russia; Candidate of Economic Sciences, Associate Professor of Finance and Credit Department, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The purpose of this article is to describe the developed methodology for a comprehensive assessment of the company investment attractiveness, taking into account the value of the intellectual capital. The proposed method is based on the developments of D. A. Endovitsky and V. E. Soboleva, N. Ah. Kazakova, J. Tobin. Methodical approaches are generalized and supplemented with variants of combinations of indicators, a block of economic efficiency of investments, as well as a block of intellectual capital assessment. It is emphasized that the existing methods of assessing the attractiveness of the organization for the investor does not take into account the cost of intellectual capital.
The basis of the proposed methodology are four blocks: financial condition and business development of the organization (based on indicators of security of fixed assets, the degree of wear, financial stability, liquidity, profitability, business activity, etc.), analysis of securities of the enterprise (market valuation of the object), analysis of economic efficiency of projects (investment experience, investment activity), implemented in the studied enterprise, evaluation of intellectual capital (based on the Tobin coefficient). The final complex indicator allows to draw a conclusion about the level of organization investment attractiveness, to identify problems, to make an investment decision (for the investor) or to develop measures to improve the investment attractiveness (for the owner).
It should be noted that the implementation of the methodology is associated with significant costs of labor and time, but this is due to the coverage of a large number of factors that affect the investment attractiveness of the organization.
Thus, the proposed method allows us to give a reasonable and reliable assessment of the investment attractiveness of the organization of any legal form, size and scope of activity, taking into account the most important factor of the modern economy – intellectual capital.

Keywords: investment attractiveness of the organization, intellectual capital, financial condition of the organization, economic potential of the enterprise, business development, economic efficiency of investments.

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For citation: Melay E. A., Sergeeva A. V. The cost of intellectual capital as a factor in the investment attractiveness of an organization // Corporate governance and innovative economic development of the North: Bulletin of the Research Center of Corporate Law, Management and Venture Capital of Syktyvkar State University. 2019. No. 3. Рр. 75–82. DOI: 10.34130/2070-4992-2019-3-75-82