<p><strong>Problemformulering </strong>Svenska företag som från år 2005 redovisar enligt IAS/IFRS ska i högre utsträckning än tidigare fördela det överpris som betalas vid företagsförvärv på de tillgångar som förvärvas. Tidigare studier har efter införandet mätt var tillgångarna tar vägen vid rörelseförvärv. Det har visat sig svårt för företagen att på ett konsekvent och stringent sätt identifiera immateriella tillgångar sedan specificera dem tydligt i balansräkningen. Begreppsförvirring och otydliga poster i redovisningen har gjort de svårt för användaren av årsredovisningen att få relevant information. Frågan är om det blivit bättre med tiden?</p><p><strong>Syfte </strong>Mäta utvecklingen av specificerade immateriella tillgångar sedan införandet av IAS/IFRS. Följande frågeställningar har ställts: 1. Specificerar företag sina identifierade immateriella tillgångar enligt de ramverk IASB förespråkar så att god redovisningssed kan återspeglas? 2. Har andelen ospecificerade immateriella tillgångar minskat?</p><p><strong>Metod </strong>För att samla in information om utvecklingen har vi studerat årsredovisningen för svenska noterade börsföretag som redovisar enligt IAS/IFRS. Årsredovisningar mellan åren 2003 och 2008 för bolag på stockholmsbörsens Large cap-lista har studerats. En kvantitativ undersökning där operationalisering används för att koda poster från balansräkningen. Egen kodning av vad som anses som vara tillräcklig specificering av tillgången har utförts med begreppet god redovisningssed som grund. Slutligen genomförs beräkning på antal, andel och värde av specificerade immateriella tillgångar varje år.</p><p><strong>Teoretisk referensram </strong>De normer, praxis och lagar som berör immateriella tillgångar och företagsförvärv har författarna sammanställt för att kunna ta del av informationen från årsredovisningar och definiera egna begrepp, Immateriella tillgångar (IAS 38), Företagsförvärv (IFRS 3), Nedskrivning (IAS 36) och redovisningens egenskaper återkopplas i slutsatsen.</p><p><strong>Slutsats </strong>Efter våra kriterier för ospecificerade poster fick vi fram att en positiv utveckling har skett sedan införandet av IAS/IFRS. I takt med identifiering av immateriella tillgångar ökar specificering. Ospecificerade poster har sjunkit med drygt 10 %. Värdet av immateriella har under studiens tidsperiod ökat med 1303 %. Det har inneburit att det totala värdet av ospecificerade tillgångar idag är betydligt större. Det i sin tur påverkar givetvis användaren när den ska ställning till en betydligt större summa ospecificerade tillgångar.</p> / <p><strong>Problem </strong>Listed companies have since the introduction of IAS / IFRS new accounting directives to follow. A major difference is that goodwill, as an asset, may no longer be amortized but will be subjected to an annual impairment test. This will result in the extraction, identification and depreciation of intangible assets from goodwill. This has been proved difficult for companies to identify consistently and rigorously. Confusion and vague items in reporting has made it difficult for users to share information in a proper way.</p><p><strong>Purpose </strong>To measure the progress of specified intangible assets in annual reports, since the introduction of IAS / IFRS. Questions to be answered: 1. Do companies specify their identified intangible assets in agreement with the IASB framework? 2. Has the total value of unspecified assets decreased over time?</p><p><strong>Method </strong>To gather information, we have studied the annual reports of listed companies reporting under IAS / IFRS. For this report, we have chosen annual reports from the years 2003 to 2008 on companies on the Stockholm Stock Exchange's Large Cap list and made a quantitative study, in which operationalization is used to encode the items from the balance sheet.</p><p><strong>Theoretical frame of reference </strong>We have compiled the standards, practices and laws relating to intangible assets and acquisitions. This has been done to acquire the information from annual reports and to define our own concepts. Intangible assets (IAS 38), Business Combinations (IFRS 3), Impairment (IAS 36) and accounting characteristics serve as a foundation to our conclusions.</p><p><strong>Conclusion </strong>Following our criteria for unspecified items, a positive development has occurred since the introduction of IAS / IFRS. As the identification of intangible assets develops with IFRS3 we have seen an increase of specification. Unspecified items have decreased by over 10%. The value of intangible assets during this period has increased by 1303%. It has meant that the total value of unspecified assets today is much bigger. This will affect the user, of course, when he/she will consider a much larger amount unspecified assets.</p>

