智力资本衡量方法[外文翻译].doc

本科毕业论文（设计）外 文 翻 译原文：Intellectual Capital Measurement Methods IntroductionIntroductionEvolution of economy has caused important changes in activity of companies on the global market. Nowadays we are observing a growth the importance of intellectual resources as an effective tool for increasing corporate competitiveness. This fact has caused the need to manage companies and to measure their performance in a new way.Measuring Intellectual Capital is essential and very important in order to compare different companies, to estimate their real value or even to control their improvement year by year. Also to improve the way in which companies manage its intellectual resources that generate value and give back some benefits in consequences maximizing advantages for the company. Authors like Kaplan and Norton (1996), Stewart (1997), and Kerssens (1999) use phrases like “If you cant measure it, you cant manage it” to justify the search for new Measurement Methods.1 But to measure Intellectual Capital is necessary to determine exactly what the Measurement Methods are, which are the best and which the company should choose to evaluate its assets in proper way. Properly using Intellectual Capital Measurement Methods can cause the creation of competitive advantage and in consequence create development of the whole company at the present day.The Concept and Classification of Intellectual CapitalIntellectual Capital (IC) is an increasingly important part of running a successful business but defining it is a difficult proposition. Intellectual Capital is an issue which is not determined completely. There is not one definition of Intellectual Capital. Different authors give different interpretation of this concept. Moreover many descriptions of Intellectual Capital are quite specific and created by individual companies for use within a specific industry. Edvinson and Malone describes Intellectual Capital as a knowledge that can be converted into value.2 According to them IC encompasses the applied experience, organizational technology, customer relationships and professional skills that provide the company with a competitive advantage in the market.According to Roos, Pike and Fernstrom (2005) “Intellectual Capital can be define as all nonmonetary and nonphysical resources that are fully or partly controlled by the organizationand that contribute to the organizations value creation”.3 The authors divide Intellectual Capital into three categories based on their economic behavior: relational, organizational and human.Stewart defines Intellectual Capital as intellectual material knowledge, information, intellectual property, experience that can be put to use to create wealth.Bratnicki and Struzyna characterize Intellectual Capital as the sum of knowledge which posse people who creates a community of the company and a practical transformation the knowledge in components. He has divided Intellectual Capital on components like organizational and social capital and human capital. Another definition given by Bukowitz and Williams present Intellectual Capital in dynamic way as a form no material assets, which thanks to flows of knowledge can generate a potential to create goods. It includes three main elements like: human capital, customer capital and organizational capital.Interesting approach to the components of Intellectual Capital present Grudzewski and Hejduk, who say that an intelligence of the organization is not a simply sum of intelligence of it employees but it is a result of existing the synergy phenomenon. The intelligence of the company is built by different elements like: communications intelligence, technological intelligence, innovational intelligence, financial intelligence, marketing intelligence, organizational intelligence, social intelligence and ecological intelligence.As we can see there are many definition of Intellectual Capital. These definitions differ each other in some way but they are not disqualified each other. Most of them present Intellectual Capital as a knowledge capital or capital which derives from knowledge. Some of them say that Intellectual Capital is an intelligence of a organization or a form nonmaterial property. All presented definitions are correct and right because they include all those factors that are nonfinancial and valuable for a companys business.But its necessary to notice that not all knowledge constitute the Intellectual Capital. The basis of IC is Knowledge which is useful for the company. This knowledge can be Intellectual Capital then, if we can process and utilize it for the company good.6 Therefore basis of previous definition Intellectual Capital can be described simply as all connected each other Knowledge Resources (material or nonmaterial, tangible or intangible) that the organization disposes in creating value needed to gaining competitive advantage