Doctor of Philosophy(PhD), / The confluence of a number of marketplace phenomena has provided the impetus for the selection and conduct of this research. The first is the so called value relevance of intangibles in determining share market performance of publicly listed companies. The growing gap between market and book values has been proposed as an indication of the impact of intangibles on share price values. A second related phenomenon is the increasing reliance on share price appreciation as the principal means for shareholder return as opposed to returns through dividends. This suggests that share prices are becoming an even more critical firm performance measure than traditional accounting-based firm performance measures like return on investment (ROI). A third phenomenon is the rapid growth in marketplace alliances and joint ventures, the number of which has grown rapidly over the past 30 years. The explanation for these phenomena may lie in the concept of corporate social capital (CSC) which, as an intangible asset (IA), has been proposed in several normative studies. CSC has been defined as “the set of resources, tangible or virtual, that accrue to a corporate player through the player’s social relationships, facilitating the attainment of goals” (Leenders & Gabbay, 1999, p3). However, constructs for CSC have only been loosely defined and its impacts on firm performance only minimally empirically tested. This research addresses this gap in the literature. The key aim of this research is to explore the impact of CSC on firm performance. Through the use of CSC as a lens for viewing a firm’s intangibles, several important sub-components of the CSC formulation are exposed. These include a firm’s market centrality (CENT), absorptive capacity (AC), internal capital (INC), human capital (HC) and financial soundness. Therefore, an extended aim for this research is to identify the differential impacts of the CSC sub-components on firm performance. Firm performance was measured as ROI, market-to-book ratios (Tobin’s Q) and total shareholder return (TSR). Overall, the research results indicate that CSC is a significant predictor of firm performance, but falls short of fully explaining the market-to-book value disparity. For this research an innovative computer-supported content analysis (CA) technique was devised to capture a majority of the data required for the empirical research. The use of a commercial news aggregation service, Factiva, and a standard taxonomy of terms for the search, allowed variables for intangible constructs to be derived from a relatively large sample of firms (n=155) from the global information technology services (ITS) sector from 2001 to 2004. Data indices for joint venture or alliance activity, research and development (R&D) activity, HC, INC and external capital (EC) were all developed using this CA approach. The research findings indicated that all things aren’t equal in terms of how the benefits of CSC accrue to different firms in the sector. The research indicated that for larger, more mature firms, financial soundness does not necessarily correlate with improved shareholder return. The inference is that these firms may have reached a plateau in terms of how the market is valuing them. In terms of market centrality, the research indicates that software firms could benefit from building a larger number of alliances and becoming more centrally connected in the marketplace. The reverse is true, however, for larger, more established firms in the non-software sectors. These companies can be penalised for being over-connected, potentially signalling that they are locked into a suite of alliances that will ultimately limit their capacity to innovate and grow. For smaller, potentially loss-making firms, the research indicates that investments in HC are potentially the only investment strategy that could result in improvements in profitability and shareholder return. Investments by such firms in R&D or INC developments are likely to depress shareholder value and therefore should be minimised in favour of HC investments. For larger, more established firms, investment in HC is beneficial for both ROI and TSR. Investments in areas like R&D and INC were found to be only beneficial to those firms who have the financial capacity to afford it. Firms that don’t appear to have the financial resources to support the level of investments they are making in R&D and/or INC were penalised by the market. Overall, the research provides specific insights into the links between firms and their performance, through appropriate investments in CSC. In terms of research practice, this research demonstrates the viability of computer-supported CA. Progress in the development of more intelligent search technologies will provide increasing utility to CA researchers, promising to unlock a vast range of textual source data for researchers that were previously beyond manual CA practices.

