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

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.