<p>Background: The difference between the market value and the book value of the companies has dramatically increased. One explanation is that the inflow of capital on the market has increased. Another explanation is that companies have a larger share of intellectual capital. The question is how this has influenced the company-valuator's use of valuation-models? </p><p>Purpose: The purpose of this study is to find out what relevance the substance valuation model has, the DCF-model has, and also discover new valuation-models, among company-valuators. </p><p>Method: The study was conducted as a qualitative interview-investigation. We interviewed three company-valuators and one company-partner, in four different consulting-firms. </p><p>Results: The study does only pay attention to the company-valuator's point of view. The substancevaluation-model is not frequently used. The DCF-model is the dominant valuation-model. Other used ways to value companies are relative valuation and real option valuation. Relative valuation is frequently used, while real options valuation is rare.</p>

<p>Företagens personal är idag en stor resurs, i många företag en av de största, men kan trots detta inte tas upp som en tillgång enligt dagens redovisningsstandards. Det finns idag många olika normgivande organ men det är FASB (Financial Accounting Standards Board) som har sammanställt de tre kriterier som en resurs måste uppfylla för att tillgodoräknas som en tillgång i företagens redovisningar. De tre kriterierna är: att resursen skall förväntas innebära ekonomiska fördelar för företaget i framtiden, den skall kontrolleras av företaget samt att den skall ha uppkommit som en följd av en inträffad händelse. Ett av problemen med humankapitalsredovisning idag ligger i att företagen inte anses kontrollera personalen på ett sådant sätt som FASB kräver. Detta kriterium brister i och med att personalen kan gå hem när arbetsdagen är slut eller säga upp sig när det så vill.</p><p>Företagen kan idag synliggöra sitt humana kapital genom en tilläggsnot eller som ett supplement till de traditionella årsredovisningarna. Det har dock gjorts många försök att hitta lösningar på problemet med att tillgodoräkna humankapitalet som en tillgång, dock alla utan hållbara resultat. Det har emellertid tagits fram många modeller för att kunna värdera humankapitalet, bland annat SkandiaNavigatorn, IC-rating och The Intangible Assets Monitor. Dessa modeller användes flitigt under stora delar av nittiotalet men är idag inte alls lika omfattande.</p><p>För externa intressenter kan utelämnandet av humankapitalsredovisningen innebära att de går miste om essentiell information, som bland annat påverkar deras beslutsfattande. Vårt arbete har dock påvisat att det råder stor brist på interesse bland de externa intressenterna, för de mjuka fakta som humankapitalet presenterar. Det bristande intresset ser vi som en stor anledning till att det har skett en depreciering av humankapitalsredovisningen över åren. Även bristen på tillförlitlighet och jämförbarhet, som är två viktiga termer i redovisningssammanhang påvisas vara en stark orsak till att värderingsmodellerna inte appliceras i så stor utsträckning av företagen.</p> / <p>Companies employee are today a large resource, in some cases even one of the largest. Because of the accounting standards of today the companies are not allowed to show the human resources as an asset in their accounting reports. Even though there are a number of normative institutions, it is FASB that has summed up the three criteria that a resource has to fulfil to be allowed to count as an asset. The three criteria are; the resource are expected to involve economic profits to the company in the future, it is supposed to be controlled by the company and also it has to arise due to an happened event. One of the accounting problems of today is that the companies do not seem to control the employees in a way that FASB (Financial Accounting Standards Board) demands. The criteria lack due to the fact that the employees are allowed to go home at the end of the workday or resign when ever they please.</p><p>The companies of today are able to make the human resources visible in their accounting thru an addendum or a supplement to the ordinary annual financial report. However, several attempts have been done to find a solution of the problem to allow the human resources as an asset, still with no lasting results. Nevertheless, a number of models have been created to estimate the value of the human resources, among others there are SkandiaNavigator, IC-rating and The Intangible Assets Monitor. The models were frequently used under the majority of the nineties but today we are not using them in such a large-scale.</p><p>For external partners could the leave out of the human capital accounting mean that they might loose essential information that might influence their decision-making. Our job has despite this, showed a large lack of interest from the external partners, for what the soft facts the human capital is an indicator of. The lack of interest could be a contributed fact to why it has been a depreciation of human capital accounting over the years. Even floss on reliability and comparison, which is two important terms in accounting context, seems to be a strong reason why the valuation models do not apply in a large scale by the companies.</p>