The need to focus and economize on scarce attention is increasingly being acknowledged within management accounting and control literature. The aim of this study is to investigate how practitioners go about creating new concepts and measurements to induce attention towards new issues and as-pects of strategic importance for the organization. In this case study, we follow a project group in a Swedish municipality, creating a management control model of employee health. A close-up view is provided through a narrative approach, based on filming and participant observation, illustrating the highly situated and contextual character of atten-tion in sensemaking processes. The naming of the concepts of management control was found to be associated with a science-framing, while references to local practices of management control induced practice-framing strongly de-emphasizing characteristic features of management control. Line-managers of the study accepted the framework without demands for indica-tors or predictive models. This outcome is in line with a practice notion of management control and a language-game understanding of human communication: management control systems are part of the practices defining meaning and directing at-tention towards different aspects of any situation. Rather than being a lan-guage, management control concepts and measurement may not provide much more than the phonetics of business. Consequently, it may be ques-tioned whether what gets measured automatically gets managed. In line with the attention-based view of the firm and a practice notion of management control, this study suggests that new attention is created through the naming and framing of management control ideals, and as a result of the expressions of managerial intent through practices.

Problemformulering Svenska företag som från år 2005 redovisar enligt IAS/IFRS ska i högre utsträckning än tidigare fördela det överpris som betalas vid företagsförvärv på de tillgångar som förvärvas. Tidigare studier har efter införandet mätt var tillgångarna tar vägen vid rörelseförvärv. Det har visat sig svårt för företagen att på ett konsekvent och stringent sätt identifiera immateriella tillgångar sedan specificera dem tydligt i balansräkningen. Begreppsförvirring och otydliga poster i redovisningen har gjort de svårt för användaren av årsredovisningen att få relevant information. Frågan är om det blivit bättre med tiden? Syfte Mäta utvecklingen av specificerade immateriella tillgångar sedan införandet av IAS/IFRS. Följande frågeställningar har ställts: 1. Specificerar företag sina identifierade immateriella tillgångar enligt de ramverk IASB förespråkar så att god redovisningssed kan återspeglas? 2. Har andelen ospecificerade immateriella tillgångar minskat? Metod För att samla in information om utvecklingen har vi studerat årsredovisningen för svenska noterade börsföretag som redovisar enligt IAS/IFRS. Årsredovisningar mellan åren 2003 och 2008 för bolag på stockholmsbörsens Large cap-lista har studerats. En kvantitativ undersökning där operationalisering används för att koda poster från balansräkningen. Egen kodning av vad som anses som vara tillräcklig specificering av tillgången har utförts med begreppet god redovisningssed som grund. Slutligen genomförs beräkning på antal, andel och värde av specificerade immateriella tillgångar varje år. Teoretisk referensram De normer, praxis och lagar som berör immateriella tillgångar och företagsförvärv har författarna sammanställt för att kunna ta del av informationen från årsredovisningar och definiera egna begrepp, Immateriella tillgångar (IAS 38), Företagsförvärv (IFRS 3), Nedskrivning (IAS 36) och redovisningens egenskaper återkopplas i slutsatsen. Slutsats Efter våra kriterier för ospecificerade poster fick vi fram att en positiv utveckling har skett sedan införandet av IAS/IFRS. I takt med identifiering av immateriella tillgångar ökar specificering. Ospecificerade poster har sjunkit med drygt 10 %. Värdet av immateriella har under studiens tidsperiod ökat med 1303 %. Det har inneburit att det totala värdet av ospecificerade tillgångar idag är betydligt större. Det i sin tur påverkar givetvis användaren när den ska ställning till en betydligt större summa ospecificerade tillgångar. / Problem Listed companies have since the introduction of IAS / IFRS new accounting directives to follow. A major difference is that goodwill, as an asset, may no longer be amortized but will be subjected to an annual impairment test. This will result in the extraction, identification and depreciation of intangible assets from goodwill. This has been proved difficult for companies to identify consistently and rigorously. Confusion and vague items in reporting has made it difficult for users to share information in a proper way. Purpose To measure the progress of specified intangible assets in annual reports, since the introduction of IAS / IFRS. Questions to be answered: 1. Do companies specify their identified intangible assets in agreement with the IASB framework? 