научная статья по теме STRUCTURAL AND CONCEPTUAL FEATURES OF INTELLECTUAL CAPITAL IN THE MODERN ECONOMY Экономика и экономические науки

Текст научной статьи на тему «STRUCTURAL AND CONCEPTUAL FEATURES OF INTELLECTUAL CAPITAL IN THE MODERN ECONOMY»

Structural and conceptual features of intellectual capital in the modern economy

P.P. Vetrenko,

канд. экон. наук, доцент, доцент кафедры экономики предпринимательства, Санкт-Петербургский государственный экономический университет (191023, Россия, г. Санкт-Петербург, ул. Садовая, 21; e-mail: ppvspb@gmail.com)

D.V. Yaburova,

вспирант кафедры экономики предприятия и предпринимательства, Санкт-Петербургский государственный университет (191123, г. Санкт-Петербург, ул. Чайковского, д. 62; e-mail: d.yaburova@gmail.com)

Аннотация. В статье анализируется понятие интеллектуального капитала как следствие процесса изменения доли рыночной стоимости компании: от традиционных экономических активов в сторону нематериальных активов. Интеллектуальный капитал рассматривается как один из ключевых экономических ресурсов. Исследуется его классификация, основные признаки и структура.

Abstract. The article is devoted to the analysis of the concept of intellectual capital as a consequence of the change of the share of the market value of the company: from traditional economic assets to intangible assets. Intellectual capital is regarded as one of the key economic resources. Its classification, the basic features and structure are studied.

Ключевые слова: интеллектуальный капитал, ресурсы, человеческий капитал.

Keywords: intellectual capital, resources, human capital.

The modern economic system has undergone major changes since the second half of the 20th century. There were changes in approaches to assessing the factors of production, financial theory, definitions of the market value and the value of companies.

Modern financial theory was born in 1961. At that time was offered another model of corporate valuation which emphasizes two elements: the value of "current assets" and the value of growth opportunities. In fact, such distinction can be defined as:

— the current value of the constant cash flow from existing assets;

— the current value of the opportunities that the company has to make additional investments in the means of production for the extraction of future income.

Basing on this model, S. Kester, S.Mayers and R.Breyli developed another model, that divided the total market value of the companies into the value of existing assets and the cost of so-called "growth options".

How great is the value of such future expectations? For example, in December 2003, future growth value (FGV) for the companies included in the Russell 3000 Index, which covers more than 98% of the total value of all listed shares in the United States, accounted for about 72.5% of the market value of shares of companies and about 46.3% of the value of these conpanies. Today, this figure has increased even more.

Thus, in the financial relations focus on traditional economic assets continues to shift in the direction of intangible assets and intellectual capital.

In modern conditions, intellectual capital (IC) has been recognized as a leading economic resource with very specific properties.

For the effective and efficient introduction of the intellectual capital into the economic turnover,

very important problem is the definition of this economic category. It should be noted that this issue is currently one of the outstanding question both in domestic and foreign science. Despite the presence of a large number of studies on that issue, the category of "intellectual capital" is still one of the most uncertain.

Due to the fact that concerned economic resource is a qualitatively new form of capital, scientists and practitioners pay great attention to the study of the essence of the category of "intellectual capital". It is well-known works of foreign authors E. Brookings, L.Edvinsson, K.Teylor, T.Stuart. Among Russian scientists who have made significant contributions to the theory of intellectual capital, it is necessary to mention B.B.Leontiev, V.L.Inozemtsev, S.M.Klimov, V.Titkov, L.I.Lukichev, I.D.Egorychev etc.

Originally researchers used the term "human capital" which in the middle of the 20th century has been replaced by the term "intellectual capital", which is related to scientific and technical progress, the growth of scientific research, information society, etc.

According to the literature analysis, there is no specific definition of intellectual capital. One of the first definition of intellectual capital was given by L.Edvinsson, who treated it as "a set of human capital, organizational (or structural) capital and customer capital, each of which can be borrowed or your own» [1]. This definition was used in writings of V.L.Inozemtsev and B.B.Leontev.