<p>This thesis is concerned with exploring the equity market price discovery process, the translation and incorporation of new information into stock prices, by studying both what information is included in this process and which valuation methods are used to translate that information into a value.</p><p>The overarching research question posed in this thesis is: <i>How is equity valued?</i> The overarching question is broad and has been divided into the following sub questions:</p><p><i>What valuation methods do companies use when valuing takeover targets?</i></p><p><i>What valuation methods do sell-side analysts use when valuing equity?</i></p><p><i>What factors explain the variation in the use of valuation methods by sell-side analysts?</i></p><p><i>To what extent do sell-side analysts utilize non-financial information in their reports?</i></p><p>These questions are addressed in four separate essays. Findings of the thesis emphasized that valuation behavior is contextual to several specific circumstances. Findings showed that companies valuing takeover targets used sophisticated valuation methods to a higher extent than did sell-side analysts. Findings also showed systematic differences in the choice of valuation methods among sell-side analysts.</p><p>With regards to the use of non-financial information and information on Intellectual Capital this thesis showed that the context of the target firm dictates which information is relevant for predicting future performance, and hence is used by analysts. Additionally, the accessibility of information is an important factor affecting what information is used in the valuation process.</p><p>Understanding the valuation behavior of the different actors on the capital market is to understand the pricing process of the market, and as such the contribution of this thesis has been to shed more light on the cornerstone of market efficiency- the ability of market actors to identify and buy (sell) under priced (over priced) stocks.</p>

Background: The difference between the market value and the book value of the companies has dramatically increased. One explanation is that the inflow of capital on the market has increased. Another explanation is that companies have a larger share of intellectual capital. The question is how this has influenced the company-valuator's use of valuation-models? Purpose: The purpose of this study is to find out what relevance the substance valuation model has, the DCF-model has, and also discover new valuation-models, among company-valuators. Method: The study was conducted as a qualitative interview-investigation. We interviewed three company-valuators and one company-partner, in four different consulting-firms. Results: The study does only pay attention to the company-valuator's point of view. The substancevaluation-model is not frequently used. The DCF-model is the dominant valuation-model. Other used ways to value companies are relative valuation and real option valuation. Relative valuation is frequently used, while real options valuation is rare.

This thesis is concerned with exploring the equity market price discovery process, the translation and incorporation of new information into stock prices, by studying both what information is included in this process and which valuation methods are used to translate that information into a value. The overarching research question posed in this thesis is: How is equity valued? The overarching question is broad and has been divided into the following sub questions: What valuation methods do companies use when valuing takeover targets? What valuation methods do sell-side analysts use when valuing equity? What factors explain the variation in the use of valuation methods by sell-side analysts? To what extent do sell-side analysts utilize non-financial information in their reports? These questions are addressed in four separate essays. Findings of the thesis emphasized that valuation behavior is contextual to several specific circumstances. Findings showed that companies valuing takeover targets used sophisticated valuation methods to a higher extent than did sell-side analysts. Findings also showed systematic differences in the choice of valuation methods among sell-side analysts. With regards to the use of non-financial information and information on Intellectual Capital this thesis showed that the context of the target firm dictates which information is relevant for predicting future performance, and hence is used by analysts. Additionally, the accessibility of information is an important factor affecting what information is used in the valuation process. Understanding the valuation behavior of the different actors on the capital market is to understand the pricing process of the market, and as such the contribution of this thesis has been to shed more light on the cornerstone of market efficiency- the ability of market actors to identify and buy (sell) under priced (over priced) stocks.