2. Has the total value of unspecified assets decreased over time? Method To gather information, we have studied the annual reports of listed companies reporting under IAS / IFRS. For this report, we have chosen annual reports from the years 2003 to 2008 on companies on the Stockholm Stock Exchange's Large Cap list and made a quantitative study, in which operationalization is used to encode the items from the balance sheet. Theoretical frame of reference We have compiled the standards, practices and laws relating to intangible assets and acquisitions. This has been done to acquire the information from annual reports and to define our own concepts. Intangible assets (IAS 38), Business Combinations (IFRS 3), Impairment (IAS 36) and accounting characteristics serve as a foundation to our conclusions. Conclusion Following our criteria for unspecified items, a positive development has occurred since the introduction of IAS / IFRS. As the identification of intangible assets develops with IFRS3 we have seen an increase of specification. Unspecified items have decreased by over 10%. The value of intangible assets during this period has increased by 1303%. It has meant that the total value of unspecified assets today is much bigger. This will affect the user, of course, when he/she will consider a much larger amount unspecified assets.

Il progetto di tesi si basa su uno studio di carattere qualitativo focalizzato a costruire un framework teorico relativo ai processi di comunicazione lungo la Supply Chain (SC), identificando come la stessa comunicazione sia in grado di supportare il complesso processo di Supply Chain Management (SCM) sia sul piano strategico, sia sul piano operativo. Il progetto di tesi si articola quindi in tre parti specifiche: 1. una review sistematica e critica della letteratura internazionale sui temi della Supply Chain e della comunicazione che fornisce un’analisi approfondita del dibattito internazionale sui processi relationship-based della SC, evidenziando inoltre il fondamentale ruolo della comunicazione nello scambio di flussi sociali, informativi e fisici tra i partner; 2. due studi esplorativi di tipo induttivo-deduttivo che costruiscono una mappatura concettuale preliminare dei ruoli e dei canali di comunicazione che supportano le fasi strategiche ed operative del SCM; 3. uno studio Grounded Theory (GT) progettato sulla base dei risultati emersi dai precedenti studi preliminari e basato su una ricerca empirica approfondita che ha coinvolto SC executives e managers di aziende italiane ed internazionali. / The Ph.D. research project is based on a wide qualitative study aimed at building a theoretical framework of the communication processes along the SC identifying how communication supports strategic and operational SCM and providing managerial insights on how to make an effective and efficient use of communication resources over time. The project emphasizes how relationships and processes are affected by communication flows, depicting the links among SC processes, communication and SC performance dimensions. More specifically, the project methodological design is articulated in three subsequent interrelated research phases: 1. a systematic and critical literature review on SC and communication providing a focused analysis of the international debate on SC relationship-based processes highlighting communication as an enabler of social, information and physical flows among SC partners; 2. a two-step exploratory inductive-deductive study aimed at building a preliminary conceptual mapping of communication roles and channels supporting strategic and operational SCM; a comprehensive Grounded Theory (GT) study designed according to emergent insights from both the preliminary inductive-deductive analysis carried out and an in depth empirical research investigating widespread SC communication representations, practices and aspirations.

This research project endeavors to frame a methodology that can be used to categorize firm value strategies (production logics) and choices of factor inputs (tangible and intangible assets), which are used to fuel production cycles for goods and services outputs. A secondary goal of the research is to attempt to determine what asset group combinations (resources) are combined by various classes of firms to produce sustainable outcomes for the A/E/C firms in the survey. The National Bureau of Economic Research recently issued a system of national accounts (acknowledging both tangible and intangible assets) that reflects the macro-economy but at the same juncture, lamented the fact that a firm-level micro-economic schema did not exist to mirror the national system. This study makes an effort to redress that void by investigating how such a system of accounts - measured on the input side of the ledger -- could begin to fill in a gap in information and understanding as pointed out by participants in the National Academy of Sciences symposium of 2009 entitled "Intangible Assets: Measuring and Enhancing Their Contribution to Corporate Value and Growth." In brief, the research represents an effort to make a contribution to a growing body of knowledge about intangible assets by solidifying a framework within which both tangible and intangible assets may be more appropriately conceptualized and more adequately measured for purposes of current and future investigations. The research also provides a methodology for beginning to understand how some design and construction industry firms rely on specific asset categories for operating success, corporate stock value and business continuity. It is conceivable that managers would use a variation of the methodology to better balance ongoing investments in their firm's portfolio of tangible and intangible resources. The mixed methods used in this research support the following conclusions: 1) In terms of rank order of asset deployment categories by firms, intangible assets appear to have a modest edge over tangible assets for deployment by value shop firms (architecctural and engineering design firms), but these emphases are not consistent among value chain-oriented (construction) firms. 2) Although pronounced differences were expected, there was little evidence of differences in rank order of asset category accumulation and deployment by firms (according to the Delphi panel) regardless of whether the firm was focused on continuity and longevity or (alternatively) short-term profit maximization. 3) Because of their ambidexterity in production logic, the expert panel had difficulty placing EPC (Engineer - Procure - Construct), design-build and integrated services firms in a single Stabell - Fjeldstad value logic category, and a new composite category was posited based on Delphi panel feedback.

資訊科技投資的績效要如何評估，是所有資訊經理人關切的議題。將資訊科技有效整合到企業核心程序，是企業對於資訊科技的首要目標，但價值的產生要如何衡量、對績效形成怎樣的影響，卻很難在財務報表或其他有形的評估方式中表現出來。企業無形資產中存在著各種的智慧資本，雖然單獨以資訊科技無法帶來足夠競爭優勢，但若以資訊科技的力量來結合其他無形的資本，確能產生顯著的價值。 本研究回顧有形與無形資產的衡量方法，提出資訊科技資本的概念來整合既有方法，以評估企業資訊科技的效益。資訊科技資本是組織或公司長期累積資訊科技的能力，包含有形與無形的資產。資訊科技資本要如何衡量，是否可以分解出適當的構面，以幫助企業快速評量資訊科技資本的流量與存量呢？本研究初步建構一套衡量的構面與指標，期望透過可標準化衡量的指標，讓企業對於資訊科技的管理與維護，有更合適方便的方法。 高科技產業的環境變動迅速，對資訊科技的應用需求更形重要，如何快速掌握資訊科技的能力，是企業能夠快速運用策略的決勝關鍵。本研究訪談六家高科技產業個案公司，驗證本研究提出的資訊科技資本指標，並請資訊經理人針對指標提供適用分數，做為驗證指標發展的有效性評分。 / Assessing the performance of Information Technology (IT) investments is an issue that concerns every IT manager. It is an enterprise’s primary goal to integrate IT into critical business processes effectively, but the value and influence of a firm’s performance is very difficult to show in financial statements and quantify using regular assessment methods. This research first reviews the existing approaches in measuring tangible and intangible IT assets and then points out the IT capital which is a new concept to integrate the existing approaches in order to tackle the measure and quantification issue. IT capital is the IT ability that an organization and an enterprise accumulate over a period of time to gain the competitive advantages for companies, including tangible and intangible benefits. This study examines the development of a set of dimensions and indicators to assess IT capital. The research approach is case study orientation. There are six live case studies we have conducted to develop and verify the set of performance indicators for IT capital. A questionnaire approach was taken to gather the scores from the IT managers to provide the validity of the indicator development.

