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The main goal of a company is to maximize the market value. This value is created both by tangible and intangible factors. For this reason, searching and explanation of the differences between the market and the book value seems to be one of the key elements taken into consideration in assessing the factors influencing the market valuation of public companies. The article presents the essence, structure and factors shaping the intellectual capital. Then, on the example of selected companies from the food industry, discrepancy between the market and the book value was estimated. On this basis, the share of intangible factors in their market capitalization was calculated. Based on an analysis covering the period 2005-2009 the conclusions connected with changes of share prices and with the share of intangible factors in the market valuation in term of financial turmoil. On this basis it can be concluded that during the bull market impact of the intellectual capital on the market value of food companies was much higher (over 40% share of market value) than in times of crisis, where the influence of intangible factors on stock prices was positive only in 3 out of 11 analyzed companies. The analysis shows that the difference between the market and the book value cannot be explained only by the influence intangible resources. They also shaped because of the factors which are beyond the control of an enterprise (such as macroeconomic, psychological, etc.).
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