Företagens personal är idag en stor resurs, i många företag en av de största, men kan trots detta inte tas upp som en tillgång enligt dagens redovisningsstandards. Det finns idag många olika normgivande organ men det är FASB (Financial Accounting Standards Board) som har sammanställt de tre kriterier som en resurs måste uppfylla för att tillgodoräknas som en tillgång i företagens redovisningar. De tre kriterierna är: att resursen skall förväntas innebära ekonomiska fördelar för företaget i framtiden, den skall kontrolleras av företaget samt att den skall ha uppkommit som en följd av en inträffad händelse. Ett av problemen med humankapitalsredovisning idag ligger i att företagen inte anses kontrollera personalen på ett sådant sätt som FASB kräver. Detta kriterium brister i och med att personalen kan gå hem när arbetsdagen är slut eller säga upp sig när det så vill. Företagen kan idag synliggöra sitt humana kapital genom en tilläggsnot eller som ett supplement till de traditionella årsredovisningarna. Det har dock gjorts många försök att hitta lösningar på problemet med att tillgodoräkna humankapitalet som en tillgång, dock alla utan hållbara resultat. Det har emellertid tagits fram många modeller för att kunna värdera humankapitalet, bland annat SkandiaNavigatorn, IC-rating och The Intangible Assets Monitor. Dessa modeller användes flitigt under stora delar av nittiotalet men är idag inte alls lika omfattande. För externa intressenter kan utelämnandet av humankapitalsredovisningen innebära att de går miste om essentiell information, som bland annat påverkar deras beslutsfattande. Vårt arbete har dock påvisat att det råder stor brist på interesse bland de externa intressenterna, för de mjuka fakta som humankapitalet presenterar. Det bristande intresset ser vi som en stor anledning till att det har skett en depreciering av humankapitalsredovisningen över åren. Även bristen på tillförlitlighet och jämförbarhet, som är två viktiga termer i redovisningssammanhang påvisas vara en stark orsak till att värderingsmodellerna inte appliceras i så stor utsträckning av företagen. / Companies employee are today a large resource, in some cases even one of the largest. Because of the accounting standards of today the companies are not allowed to show the human resources as an asset in their accounting reports. Even though there are a number of normative institutions, it is FASB that has summed up the three criteria that a resource has to fulfil to be allowed to count as an asset. The three criteria are; the resource are expected to involve economic profits to the company in the future, it is supposed to be controlled by the company and also it has to arise due to an happened event. One of the accounting problems of today is that the companies do not seem to control the employees in a way that FASB (Financial Accounting Standards Board) demands. The criteria lack due to the fact that the employees are allowed to go home at the end of the workday or resign when ever they please. The companies of today are able to make the human resources visible in their accounting thru an addendum or a supplement to the ordinary annual financial report. However, several attempts have been done to find a solution of the problem to allow the human resources as an asset, still with no lasting results. Nevertheless, a number of models have been created to estimate the value of the human resources, among others there are SkandiaNavigator, IC-rating and The Intangible Assets Monitor. The models were frequently used under the majority of the nineties but today we are not using them in such a large-scale. For external partners could the leave out of the human capital accounting mean that they might loose essential information that might influence their decision-making. Our job has despite this, showed a large lack of interest from the external partners, for what the soft facts the human capital is an indicator of. The lack of interest could be a contributed fact to why it has been a depreciation of human capital accounting over the years. Even floss on reliability and comparison, which is two important terms in accounting context, seems to be a strong reason why the valuation models do not apply in a large scale by the companies.