Bakgrund: Identifiering av immateriella tillgångar har visat sig vara ett problemfyllt område både för företagen och andra utövare. Tidigare studier har visat på att en stor del av köpeskillingen fördelats till goodwill vilket delvis kan vara ett resultat av immateriella tillgångar inte identifieras i tillräcklig utsträckning. Det har även påpekats att det finns ett stort svängrum inom regelverket som tillåter mycket individuella bedömningar.   Syfte: Syftet är att undersöka om det finns skillnader mellan branscher på den svenska marknaden avseende noterade företags identifiering av immateriella tillgångar vid det första redovisningstillfället efter rörelse-förvärv och i så fall vad orsakerna kan vara. Vi vill även undersöka om det går att urskilja en branschpraxis för identifiering av tillgångar och fördelning av köpeskillingen. Genomförande: Både en kvalitativ och en kvantitativ undersökning har genomförts. Branschjämförelser har gjorts för genomförda rörelseförvärv på Stockholmsbörsen under perioden 2005 till 2011. Den kvalitativa undersökningen, har baserats på intervjuer med fyra värderingsexperter.   Resultat: Av undersökningen framgår att det finns skillnader för hur företagen fördelat köpeskillingen till de tre tillgångslagen immateriella tillgångar, goodwill och netto materiella tillgångar men att det är svårt att göra en koppling till branschpraxis. Från intervjuer har vi dock konstaterat att det sannolikt förekommer att företag följer varandra vilket kan förklara skillnader mellan branscher. Fördelningarna påverkas också i stor utsträckning av förvärvets väsentlighet i förhållande till företaget som helhet. / Background: Identification of intangible assets has proven to be a problematic area for both the companies and accountingproffessionals. Previous studies have shown that a large part of the purchase price was allocated to goodwill, which may partly be a result of intangible assets not being recognized sufficiently. It has also been pointed out that there is a wide range in the regulatory framework that allows a lot of individual assessments.   Aim: The aim is to examine whether there are differences between industries in the Swedish market for listed companies' identification of intangible assets at initial recognition for business combinations and, if so, what the reasons may be. We also want to investigate whether it is possible to discern an industry practice for the identification of assets and the allocation of the purchase price.   Completion: Both qualitative and quantitative research has been conducted. The quantitative part consists of industry comparisons of acquisitions on the Nasdaq OMX Stockholm listings Small, Mid, Large Cap during the period 2005 to 2011. The qualitative part is based on interviews with four valuation experts.   Results: The study shows that there are differences in how the companies divided the purchase price between the three asset classes intangible assets, goodwill and net tangible assets, but that it is difficult to make a connection to industry practice. From the interviews, we have found that it is likely that companies follow each other, which may explain the differences between industries. The distributions are also influenced largely by the acquisition materiality in relation to the company as a whole.