Doctor of Philosophy (PhD) / The overarching objective of this thesis is to investigate and examine several contemporary IC theories and how they are utilised in practice so that understandings of the IC concept can be developed, in order to answer in part the main research question of “How does IC in action influence organisations?” The content of the thesis is based on a review of IC from both a theory and practice perspective and four empirical papers that examines IC theory as it is implemented in practice. In combining these papers into a coherent piece of work, a critical research perspective, as outlined by Alvesson and Deetz (2000), has been utilised as the theoretical framework. The term ‘critical’ is used in this thesis not to find fault with contemporary theory and practice of IC but rather to examine and question the application of IC theory into practice. The end result of doing so is the narrowing of an identified gap between IC theory and practice. A ‘critical’ analysis of IC in action is justified because the development of the concept of IC parallels that of ‘critical’ theory in that both have evolved from changing conditions in society as technology and the proliferation of knowledge that have fundamentally altered the conditions under which organisations operate. The overarching findings of the thesis are based on three outcomes of critical research being insight, critique and transformative re-definitions. Insight into IC is developed by examining contemporary IC frameworks as they have been applied. Critique is developed by putting to the test the implications for organisations as a result of implementing these contemporary IC frameworks. Last, transformative re-definition is achieved by opening a discourse on the impact of implementing IC practices so that academics and practitioners can develop critical, relevant and practical understandings that begins the process of change and develops practical managerial skills. More importantly this thesis identifies how the development of tools to reduce ‘causal ambiguity’ about how intangible resource help create (or destroy) value has the potential to raise the profile of IC as a strategic management technology. But from the wider view of the critical perspective, it is not the intention of this thesis to prescribe specific formulae for the measuring, management and reporting of IC, nor does it intend to further develop theory. So while the individual papers may proffer that certain avenues proved productive in developing insights, critique and transformative re-definition, these avenues are not offered as the preferred way of investigating IC. More specifically the goal of a critical perspective is to open a discourse. The opprurtinity for academics and practitioners to engage in discourse is enabled by the thesis’ focus on the issues identified by highlighting the gap between IC theory and practice. Furthermore, each of the included papers offers the opportunity for further discourse by way of the opportunities that remain for future research. Additionally, the thesis achieves exemplifies a number of different approaches to conducting research into IC practice that puts to the test particular aspects of IC theory in order to develop insights and understandings of IC in practice. As the empirical material only examines a fraction of contemporary IC theory there is scope for further research and thus discourse into the implementation of IC theory into IC practice. This future research should not be constrained by a particular method of research as exemplified in the variety of methods employed to gather the empirical material for the papers which stretches along the continuum of qualitative and quantitative research. This too provides an avenue of for future discourse.

論文摘要 本論文以我國資訊服務業為對象，針對攸關其重要無形資產的智慧資本要素，進行研究。由於資訊服務業是本世紀末興起之最具代表性的知識產業，產業中的贏家並非擁有大量的金融性資本者，而是擁有具創造力的研發能力、可製造大量財富的"人力資源資本"，可將知識快速在組織內分享、成長以提高人員生產力的"結構資本"，以及與顧客共同成長、創造利潤的"顧客資本"。這使得資訊服務業的真正價值及發展潛力，應落實在其所擁有的智慧資本之上，而非其傳統的財務指標。 我國的資訊服務業近年來發展迅速，且經政府明定為策略性產業，期望能成為推動我國下一波經濟奇蹟的主力產業之一。然從今(88)年第一批獲准上櫃的軟體公司經驗裡，發現其鑑價方式仍與任何其他產業的作法並無二致。這種評估作價的方式完全忽視了資訊服務業公司隱性的智慧資產，導致低估資訊服務業者的真正價值。影響所及，對其從公開資本市場募集發展資金的計畫有礙，也將損及社會大眾一般投資人，無法作出較合理的判斷。對尚在起飛階段的資訊服務業，缺乏助益。 因此本論文將首先藉文獻探討來闡示智慧資本的內涵，其次介紹了解我國資訊服務業的現況，及其目前在上市、上櫃時的鑑價作法。隨後藉由對知名資訊服務業者的個案訪談，收集歸納出他們認同的18項智慧資本要素，分屬「人力資本」、「流程資本」、「創新資本」、「關係資本」四大類。再經由問卷設計、調查、廣泛收集38家資訊服務業者及投資業者的意見，運用分析層級程序法(APH)，得出對這四大類計18項智慧資本要素的相對權重。 本研究的發現如下： 壹、我國資訊服務業者認同智慧資本內涵可以區分為人力資本、流程資本、創新資本、與關係資本。 貳、在此四類智慧資本內涵中，創新資本最重要，其後依序為人力資本、關係資本、流程資本。 參、在18項智慧資本要素中，業者認知創新文化、關鍵技術、智慧財產權(以上屬創新資本)、經營團隊、向心力(以上屬人力資本)為最重要的5項無形資產。 肆、流程資本的權重，較其他三類智慧資本相去頗鉅。顯示業者對其重要性的認知尚不足。 這些研究發現，反映出在評估資訊服務業公司市場價值時的參考方向，同時也可做為資訊服務業者在經營上的指標。 