This thesis increases the understanding of networking and especially the role of third parties in the network infrastructure. That networking is an important activity that plays a central role for companies’ success is common sense in today’s highly changing environment. However, the role of third parties operating within the networking infrastructure has only been research sparingly. As the author’s literature review showed even though we have knowledge about the network process and attributes of the different actors there is still a lack of theories to explaining them. For instance, it is still unknown how the third party can successfully bridge structural holes and how its specific characteristics influence the network. Furthermore, it is unclear how this is affecting the people and consequently the companies involved in the network. The empirical focus of this thesis is on the Swedish Chamber of Commerce in the Netherlands and the empirical study consists of a qualitative case study. Data is collected through documents, participant observations and qualitative interviews in the Netherlands. The research shows that the third party has succeeded in provide a business and social platform that facilitate the process of combination and exchange of intellectual capital and this creates business opportunities for the members of the network. The study contributes to the research about the third party in the network infrastructure by identifying three success processes how the third party can contribute to the business network and this are: firstly, in combining and exchanging knowledge through a well-developed network structure. Secondly, through creating anticipation and motivation between the members for sharing of knowledge and thirdly, when bridging the gap between different actors with various kinds of knowledge. The thesis also provides suggestions for how the third party can improve their work to create and deepen relationship within networking. As the thesis demonstrates the role of the third party in a network and as more business is done within networks and with the help of a third party, it also has practical implications. In particular, the study is beneficial for the Swedish Chamber of Commerce, but also for other third party organizations that aim to improve their role in the networking process.

Over the past years, research on the basis of intangible resources and capability has been suggested for the development of corporate competitive advantage. Through the process of learning, the organization can create knowledge and shortage intangible intellectual capital. This study is empirical research carried out on the industrial circles using questionnaires to clean out scholars¡¦ definition on intellectual capital and organizational learning capability. From this study, I try to find out the relationship among organizational learning capability, shortage intellectual capital, and organizational performance, also the interactive effect between organizational learning capability and strategy management of intellectual capital towards company¡¦ performance. The results of the research indicate: I. The factors of organizational learning capability 1. The executives¡¦ direction ability of learning and amelioration 2. Team-leadership competitiveness II. The factors of intellectual capital 1. The factors of human capital are: the knowledge innovation directed by executives, employees¡¦ professional capability. 2. The factors of structural capital are: cross department¡¦ management and storage knowledge, inner process responds to market demand, and cross department¡¦ knowledge group. 3. The factors of relational capital are: flexible business strategy of customer ecosystem¡¦ orientation, the management of service and brand value, and the management of customer orientation. III. Organizational learning capability and intellectual capital¡¦ storage have effects on organizational performance. 1. Through the intellectual capital intermediary effect, the executive¡¦ direction ability of learning and amelioration and the competitiveness from the team¡¦ directed have significant influence on business operational performance. IV. The interaction between organizational learning capability and strategy management of intellectual capital. 1. The interaction between strategy management of knowledge-centered and the executives¡¦ direction ability of learning and amelioration have significant influence on both organizational business operational performance and behavioral performance. 2. The interaction between knowledge-centered strategic management and team-leadership competitiveness has significant influence on organizational behavioral performance. 3. The interaction between strategy management of information-centered and the executives¡¦ direction ability of learning and amelioration have significant influence on both organizational business operational performance and behavioral performance.

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Since the emergence of knowledge economy, items discussed in traditional accounting practices seemed not to represent the real value of an enterprise effectively. Thus, the conception of intellectual capital has been proposed. However, current intellectual capital measurement methods have limitations such as confirming causation difficultly, lacking integration sufficiently. The purpose of this dissertation is to propose an effective method and process to evaluate intellectual capital. We collected data from annual reposts of IC (Integrated Circuits) design houses in Taiwan. In basis of indicators and association analysis, strategy map for IC design house can be built. Then we compared the efficiency of intellectual capital for IC design houses. The results showed small scale companies might be more efficient than large scale companies. We also observed that intellectual capital value might not be reflected only through association and efficiency analysis. Then system dynamics was adopted to analyze one case. The side effect and leverage factor that hidden in uni-direction thinking of balanced scorecard were found out. This theme also found out indicators of intellectual capital and dynamic loops for the case. Finally, we suggest the policy to increase intellectual capital value for the case.