Accounting for intellectual capital and valuation of virtual assets
Zihni sermayenin muhasebeleştirilmesi ve sanal aktiflerin değerlemesi
- Tez No: 94858
- Danışmanlar: DOÇ. DR. JALE SÖZER ORAN
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2000
- Dil: İngilizce
- Üniversite: Marmara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: İşletme (İngilizce) Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 75
Özet
Özet yok.
Özet (Çeviri)
ABSTRACT By the early 1970s, there had been a general consensus among the futurists and concept leaders that a new age was coming. One of the arguments was that the large asset-base multinationals with their vast electronic data processing systems would dominate the world business scene. The early 1990s proved them wrong. Pioneers of the so-called New Economy, knowledge-based technology companies which had been merely start-ups a decade ago with no significant asset-base to speak of, outperformed the big names of the Old Economy in terms of market capitalization. This particular development has caused a new debate to be triggered for the fact that the conventional accounting and valuation methodologies have been unable to provide a clear-cut disposition for the unreconcilable difference between the asset value and the market capitalizations of the New Economy companies. Ecomnomics has been coined up by this study to reflect the change the world is now undergoing, or so-called the New Economy. The communication revolution that is taking place has created an environment without time and space, and so a virtual dimension. This environment shifted the value from matter to the virtual, controllable to a great extent by the Individual, which represents a much more human-centric environment compared to the Old Economy created by the Industrial Revolution. The Skandia MODEL relates the material difference between the asset value versus the market capitalization to the hidden values ignored by the conventional accounting methodology, which it calls“Intellectual Capital”. Under the leadership of Leif Edvinsson, Skandia issued its first Intellectual Capital Report as of December 31, 1 994, which is a turning point in the history of Accounting and Corporate Finance. The Skandia model of Intellectual Capital attempts to measure the human-centered capital and to consolidate these values into the existing management accounts. The Skandia model still seems to be the only complete model offering a solution bothfor valuation and the maintenance of the competitive survival of a company. The Intellectual Capital model of Skandia, too, has certain drawbacks: 1- It still relies on conventional accounting data and the methodology to a certain extent. 2- It fails to refer to issues of risk versus value. This study advocates that the concepts of Capital, Value and Risk, and the relationships between them need to be redefined in the Ecomnomics environment, in which such concepts, too, have been transferred to a virtual dimension. Today's shareholders (investors) are more concerned with the future of a company than the results of its past transactions and costs, which are more accountable to the professional management, statutory and regulatory authorities. Accordingly, there needs to be a separate accounting and valuation system independent of the conventional (management) accounting, both in the methodology and data. Further, such valuation needs to reflect the mechanics of Ecomnomics. This study defines three capital components (Communication, Knowledge and Innovation) and three asset items (Renewal, Pace and Fission). All Capital components and asset items are, at the same time, variables of the Virtual Value Matrix. The asset items also represent each of the phases in the virtuality process. The Virtual Value Matrix is a simplified grading mechanism to describe the relationships between Capital and Asset. The Virtual Value Matrix is distinguished by four main qualities: 1 - Virtual value matrix elements are non-monetary, 2- Such elements are re-cyclable(not exhaustable or depreciated), 3- Value is the sum of all the elements 4- Each of the asset items is independent of each other and of the virtuality process. This study concludes that the shareholder (investor) targets at first to attain a point somewhere in the value concentration bounded by the Value Parabola based iion the Virtual Value Matrix. By shifting Innovation and Knowledge up towards the Communication Line will cause the shareholder to attain a greater value in the area bounded by the Enhanced Value Parabola, where the shareholder value is maximized and thus an early exit may become possible. Parallel to the value, the associated risk would also behave differently under the circumstances imposed by Ecomnomics. At earlier stages of business, the risk gradually increases as the expected returns decrease along the virtuality process line. Due to the lack of pioneer and senior academic research, this study had to choose an informal research methodology as was the case with similar situations. The research was based on the personal interviews by the author with a significant number of concept leaders, entrepreneurs, professionals and executives associated with private equity and the New Economy investing. The results of the interviews confirm the conclusions drawn by this study. Because of the academic scope expected from this study, it is clear that this study is unable to offer a quantitative model. However, it is still able to offer a conceptual model to provide a gateway for further academic studies and researches. m
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