最後，經由本研究，對現代企業提出以下建議： 壹、企業應加強智慧資本之創造與累積，以提升企業總體價值。 貳、企業應建立監控智慧資本存量與變化之指標，以維持企業競爭力。 參、建立企業智慧資本報表以補現行上市上櫃評價資訊之不足。 目錄 第一章 緒論-----------------------------------------------------------------1 第一節 研究動機----------------------------------------------------------1 第二節 研究目的----------------------------------------------------------3 第二章 文獻探討-----------------------------------------------------------4 第一節 智慧本質與知識經濟-----------------------------------------4 第二節 智慧資本的分類與內涵--------------------------------------9 第三節 智慧資本的研究進展-----------------------------------------18 第三章 研究方法---------------------------------------------------------27 第一節 研究架構---------------------------------------------------------27 第二節 研究設計---------------------------------------------------------28 壹.研究取向-----------------------------------------------------------------28 貳.研究方法-----------------------------------------------------------------28 參.研究流程-----------------------------------------------------------------28 肆.研究對象-----------------------------------------------------------------29 伍.研究限制-----------------------------------------------------------------30 陸.資料分析與問卷設計-----------------------------------------------30 第四章 我國資訊服務業及其鑑價之作法-----------------------31 第一節 資訊服務業發展歷程------------------------------------------31 第二節 我國資訊服務業的六大區隔-------------------------------34 第三節 我國資訊服務業的發展現況-------------------------------36 第四節 我國資訊服務業外銷狀況----------------------------------40 第五節 我國資訊服務業的未來展望-------------------------------44 第六節 我國資訊服務業上櫃評估做法及檢討-----------------47 第五章 智慧資本與資訊服務業-----------------------------------54 第一節 智慧資本對資訊服務業的重要性--------------------------54 第二節 個案彙整與分析-----------------------------------------------57 第三節 影響資訊服務業鑑價的智慧資本要項-------------------110 第六章 我國資訊服務業對智慧資本之看法------------------119 第一節 調查方法：分析層級程序法(AHP) --------------------119 第二節 智慧資本要項及衡量之問卷設計-----------------------124 第三節 問卷調查結果統計-----------------------------------------128 第四節 結果討論-----------------------------------------------------135 第七章 結論與建議------------------------------------------------138 第一節 研究發現-----------------------------------------------------138 第二節 建議-----------------------------------------------------------141 參考文獻---------------------------------------------------------------145 附錄一•我國資訊服務業智慧資本衡量因素研究問卷----------------149 附錄二•資訊軟體公司申請股票上櫃之補充規定----------------------153 附錄三•我國軟體產業申請上市/上櫃公司進度表---------------------155 附錄四•友立/資通資訊股份有限承銷價格計算說明表---------------160 / THESIS ABSTRACT GRADUATE INSTITUE OF SCIENCE AND TECHNoLOGY MANAGEMENT，NATIONAL CHENG-CHI UNIVERSITY Name：Wan-Hwa Hwang Month/Year：July 1999 Advisor：Se-Hwa Wu Research on the Intellectual Capital of Information Service Industry Information Service Industry is a most typical knowledge-based industry emerging at the end of this century . The winners of this industry don't have a lot of financial capital in general，rather having revenue-creating "human resource capital" which embodies innovation oriented R&D capability，"structure capital" which makes knowledge quickly sharable and accumulatable to increase the employee's productivity，and "customer capital" which makes company to grow with the customers and to create profit for both . This implies the real value and the growth potential of information service companies actually reside on the intellectual capital they own，instead of being on the traditional financial indices. Taiwan's information service industry advances rapidly in recent years. The government also designated it as a strategic industry and anticipated it becoming a major driving force of Taiwan's next wave of economic miracle. However，through the experience of those software companies which are first allowed to trade publicly at OTC this year，it is found the valuation method applied to these companies aren't different from any other type of companies (hardware，textile，chemical，...). This kind of valuation totally ignored the hidden intellectual asset of information service companies and，could lead to underestimation of their real value. Due to this，it could hurt information services company's plan to raese development fund needed from the open capital market，further the general public investors might not be able to evaluate these companies appropriately and，therefore might suffer loss. So this research started with literature survey to reveal the heavy contents of intellectual capital .Those works done by Leif Edvinsson et al and Thomas Stewart were adopted and provide most of the referrings so as to constituent the theoretical base of this research.. Then we examined the current status of Taiwan's fast growing information service industry which surprisingly made a superb performance during the financial storm last year which