Innovation capital in the appraisal system of intrinsic industrial enterprise value

• Main Authors: Akhtyamov M.K., Gonchar E.A.
• Format: Article
• Language: English
• Published: EDP Sciences 2017-01-01
• Series: SHS Web of Conferences
• Online Access: https://doi.org/10.1051/shsconf/20173501113

The paper studies innovation capital value of in formation of intrinsic industrial enterprise value. The authors specify a structure of intrinsic industrial enterprise value, establish an innovation capital position therein and describe interrelation between all cost components. Concept and essence of enterprise innovation capital are defined on the basis of a scholarly opinion with concentration on its difference from innovation potential. The scheme of innovation capital formation with involved cost components is described during clarification of nature of innovation capital and its importance in intrinsic industrial enterprise value management. In the paper there is indicated an estimation procedure, in which description differential features of such components appraisal as value of innovation projects in the developmental stage and value of innovation projects in the implementation phase are emphasized based on the author’s clarification of essence of innovation capital and identification of its place in a modified model of intrinsic industrial enterprise value. The proposed procedure of innovation capital estimation is approved by an example of two innovation projects, which are in the different stages, but have the same earning capacity and equal financing terms. The calculation data showed that enterprise innovation capital value, which innovation project is under development, is significantly lower than the same indicator of a company, which innovation project is underway. The recommendations on investment policy improvement, made by the authors, which are aimed at innovation capital compounding and intrinsic industrial enterprise value increase, form the result of the paper.