The opinion of E.Brooking is significantly different from the above interpretation of the intellectual capital. She states that "intellectual capital is a term for intangible assets, without which the company cannot exist and strengthen competitive advantage. The constituent parts of intellectual capital are human assets, intellectual property, infrastructure and market assets.

Экономика и предпринимательство, № 10, 2014 г.

МИКРОЭКОНОМИКА

Existing definitions of intellectual capital emphasize its features such as essentiality in the property of any company, the possibility of reuse and accumulation, etc., which allow to generate financial, competitive, and other advantages in the result of the use of intellectual activity.

Among the essential features of the intellectual capital, we highlight the following:

• a set of human, customer and structural

capital;

• basing primarily on the intellectual characteristics of the individual;

• possibility to be accumulated;

• availability of economic benefits in the form of incomes from intellectual capital as an economic

Structure of intangible assets (i

resource and an increase of revenues from other resources as a result of the operation of intellectual capital;

• a means of doing business and its result;

• availability of sustainable benefits from the use of the elements of intellectual capital.

Now the problem of structuring the intellectual capital is debatable. Source analysis allows to select several points of view:

1. Detailed structure of intellectual capital was developed in the late 80-ies of XX century by K-E.Sveiby who identified that resource with intangible assets of the company (IA) (Table 1) [2].

Table 1

ctual capital) by K-E.Sveybi

Intangible assets (intellectual capital)

External structure Internal structure Individual competence

Communications with customers, suppliers, competitors, trademarks, reputation or image of the company Goals, objectives of an organization, technologies, computer and administrative systems, internal networks, culture and spirit of an organization People's ability to act appropriately in different situations, skills, knowledge, experience, education, values, social skills of individuals

In our view, as the merits of the study by K.-E.Sveiby we can mark the first attempt to systematize the elements of intellectual capital; allocation of human capital and underlining its special role in the creation of new products and services; identification of external and internal resources of the company

Structure of intellectual

on the basis of the substantial aspects of its internal and external environments.

2. Two-level structure of intellectual capital was developed by the manager of the insurance company Skandia Leif Edvinsson (Table 2) [3].

Table 2

capital by L.Edvinsson

Intellectual capital

Structural capital Human capital

Clientcapital Organizational capital

Innovation capital Capital processes

The system of relations with customers, the nature of relations with them, the potential of these relationships Intellectual property (know-how, etc..), Which are designed to ensure the company's ability to upgrade The organization of production, sales, after-sales service Knowledge, experience, skills, abilities of individuals to create and adapt to innovations, to the philosophy of the company, to its internal moral values

L.Edvinsson argued that human capital is embodied in the employees of the company in the form of a set of skills that are needed to deal with emerging challenges for the company. Client capital plays an important role for those economic subjects whose main activity is a portfolio of contracts with customers, that defines the scope, structure, and dynamics of activities (insurance, financial and other economic subjects.). Organizational capital is seen as a set of resources, consisting of innovative capi-

Structure of

tal (primarily intellectual property), which provides upgrading of a company, and capital processes, allowing, according to L.Edvinsson, form value of the product.

3. The three-level structure of intellectual capital distinguishes three components (Institute for Certification and valuation of intellectual property and business) and is the most common (Table 3) [4].

Table 3

ual Capital

Intellectual capital

Human capital - the knowledge, experience, skills, qualifications, skills and other qualities of the staff that determine people's ability to generate effective solutions Structural capital - intellectual property, information systems, financial relationships, the potential of the compeny for the use of its resources and technologies Customer capital - a system of reliable, long-term mutually beneficial and trust relationships of company with its clients, customers; integrated complex intangible asset, including the brand name, distribution channels, licensing and other agreements, technologies of firm to attract and retain customers, the rights of consumers, warranty of manufacturers or seller

Human capital acts as a source of renewal and progress of the company. It is inseparable from its owners and may multiply.

It should be noted that the maximum amount of qualified management return on investment in human capital is almost three times higher than the return on investment in technology. Study of the

dependence of produ

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