title: ÐÐ»Ð¸ÑÐ½Ð¸Ñ Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð° Ð½Ð° ÑÑÐ½Ð¾ÑÐ½ÑÑ ÑÑÐ¾Ð¸Ð¼Ð¾ÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸ Ð½Ð° Ð¿ÑÐ¸Ð¼ÐµÑÐµ ÑÐµÐ»ÐµÐºÐ¾Ð¼Ð¼ÑÐ½Ð¸ÐºÐ°ÑÐ¸Ð¾Ð½Ð½Ð¾Ð¹ Ð¾ÑÑÐ°ÑÐ»Ð¸
title: Ð²ÑÐ¿ÑÑÐºÐ½Ð°Ñ ÐºÐ²Ð°Ð»Ð¸ÑÐ¸ÐºÐ°ÑÐ¸Ð¾Ð½Ð½Ð°Ñ ÑÐ°Ð±Ð¾ÑÐ° Ð¼Ð°Ð³Ð¸ÑÑÑÐ°
titleType: Subtitle
title: The impact of intellectual capital on the market value of the company on the example of the telecommunications industry
Creators: name: ÐÐ³ÐµÐµÐ²Ð°, ÐÐ»ÐµÐ½Ð°
Publisher: name: Ð¡Ð°Ð½ÐºÑ-ÐÐµÑÐµÑÐ±ÑÑÐ³ÑÐºÐ¸Ð¹ Ð¿Ð¾Ð»Ð¸ÑÐµÑÐ½Ð¸ÑÐµÑÐºÐ¸Ð¹ ÑÐ½Ð¸Ð²ÐµÑÑÐ¸ÑÐµÑ ÐÐµÑÑÐ° ÐÐµÐ»Ð¸ÐºÐ¾Ð³Ð¾
Year: 2021
Subjects: Ð¢ÐµÐ»ÐµÐºÐ¾Ð¼Ð¼ÑÐ½Ð¸ÐºÐ°ÑÐ¸Ð¸
Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½ÑÐ¹ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»
ÑÐµÐ»Ð¾Ð²ÐµÑÐµÑÐºÐ¸Ð¹ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»
ÑÑÑÑÐºÑÑÑÐ½ÑÐ¹ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»
ÑÐ¸Ð·Ð¸ÑÐµÑÐºÐ¸Ð¹ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»
ÑÑÐ½Ð¾ÑÐ½Ð°Ñ ÑÑÐ¾Ð¸Ð¼Ð¾ÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸
Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½ÑÐ¹ ÐºÐ¾ÑÑÑÐ¸ÑÐ¸ÐµÐ½Ñ Ð´Ð¾Ð±Ð°Ð²Ð»ÐµÐ½Ð½Ð¾Ð¹ ÑÑÐ¾Ð¸Ð¼Ð¾ÑÑÐ¸
intellectual capital
human capital
structural capital
physical capital
company market value
value added intelleÑtuÐ°l cÐ¾ÐµffiÑient

description: ÐÐ±ÑÐµÐºÑÐ¾Ð¼ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ ÑÐ²Ð»ÑÑÑÑÑ ÑÐ¾ÑÑÐ¸Ð¹ÑÐºÐ¸Ðµ ÑÐµÐ»ÐµÐºÐ¾Ð¼Ð¼ÑÐ½Ð¸ÐºÐ°ÑÐ¸Ð¾Ð½Ð½ÑÐµ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. ÐÑÐµÐ´Ð¼ÐµÑÐ¾Ð¼ ÑÐ²Ð»ÑÐµÑÑÑ Ð¾ÑÐµÐ½ÐºÐ° Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð° ÑÐ¾ÑÑÐ¸Ð¹ÑÐºÐ¸Ñ ÑÐµÐ»ÐµÐºÐ¾Ð¼Ð¼ÑÐ½Ð¸ÐºÐ°ÑÐ¸Ð¾Ð½Ð½ÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹. Ð¦ÐµÐ»ÑÑ ÑÐ°Ð±Ð¾ÑÑ ÑÐ²Ð»ÑÐµÑÑÑ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ðµ Ð²Ð»Ð¸ÑÐ½Ð¸Ñ Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð° Ð½Ð° ÑÑÐ½Ð¾ÑÐ½ÑÑ ÑÑÐ¾Ð¸Ð¼Ð¾ÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ð½Ð° Ð¿ÑÐ¸Ð¼ÐµÑÐµ Ð¾ÑÑÐ°ÑÐ»Ð¸ ÑÐµÐ»ÐµÐºÐ¾Ð¼Ð¼ÑÐ½Ð¸ÐºÐ°ÑÐ¸Ð¹ Ð Ð¾ÑÑÐ¸Ð¸. Ð ÑÐ°Ð±Ð¾ÑÐµ Ð¾Ð¿ÑÐµÐ´ÐµÐ»ÐµÐ½Ð¾ Ð¿Ð¾Ð½ÑÑÐ¸Ðµ Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð°, ÑÐ°ÑÑÐ¼Ð¾ÑÑÐµÐ½Ð° ÐµÐ³Ð¾ ÑÐ¾Ð»Ñ Ð² ÑÐ¾Ð·Ð´Ð°Ð½Ð¸Ð¸ ÑÑÐ¾Ð¸Ð¼Ð¾ÑÑÐ¸ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. Ð¢Ð°ÐºÐ¶Ðµ ÑÐ°ÑÑÐ¼Ð¾ÑÑÐµÐ½Ñ Ð¾ÑÐ½Ð¾Ð²Ð½ÑÐµ Ð¿Ð¾Ð´ÑÐ¾Ð´Ñ Ðº Ð¾ÑÐµÐ½ÐºÐµ Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð°. ÐÐ»Ñ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ñ Ð±ÑÐ»Ð° Ð²ÑÐ±ÑÐ°Ð½Ð° ÑÐµÐ»ÐµÐºÐ¾Ð¼Ð¼ÑÐ½Ð¸ÐºÐ°ÑÐ¸Ð¾Ð½Ð½Ð°Ñ Ð¾ÑÑÐ°ÑÐ»Ñ Ð Ð¤ Ð¸ Ð¼ÐµÑÐ¾Ð´ Ð¾ÑÐµÐ½ÐºÐ¸ Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð° c Ð¿Ð¾Ð¼Ð¾ÑÑÑ VAIC. Ð¢Ð°Ðº, Ð±ÑÐ» ÑÐ°ÑÑÑÐ¸ÑÐ°Ð½ VAIC Ð´Ð»Ñ ÑÐµÐ¼Ð¸ ÑÐµÐ»ÐµÐºÐ¾Ð¼-ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹ Ð Ð¤ Ð²Ð¾ Ð²ÑÐµÐ¼ÐµÐ½Ð½Ð¾Ð¼ Ð¿ÐµÑÐ¸Ð¾Ð´Ðµ 10 Ð»ÐµÑ. ÐÐ° Ð¾ÑÐ½Ð¾Ð²Ðµ Ð°Ð½Ð°Ð»Ð¸Ð·Ð° ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¹, Ð¸Ñ Ð³Ð¾Ð´Ð¾Ð²ÑÑ Ð¾ÑÑÐµÑÐ¾Ð², Ð½Ð°ÑÑÐ½Ð¾Ð¹ Ð»Ð¸ÑÐµÑÐ°ÑÑÑÑ Ð±ÑÐ»Ð° Ð¿Ð¾ÑÑÑÐ¾ÐµÐ½Ð° ÑÐºÐ¾Ð½Ð¾Ð¼ÐµÑÑÐ¸ÑÐµÑÐºÐ°Ñ Ð¼Ð¾Ð´ÐµÐ»Ñ, Ð¾ÑÑÐ°Ð¶Ð°ÑÑÐ°Ñ Ð²Ð»Ð¸ÑÐ½Ð¸Ðµ Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ ÐºÐ¾ÑÑÑÐ¸ÑÐ¸ÐµÐ½ÑÐ° Ð´Ð¾Ð±Ð°Ð²Ð»ÐµÐ½Ð½Ð¾Ð¹ ÑÑÐ¾Ð¸Ð¼Ð¾ÑÑÐ¸ Ð½Ð° ÑÑÐ½Ð¾ÑÐ½ÑÑ ÑÑÐ¾Ð¸Ð¼Ð¾ÑÑÑ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸Ð¸. ÐÐ° Ð¾ÑÐ½Ð¾Ð²Ð°Ð½Ð¸Ð¸ Ð¿ÑÐ¾Ð²ÐµÐ´ÐµÐ½Ð½Ð¾Ð¹ ÑÐ°Ð±Ð¾ÑÑ ÑÐ´ÐµÐ»Ð°Ð½ Ð²ÑÐ²Ð¾Ð´ Ð¾ ÑÐ¾Ð¼, ÑÑÐ¾ ÐºÐ¾Ð¼Ð¿Ð°Ð½Ð¸ÑÐ¼ Ð½ÐµÐ¾Ð±ÑÐ¾Ð´Ð¸Ð¼Ð¾ Ð¾ÑÑÐ°Ð¶Ð°ÑÑ Ð² Ð¾ÑÑÐµÑÐ½Ð¾ÑÑÐ¸ Ð´Ð°Ð½Ð½ÑÐµ Ð¾Ð± Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð¼ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ðµ, Ð° ÑÐ°ÐºÐ¶Ðµ ÑÐ°Ð·ÑÐ°Ð±Ð°ÑÑÐ²Ð°ÑÑ ÑÐ²Ð¾Ð¸ Ð¼ÐµÑÐ¾Ð´Ð¸ÐºÐ¸ Ð¾ÑÐµÐ½ÐºÐ¸ ÐÐ. ÐÑÐµÐ´Ð¿Ð¾Ð»Ð¾Ð¶Ð¸ÑÐµÐ»ÑÐ½Ð¾ ÑÐ°Ð±Ð¾ÑÐ° Ð¼Ð¾Ð¶ÐµÑ Ð±ÑÑÑ Ð¸ÑÐ¿Ð¾Ð»ÑÐ·Ð¾Ð²Ð°Ð½Ð° ÐºÐ°Ðº Ð±Ð°Ð·Ð° Ð´Ð»Ñ Ð´Ð°Ð»ÑÐ½ÐµÐ¹ÑÐ¸Ñ Ð¸ÑÑÐ»ÐµÐ´Ð¾Ð²Ð°Ð½Ð¸Ð¹ Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð° Ð² Ð´ÑÑÐ³Ð¸Ñ Ð¾ÑÑÐ°ÑÐ»ÑÑ, Ð° ÑÐ°ÐºÐ¶Ðµ Ð´Ð»Ñ ÑÐ°Ð·ÑÐ°Ð±Ð¾ÑÐºÐ¸ ÑÐ¾Ð±ÑÑÐ²ÐµÐ½Ð½Ð¾Ð¹ Ð¾ÑÐµÐ½ÐºÐ¸ Ð¸Ð½ÑÐµÐ»Ð»ÐµÐºÑÑÐ°Ð»ÑÐ½Ð¾Ð³Ð¾ ÐºÐ°Ð¿Ð¸ÑÐ°Ð»Ð°.
description: The object of the study is Russian telecommunications companies. The subject is the assessment of the intellectual capital of Russian telecommunications companies. The aim of the work is to study the influence of intellectual capital on the market value of companies on the example of the telecommunications industry in Russia. The paper defines the concept of intellectual capital, considers its role in creating the value of the company. The main approaches to the assessment of intellectual capital are also considered. For the study, the telecommunications industry of the Russian Federation and the method of assessing intellectual capital using VAIC were selected. So, the VAIC was calculated for seven telecom companies of the Russian Federation in a time period of 10 years. Based on the analysis of companies, their annual reports, and scientific literature, an econometric model was constructed that reflects the impact of the value added intelleÑtuÐ°l cÐ¾ÐµffiÑient on the company's market value. Based on the conducted work, it is concluded that companies need to reflect data on intellectual capital in their reports, as well as develop their own methods for assessing IC. Presumably, the work can be used as a basis for further research of intellectual capital in other industries, as well as for developing its own assessment of intellectual capital.