in long term.Methods Of Measuring The Intellectual CapitalThe interest on managing the Intellectual Capital has caused the development of different methods of measuring it. There are several groups of methods of measuring the Intellectual Capital, which can be used in order to evaluate this assets.Some of these methods were attempts made by different companies for their internal use rather than the development of a universal measuring method. But they still exist and are basis to create new methods. According to Luthy (1998) and Williams (2000) all methods can be divided into four main groups:1. Direct Intellectual Capital Methods (DICM) estimate the dollar value of intangible assets by identifying its various components. Once these components are identified, they can be directly evaluated, either individually or as an aggregated coefficient.2. Market Capitalization Methods (MCM) calculate the difference between a companys market capitalization and its stockholders equity as the value of its intellectual capital or intangible assets.3. Return on Assets Methods (ROA) average pre-tax earnings of a company and divide them by the average tangible assets of the company. The result is a company ROA that is then compared with its industry average. The difference is multiplied by the companys average tangible assets to calculate an average annual earning from intangibles. By dividing the above-average earnings by the companys weighted average cost of capital or an interest rate, one can derive an estimate of the value of its intangible assets or intellectual capital.4. Scorecard Methods (SC) identify various components of intangible assets or intellectual capital and indicators and indices are generated and reported in scorecard or as graphs. SC methods are similar to DIC methods, except that no estimate is made of the dollar value of intangible assets. The four main approaches for measuring intangibles (Direct Intellectual Capital Methods, Market Capitalization Methods, Return on Assets Methods and Scorecard Methods) have various advantages and disadvantages presented in Table.Table Categorization of the IC measurement methodologies with their characteristicsMethodologiesOriginator and year of first publicationDescriptionCharacteristicsROA MethodologiesEconomicValue Added(EVA)Stewart(1997)Calculated by adjusting the firms disclosed profit with charges related to intangibles. Changes in EVA provide an indication of whether the firms intellectual capital is productive or not.The ROA approaches have an element of rigor in that they rely on financial figures which, if not perfect, are auditable. They attempt real valuations and may appear useful in many situations since they can give crude comparisons between companies within the same industry. However, they give far too ittle detail for an adequate comparison. The methods are also very sensitive to interest rate assumptions. With the exception of VIAC,these are a means of explaining a financial feature and attributing changes in them to the efficiency in thedeployment of intellectual capital resources.These methodologies avoid direct comparison with market values but link to some of the factors that marketmakers use in their assessments of companies.HumanResourceCosting &Accounting(HRCA)Johansson(1997)Calculates the hidden impact of HR related costs which reduce a firms profits. Intellectual capital is measured by calculation of the contribution of human assets held by the company divided by capitalizedsalary expenditures.CalculatedIntangible ValueStewart(1997) Luthy (1998)Calculates the excess return on hard assets, they uses his figure as a basis for determining the proportion of return attributable to intangible assets.KnowledgeCapitalEarningsLev(1999)Knowledge Capital Earnings are calculated as the portion of normalized earnings over andabove expected earnings attributable to book asset.MCM MethodologiesTobins qStewart(1997)The “q” is the ratio of the stock market value of the firm divided by the replacement cost of its assets. Changes in “q” provide a proxy for measuring effective performance or not of a firms intellectual capital.The MCM approaches also have an element of rigor in that they rely on financial figures which, if not perfect, are auditable. They attempt real valuations and may appear useful in many situations since they can give crude comparisons between companies within the same industryHowever, they give far too little detail for an adequate comparison.InvestorAssignedMarket Value(IAMV)Standfield(1998)Takes the Companys True Value to be its stock market value and divides it into (Tangible Capital+Realized Intellectual Capital+Intellectual Capital Erosion+SCA (SustainableCompetitive Advantage)Market-to-Book ValueStewart(1997)Luthy(1998)The value of Intellectual Capital is considered to be the difference between the firms stock marketvalue