智力资本衡量方法[外文翻译]

1、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 corpor

2、ate 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.

3、 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, yo

4、u 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 capit

5、al 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

6、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

7、 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

8、 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 cre

9、ation”.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 wealt

10、h.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

11、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 c

12、apital.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

13、 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.

14、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 pr

15、operty. 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 compa

16、ny. 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

17、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 measurin

18、g 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 lu

19、thy (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 individuall

20、y 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

21、 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 ear

22、nings 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 gener

23、ated 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 metho

24、ds 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(19

25、97)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

26、 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. wi

27、th 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 th

28、eir 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 ex

29、penditures.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 por

30、tion 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

31、 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

32、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 (sustaina

33、blecompetitive 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

34、 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

35、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

36、 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

37、, 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 chainscoreboar

38、dlev(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

39、 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 ar

40、e 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 objectiv

41、es 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 t

42、o 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 stabilit

43、y.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

44、. 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 perform

45、ance 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 o

46、rganization 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 quan

47、tify 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 ne

48、w, 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。

49、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重要的组成部分，但如何确定它是一个困难的问题。智力资本还是一

50、个含糊的概念，没有一个定义，不同的研究者对这个概念给予不同的解释。而且许多描述都相当具体，只适用于特定行业的个别公司。艾夫斯和马龙描述智力资本是一个可转换为价值的知识。据他们描述，智力资本包括了应用经验，组织技术，客户关系和能提供公司在市场上的竞争优势的专业技能。据罗斯、皮克和范斯蒙(2005)，智力资本可以定义为组织完全或部分控制的，并有助于该组织价值创造的非货币性和非物质资源。作者根据经济行为把智力资本分为三类：关系，组织和人力。斯图尔特把智力资本定义为智能材料，包括知识，信息，知识产权，可以利用来创造财富的经验。伯莱尼克和斯杰那描述智力资本作为知识的总和。公司的所有者会创建一个系统来进行

51、知识的转化。他把智力资本划分为组织，社会和人力资本。目前布克丝和威廉斯获得智力资本新的定义：一种非物质资产形态，这是因为知识的流动可产生潜在的创造品。它包括三个主要内容：人力资本，客户资本和组织资本。目前哥洛斯吉和和杰多克用一种引人关注的方法来解释智力资本的组成部分，他们说一个组织的智力不是看单纯所有雇员智力的总和，而是看它协同作用的效果。公司的智力由不同的方面组成：信息、科技、创新、金融、市场、组织、社会、生态的智力。正如我们可以看到的有很多的智力资本的定义。这些定义的表述各有不同，但他们没有否认彼此。他们大多数认为智力资本是一种知识资本或者是源于知识的资本。有些人说，智力资本是一个组织的智

52、力，或者非物质的财产。提出的所有这些定义都是正确的，因为他们包括所有非金融和对公司业绩有价值的因素。但是需要注意的是，不是所有的知识都能称为智力资本，构成智力资本的知识必须是对公司有价值的知识。如果我们能够运用它使公司有良好的运营，这种知识可以被称为智力资本。因此，在前述定义基础上，我们可以简单地把智力资本描述为能为组织创造必要的价值及获得长期竞争优势相互联系的所有知识资源（物质或非物质的，有形或无形的）。衡量智力资本的方法关于智力资本管理的问题，使不同衡量方法得到发展。有几种衡量智力资本的方法可用于评估企业资产。有些方法是供不同的公司为他们的内部使用的，而不是一种普遍的测量方法。但是它们依然

53、存在，在这些方法的基础上来创造新的方法。据罗斯(1998)和威廉斯(2000)，所有方法可分为四个主要类别：1、智力资本的直接法（dicm）估计无形资产的各个组成部分的美元价值。一旦这些部分被确定，他们可以作为单独或聚集的系数直接评估。2、市值法（mcm）计算一个公司的市值和账面价值的差额来作为公司智力资本或无形资产的价值。3、资产收益率法（roa）公司的平均税前盈利除以该公司的平均有形资产，得到的结果就是公司的资产收益率，然后将其与同行业平均水平相比较。其不足是它是乘以公司的平均有形资产来计算公司从无形资产中获得的每年的平均收入。通过除以由公司的加权平均资本成本或利率决定的高于平均水平的盈余

54、，来推导出其无形资产或智力资本的价值。4、计分卡法（sc）确定无形资产或智力资本指标的各个组成部分，并在记分卡或图形报告中表示。记分卡法就类似于直接法，但它没有以美元的计量单位来估计无形资产的价值。这四种测量无形资产的主要方法（智力资本的直接法，市值法，资产收益率法，记分卡法）各种优势和劣势。列于下表。表 智力资本的测量方法分类与特点方法作者与发表时间说明特征资产收益率法经济增加值(eva)斯图尔特 （1997年）通过调整计算该公司披露的利润和与无形资产有关的费用。经济增加值的变化表明智力资本是否有效益。资产收益率法的运用依赖于财务数据，如果得出的结果不符，那就是财务数据的审计方面有问题。运用这种方法来尝试对资产真实估值，在很