Magistro baigiamajame darbe išnagrinėta įmonių intelektinio kapitalo vertinimo koncepcija. Pirmoje darbo dalyje teoriniu požiūriu remiantis tiek moksline lietuvių, tiek užsienio autorių literatūra. Analizuojama intelektinio kapitalo, kaip subjekto, koncepcija, struktūra, įmonių intelektinio kapitalo vertinimo metodai. Antroje darbo dalyje aptariamas intelektinio kapitalo vertinimo būtinumas, procesas, metodika. Sukurtas įmonės intelektinio kapitalo vertinimo modelis, pateikiami vertinimo metodai hipotezių tikrinimui: turto grąža (ROA), nuosavo kapitalo grąža (ROE), pridėtinės vertės intelektualusis koeficientas (VAICTM), intelektinio kapitalo efektyvumo koeficientas (ICE), apskaičiuojamoji nematerialioji vertė (CIV), tikrinami koreliaciniai ryšiai tarp rodiklių. Tyrmui atlikti atrinkos 10 OMX Vilnius ir 6 OMX Talinas vertybinių popierių biržose listinguojamos Oficialiojo sąrašo įmonės. Trečioje darbo dalyje atliekamas empirinis tyrimas, pateikiami biržoje listinguojamų įmonių intelektinio kapitalo vertinimo rezultatai 2009 – 2012 metais, intelektinio kapitalo lygio rodiklių koreliaciniai ryšiai tarpusavyje ir su įmonių turto grąžos ROA ir nuosavo kapitalo grąžos ROE finansiniais rodikliais. Gauti vertinimo rezultatai lyginami su OMX Talinas vertybinių popierių biržoje listinguojamų įmonių rezultatais. Darbo pabaigoje pateikiamos išvados ir siūlymai sudaryto modelio gerinimui. / This Master’s thesis examines the concept of intellectual capital valuation of listed companies. The first part of the thesis analyses the concept of intellectual capital as a subject, its structure and methods of intellectual capital valuation from the theoretical point of view on the basis of scientific literature of both Lithuanian and foreign authors. The second part of the thesis discusses the necessity, process and methodology of intellectual capital valuation. Intellectual capital valuation model of a company is created and valuation methods to test hypotheses are presented: return on assets (ROA), return on equity (ROE), value added intellectual coefficient (VAICTM), intellectual capital efficiency ratio (ICE), calculated intangible value (CIV), correlations between the indicators are examined. 10 companies listed in the Official List of OMX Vilnius and 6 of OMX Tallinn have been selected for the research. The empirical study is carried out in the third part of the thesis, where the results of intellectual capital valuation of listed companies in 2009 – 2012 as well as intercorrelations of the indicators of intellectual capital level and correlations among return on assets ROA and return on equity ROE financial indicators of the companies are presented. The obtained valuation results are compared to the results of companies listed in OMX Tallinn Stock Exchange. Finally, the conclusions and recommendations to improve the formed model are provided at the end of the... [to full text]

臺灣農業有優良的傳統，曾經以優越的生產技術，良好的品質，在外銷市場上，屢創佳績。本文首先探討當前農業發展的困境，源自於過度注重生產導向思維，忽略產業鏈上下游息息相關的產業結構，忽略行銷通路的發展，忽略知識經濟中，創新服務的附加價值。 近年來，蝴蝶蘭產業揚名國際，博得蝴蝶蘭王國美譽。分析蝴蝶蘭產業的價值傳遞過程，發現台灣蝴蝶蘭產業，正逐漸步入早期傳統農業的後塵，策略發展以生產能力為核心。這個營運策略為擴張規模，增加產能，以期降低成本，在市場上以價格競爭為手段。對於一個產業而言，這是一個危險的訊號。 今以蝴蝶蘭產業為例，深究台灣農業是否可以從企業經營觀點，健全產業結構，發掘更多附加價值。這個問題的答案存在於以無形資產創價的觀念，以現有良好的生產技術為後盾，結合農業科技智慧財產、聯合行銷與品牌經營，是未來台灣農業應該努力發展的三大策略主軸。 在此一策略思維主軸下，許多創新事業模式可以發展，包括農業生物科技公司，品質認證公司，拍賣公司，行銷公司，溫室營建公司等，或為周邊產業，或為上下游，唇齒相依。農產業一如其他產業，應思考佔據產業關鍵地位，方能提升議價能力，擁有競爭優勢。這些創新事業的特色為科技運用，服務事業，重視品質，最終以品牌經營為依歸。活絡創新事業，將現代化科技與服務精神引入農產事業，這是一場無產經營的變革，成功關鍵在發揮合作精神與善用優質人力。創造的無形資產價值，有一天可以超越農產品本身的價格。 / Agriculture had helped Taiwan earn economic advance in the early time, but went in vain and into history without sustained development. What constrains agriculture itself is the production-centered mind setting. Recently, moth orchid export has become a rising star among other horticulture products. Through analysis of Taiwan orchid value chain, it is found that orchid industry is stepping into the same path of traditional agriculture practice. Individual orchid farmers focus on enlarging greenhouse coverage in order to reduce cost and to win a price-based war. Discussion is made to ask if business management can be integrated into Taiwan agricultural practice. With good field practice technique supporting, intellectual property protection of biotechnology, brand operation and cooperative marketing should be three main strategies for future development of Taiwan agriculture. Agriculture, just like other business operation, should develop strategy to gain advantage in key position to win competition advantages. The characters of these innovative operational models are applications of current technology, service oriented, emphasis on quality, and ends in good brand management. Taiwan orchid farmers should also realize only through cooperative efforts, they can prevail. In the future, agriculture should recruit quality human resource in all aspects including business management, technology, engineering and service. Value generation by new business models producing intangible assets are proposed and discussed.

L’innovation technologique est considérée comme un élément clef dans la constitution des économies, dites du savoir, ou de la connaissance. Ce cadre économique stimule une forte croissance des investissements immatériels dans l’objectif de création de valeur et de construction d’un avantage compétitif défendable sur le long terme. Néanmoins, l’innovation est un processus continu qui requiert un horizon de long terme pour transformer l’ensemble des connaissances, et des efforts de Recherche et Développement (R&D) en un produit ayant de la valeur économique. La dimension temporelle de l’innovation technologique renforce son caractère risqué et augmente l’incertitude quant à sa réussite. De même, les problèmes d’asymétrie d’information créés par le processus d’innovation s’accentuent. Cette thèse s’intéresse à la relation entre le capital-connaissances et la performance financière des entreprises, dans un premier temps, pour se pencher ensuite sur la question de la valeur de marché de l’actif intangible. Pour ce faire, nous élaborons une base de données unique, à partir des brevets européens et proposons de nouvelles mesures qualitatives au capital intangible, basées sur les caractéristiques des brevets. Cette thèse mesure empiriquement la valeur économique du capital-connaissances représenté par sa « matière première », à savoir les dépenses R&D et par son « produit fini » à savoir les brevets. Nous construisons, également un indice composite de la qualité de l’innovation afin de mieux représenter la valeur privée de l’immatériel. Enfin, cette thèse s’intéresse à la question d’écart entre valeur comptable et valeur de marché des entreprises en présence d’investissements immatériels. Pour ce faire, elle contient une étude prévisionnelle et causale de la performance opérationnelle par les dépenses R&D et l’indice composite de qualité. Ce dernier est proposé en tant qu’outil non-financier d’analyse et de prévision de performance. / Technological innovation is considered as a key element in the knowledge-based economies, where the share of intangible assets continues to grow significantly. The development of innovation is enhanced mainly in the purpose of value creation and the obtaining of a competitive advantage. Nevertheless, innovating is a long process where the lag between the investments in Research and Development (R&D) activities, considered as its input, and the obtaining of a valuable output, often estimated by the patent application, is large. The long character is emphasized by the uncertainty and the riskiness of the process which are at the root of important problems of information asymmetry between investors and the insiders. This dissertation studies the impact of intangible investments on the financial performance of companies in Europe. Therefore, we use a unique database of European patents and suggest a set of qualitative measures to innovation, based on the patents’ attributes. Moreover, this thesis estimates the market value of intangibles as measured by the R&D expenses, the patent applications but also the qualitative attributes. In this framework, we construct a composite quality index of innovation in order to better estimate its private economic value. The increasing lag between financial and book values in the presence of R&D investments leads us to undertake a causal study of innovation on the financial performance of companies. We suggest our composite index as non-financial metric to predict the future earnings and examine the effect of R&D on the growth and volatility of future operating incomes.