plagued many asian countries . While studying the valuation method used by the SEC to valuate information service providers during their IPO process，we regretly found that intellectual capital was not considered as any measurement at all . To make it obvious the detailed items of the intellectual capital currently being addressed and cultivated by Taiwan's information service industry，six prominent vendors were interviewed through their executive level management，which include one internet access/service provider，one 3D game software vendor，one anti-virus software vendor，one image processing software vendor，and two multimedia content providers . All are leading players in this industry . After analyzing the interviewing result gathered through these 6 information service providers，we were able to identify 18 key items which we believe constitute the intellectual capital focus of most similar companies in Taiwan at this moment . These 18 key items could further be grouped into four major categories . Namely， Human Capital：creativity，professional skill，company incliningness，managing team，informal interaction Flow Capital：operation management，quality management，knowledge management，equipment management，organization flexibility Innovation Capital：R&D investment，intellectual property right，key technology，innovation culture Relation Capital：Customer size，customer repurchase rate，cooperation relationship，company reputation We then designed a questionnaire and made a survey with 38 information service providers╱investment companies . Again，top management executives were asked to answer the survey . Using the Analytic Hierarchy Process (AHP)，we were able to calculate the relative weight of these 18 key items as well as the 4 major categories. We have the following findings： 1. Taiwan's information service providers agree that the content of intellectual capital could be categorized into "human capital"， "flow capital"，"innovation capital"，and "relation capital". 2. "Innovation Capital" is ranked the most important ，followed by "human capital"，"relation capital"，and "flow capital". 3. Within the 18 key items being identified，the information service providers select "innovation culture"，"key technology"， "intellectual property right "(those belong to the innovation capital category)，"managing team"，"company incliningness"(those belong to the innovation capital category)，as the 5 most important intangible assets. 4. The relative weight of flow capital is significantly less than the other three. It signifies the importance of this category is not recognized by Taiwan's information service providers yet. We think these findings provide directions we should emphasize while valuating a information service provider. They also could serve as indices for the management of this kind of companies. Finally，through this research，we have recommendations to current enterprises： 1. Enterprises should make every effort to create and to accumulate their intellectual capital，so to increase their total value； 2. Enterprises should fix indices to monitor their intellectual capital stocks and changement，to maintain the competitiveness. 3. Furnish enterprise's intellectual capital reports to amend the insufficiency of today's valuation used in the IPO process.

TED(Technology、Entertainment、Design)十八分鐘的小演講，其創新的內容與巨大的影響享譽全球。TED透過十八分鐘的演說，傳遞有價值的想法，歷經近三十年的演化與成長，不僅成為創意交流的重要平台，也透過語言翻譯和開放品牌授權等計畫擴散全球。在這股TED浪潮之中，台灣並沒有缺席，自2009年TED開放全球授權，台北是亞洲第三個拿到授權的城市，TEDxTaipei至今已舉辦三次大會，另有TEDxMonga(艋舺)與TEDxTainan(台南)等組織也取得授權、並各自舉辦活動。 TED經營多年的「會話資本」已經席捲全球各地且快速散佈，世界各地的人們持續談論、分享甚至參與TED。但是如同其他資本一樣，會話資本需要妥善地經營與管理，而TED究竟如何做到？藉由智慧資本的觀點，本研究提出三個研究問題：(1)組織的人力資本與結構資本對於會話資本經營有何影響？(2)組織的關係資本對於會話資本經營有何影響？(3)經營會話資本如何影響組織的智慧資本？ 對於TED與TEDxTaipei兩個案研究，本研究得到結論：(1)組織投入人力資本、採用結構資本以經營會話資本，經營過程促進人力資本與結構資本互動，而經營成果則會累積人力資本並建構結構資本。(2)組織必須採取適度的共創方式才得以將關係資本運用於會話資本經營，經營過程則須藉由適度授權以增加關係資本內涵。(3)組織經營會話資本的過程可促使智慧資本三要素互動，而互動過程與成果則可累積增加三要素的內涵。(4)組織經營會話資本可提升其智慧資本之內涵，智慧資本提升之價值可透過價值共創的途徑與適度採取創用授權機制而快速放大並得到積累。 / TED(Technology、Entertainment、Design) organization is a creative platform. It is knowned for its eighteen-minutes-only speeches of innovative contents. After nearly three decades of evolution and growth, nowadays, TED has become an important platform for exchanging ideas, and has been spreaded around the world by translation project, brand licensing and other programs. Meanwhile, Taiwan has not been absent in this “TED wave”. Since TED started licening its brand from 2009, Taipei is the third Asian city to get authorization, which held the name of TEDxTaipei, and held three conferences after establishing. Other organizations in Taiwan, such as TEDxMonga and TEDxTainan, also got authorization from TED and organized some