GLI INTANGIBILI NELL’ECONOMIA D’AZIENDA E LA LORO RAPPRESENTAZIONE IN BILANCIO Prof. Stefano Zambon Università di Ferrara e WICI Aula Magna 2, Dipartimento di Economia, Università di Messina Messina, 3 maggio 2017
BALANCE SHEET ON JANUARY 31, 1399
BALANCE SHEET ON JANUARY 31, 1399
STATEMENT OF PROFIT and LOSS, JULY 11, 1397 – JANUARY 31, 1399
“The substantial foundation of the industrial corporation is its immaterial assets” Thorstein Veblen, 1904
The Intangibles-Tangible Widening Gap Source: Carol Corrado & Charles R. Hulten
Intangible investment dominates UK Market Sector investment £ billion nominal UK Market Sector investment http://www.nesta.org.uk/library/documents/Innovation_Indexv2012.pdf Knowledge investment by firms for future returns: - Software, Creative works, R&D, Designs, Business organisation / processes, Workplace skills, Reputation / brands Source; UK Investment in Intangible Assets and IPRs, Haskel et al., 2014
Value is more than financial This graph shows the break up of the market capitalization of S&P’s top 500 US companies. It shows that 40 years ago over 80% of market cap was explained by net assets in the f/s. Now that position has completely reversed less than 20% can be explained through the balance sheet. What explains the rest? Other factors, such as relationships, intellectual and human capital, make up an increasing proportion of a company’s value. INSTEAD OF FOCUSING ON FINACIAL CAPITAL, WE HAVE INTRODUCED A MULTILE CAPITALS MODEL. SOME CALL THE DIFFERENCE INTELLECTUAL CAPITAL – WE BREAK THAT DOWN SLIGHTLY DIFFERENTLY, BUT THE RESULT IS SIMILAR. <IR> enables the clear and concise communication of value creation, allowing investors to evaluate how all relevant capitals that a business uses and affects are incorporated. The IIRC is not trying to monetize everything (which is a common misperception), but rather is trying to ensure investors have the information they need to assess the ability of an organization to create value over time. Source: OCEAN TOMO LLC January,1,2015
La disaggregazione del valore di mercato Capitale finanziario Capitale intellettuale Capitale umano Capitale strutturale Capitale di clienti Capitale organizzativo Cultura Capitale di innovazione Capitale di processi Proprietà intellettuali Beni intangibili Fonte: Intellectual Capital Report, Skandia, 1998. La disaggregazione del valore di mercato