and the companys book value.DIC MethodologiesTechnologyBrokerBrooking(1996)Value of intellectual capital of a firm is assessed based on diagnostic analysis of a firms response to twenty questions covering four major components of intellectual capital: Market Assets, Human-centred Assets, Intellectual Property Assets and Infrastructure Assets. The base of the develop of the Technology Broker method is that the market value of a companyis the result of the addition of tangible assets and the intellectual capital.The DIC is intended to be holistic and offer the potential to create a moreComprehensive picture of an organizations health than financial metrics. The methods are more detailed and can be easily applied at any level of an organization. They measure intellectual capital resources from the bottom up and can therefore be faster and more accurate than ROA and MCM measures with respect to resources. Since they do not need to be measured in financial terms, they are very useful for not-for-profit organizations, business units, government agencies, and for environmental and social purposes. Their disadvantages are that they cannot be connected easilyto financial resultsIntellectualAsset ValuationSullivan(2000)Methodology for assessing the value of Intellectual Property.SC MethodologiesValue ChainScoreboardLev(2002)A matrix of nonfinancial indicators arranged in three categories according to the cycle of development: Discovery, Learning, Implementation, Commercialization.SC methods offer the potential to create a more comprehensive picture of an organizations healththan financial metrics, andthey can be easily applied at any level of an organization.They also measure intellectual capital resources from the bottom up. They are very useful for not-for-profitorganizations, business units, government agencies, and for environmental and social purposes. Their disadvantages are that the indicators are contextual and the meanings of the resource definitions can vary between each organization and each purpose, which makes comparisons very difficult.They cannot be connected easily to financial results.IntangibleAsset MonitorSveiby(1997)Management selects indicators, based on the strategic objectives of the firm, to measure four aspects of creating value from intangible assets. By: 1) growth, 2) renewal, 3) utilization / efficiency; and 4) risk reduction / stability. The Intangible Assets Monitor consists on a formal presentation of several relevant indicators for measuring assets according to the company strategy. This indicators form the base to create and develop a company with knowledge focused strategy. It can be integrated in the management information systems. The object is to represent the intangible assets from different perspectives: growth and renewal, efficiency and stability.ConclusionNowadays many corporations around the world have found that measuring and managing intellectual capital can provide them with a competitive advantage. Although there are several Intellectual Capital Measurement Methods it must be considered that calculated intangible value is not precise. Most of the methods are difficult to apply, require too much information, indicators or are not completely described. Other methods are not numerical, so they only provide a reference. But in all methods, the aim is to allow managers to manage more effectively all resources, increasing the performance and competitive position of the company. The important issue is whether all of these approaches can be auditable, useful and secure for all companies. Can they be use in different companies or institutions all over the world in the same way? Estimating the value of intellectual capital at the organization is a very difficult proposition. In my opinion credible method of measuring intellectual capital resources does not exist.Intellectual Capital in different companies or institutions can be valued in different ways by different indicators or index. Therefore it may not be possible to quantify Intellectual Capital in way that allows us to compare the value of the assets between one company and another. In my opinion each company must select a method depending on its purpose, situation and audience. Nevertheless it is important to try managing these assets within companies and seek new, better solutions in effective Intellectual Capital measuring area.Source:Jolanta Jurczak,2008“Intellectual Capital Measurement Methods”.Economics and organization of enterprise January.pp.3745.译文：智力资本衡量方法简介经济的发展引发了公司在全球市场上活动的重要变化。当下我们正关注着一种越来越重要而且是提高企业绩效的有效工具的智力资源。这一事实引发了管理公司的需要和用一种新方式来测量公司业绩的需要。测量智力资本是必要和非常重要的，以便比较不同公司，估算其实际价值，甚至控制公司的逐年业绩改善，还可改善公司管理智力资源的方式，最大限度地发挥其优势来为公司创造价值，最终得到更多的回报。像卡兰和诺顿（1996），斯图尔特（1997年）和克斯作者（1999）所说的，“如果你无法衡量它，你就无法管理它”，以此来证明要寻找新的测量智力资本的方法。然而，确定最好而又适合公司的测量方法，从而来评估其资产是非常必要的。正确的运用智力资本衡量的方法会给企业创造竞争优势，最终促进整个企业的发展。智力资本的概念及分类智力资本（IC）是一个成功企业运行日益