Factor analysis of the value of agricultural companies taking into account the assessment of the influence of intellectual capital

Issue № 1, 2024, article № 5, pages 41-47

Section: Economic mechanism of managing

Language: Russian

Original language title: ФАКТОРНЫЙ АНАЛИЗ СТОИМОСТИ КОМПАНИЙ АПК С УЧЕТОМ ОЦЕНКИ ВЛИЯНИЯ ИНТЕЛЛЕКТУАЛЬНОГО КАПИТАЛА

Keywords: AGRO-INDUSTRIAL COMPLEX, FINANCIAL AND ECONOMIC INDICATORS, BUSINESS VALUE, INTELLECTUAL CAPITAL, INNOVATIVE ACTIVITY, TOBIN COEFFICIENT

Abstract: Intellectual capital as a complex system of components, along with physical and financial assets, makes it possible to achieve sustainable competitive advantages and ensure growth in business value. The study analyzes the influence of internal factors related to the activities of agricultural companies on their market value. The object of the study is Russian agricultural companies whose shares are traded on the Moscow Exchange. The subject of the study is financial and economic relations that arise in the process of formation and implementation of value-based management of companies. The purpose of the study is to identify internal factors that influence the value of agricultural companies. An analysis of the development trends of the Russian agro-industrial complex, including innovative activity, was carried out. A trend toward a reduction in innovation activity has been identified in a number of industries. It is shown that the renewal of fixed assets of agricultural companies does not allow them to level out the high level of their wear and tear, which impedes the transformation of intellectual resources into capital. It is substantiated that intensive modernization and sustainable growth of agricultural companies requires the harmonious development of material and intangible components, which will allow obtaining a synergistic effect. The influence of return on equity, as well as intellectual capital, assessed using Tobin's coefficient, on the value of agricultural companies is substantiated through the use of multifactor correlation and regression analysis. The resulting regression model allowed us to conclude that the growth of intellectual capital (Tobin's coefficient) will lead to a significantly greater increase in the value of the company than an increase in return on equity. Recommendations are provided for Russian agribusiness companies that will contribute to the implementation of value-based business management.

Authors: Savchenko IUliia IUrevna