Prof. Stefano Zambon Università di Ferrara e WICI

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1 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

2 BALANCE SHEET ON JANUARY 31, 1399

3 BALANCE SHEET ON JANUARY 31, 1399

4 STATEMENT OF PROFIT and LOSS,
JULY 11, 1397 – JANUARY 31, 1399

5 “The substantial foundation of the industrial corporation is its immaterial assets”
Thorstein Veblen, 1904

6 The Intangibles-Tangible Widening Gap
Source: Carol Corrado & Charles R. Hulten

7 Intangible investment dominates UK Market Sector investment
£ billion nominal UK Market Sector investment 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

8 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

9 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