activities. TED managed “Conversatonal Capital” for decades, which led the brand quickly spread around the world. People around the world continue to talk, share and participate in TED. Similar with other capital, Conversational Capital needs to be properly operated and managed. From the perspective of Intellectual Capital, this research explores three questions: (1) How do the Human Capital and Structural Capital influence on Conversational Capital? (2) How does the Relationship Capital influence on conversational capital? (3) How can managing Conversational Capital affect organization Intellectual Capital? Form the TED and TEDxTaipei two case studies, the conclusion of this research are as following: (1) In the organization, the input of Human Capital and the adaption of Structural Capital will influence on the interaction between the two capitals, enhancing the accumulation of Human Capital and the construction of Structural Capital. (2) Organizations require a certain level of co-creation to utilize Relationship Capital in the management of Conversational Captital, with methods of authorization to enrich Relationship Capital.(3) The process of managing Converstional Capital in organizations can encourage interaction among the Human Capital, Structural Capital and Relationship Capital, which outcome could develop the depth of three capitals. (4) The organization managing Conversational Capital improves Intellectual Capital which value could be accumulated by co-creation and authorizion.

<p>Entrepreneurship and Intellectual Capital (IC) have become important concepts for economies around the world over the last decades, even though, due to their multidisciplinary nature, different definitions have been developed concerning these concepts. There are some authors who regard these phenomena as being in strong opposition to traditional theories, such as economics, accounting, finance, to mention a few, but they have played a vital role for a better understanding of the success and/or failure of firms. In this paper we are going to address the factors influencing the success of the entrepreneurial firm, focusing on IC and the entrepreneur as the main contributors to this outcome. A theoretical model of analysis is presented illustrating how entrepreneurs utilize IC to lead firms towards success, which at the same time contributes back to the experience of the entrepreneur. The model will then be tested by applying it on BPM (Bau- & Projektmanagement GmbH), a German project management firm founded by Peter Christa that specializes in administrating small, medium, and large public construction projects, especially in the field of hospital redevelopment and expansion.</p>

<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>

<p>Under senare år har det från många håll hävdats att redovisningen är föråldrad och ger en felaktig bild av företagens värde. Kritiker menar att det inte finns någon koppling mellan ett företags redovisade värde och dess marknadsvärde. Detta beror främst på att redovisningen inte beaktar det intellektuella kapitalet. Intellektuellt kapital består bland annat av humankapital, varumärke, patent, kundrelationer och informationssystem. Då ett varumärke kan anses vara en betydande tillgång i sig vill vi avskilja det från det intellektuella kapitalet och behandla det separat.</p><p>Uppsatsens syfte är att undersöka hur intellektuellt kapital och varumärke kan aktiveras som tillgångar i Föreningen Uppsalaekonomernas redovisning och vilka monetära värden det skulle ge. Vi avser även att undersöka vad en aktivering skulle kunna ha för nytta för föreningen.</p><p>Värdet på det intellektuella kapitalet i föreningen analyseras genom Skandianavigatorns fem fokuseringsområden, där humanfokus konstateras vara det mest centrala. Monetära värden på intellektuellt kapital och varumärke tas fram genom egna värderingsmodeller, och värdena uppskattas till 9 523 895 kronor respektive 1 949 500 kronor när man värderar dem separat. I balansräkningen justeras posterna däremot ner till 8 767 645 kronor respektive 1 193 250 kronor för att dubbelräkning inte ska ske. Nyttan med aktiveringen anser vi är relativt stor. Höga tillgångar kan tänkas ge en positiv bild av föreningen, vilket gör att företag kan bli villiga att satsa mer pengar i den. Det är också ett kvitto för beslutsfattarna i föreningen på det värde medlemmarna och varumärket har, vilket gör att de lättare kan avgöra hur stora satsningar som bör göras. Slutligen tycker vi att en utökning av redovisning är användbar för att kunna göra jämförelser med andra ekonomföreningar och mellan föreningens olika verksamhetsår.</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.