Abstract

SOLANO RUIZ, Arnaldo Heli. Incidencia del capital intelectual en el valor de mercado de las compañías. Su aplicación al mercado público de valores de Colombia. Cuad. Contab. [online]. 2010, vol.11, n.29, pp.445-470. ISSN 0123-1472.

The information provided by the accounting information system (or financial accounting) is focused primarily on measuring the tangible or physical. However, more insistently, investors seek to assess the intangible capital in the new economy. To do this, they rely on financial reports either required by law or voluntarily prepared, which they published online or through regulatory bodies or on their own pages. Based on the quantitative and qualitative information, assessment processes are carried out that must justify the diference between the market price of the securities traded, and the book value of the securities in the financial statements. This paper intends to demonstrate that Tobin’s Q, an indicator that relates the above variables (market and statements), contains value creation for the intellectual capital. It draws on information provided by Internet companies of medium and high trading volume in Colombia’s capital market up to May 2007.

Keywords : Intellectual capital; new economy; knowledge-based society; Tobin’s Q; Intellectual capital; Tobin’s Q; Information society.

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