.

2005



:
) ( Intellectual Capital

.
:
.1
.2
.3




.



.

-1



.





)
( Intellectual Capital
) ( 90
.
) (


.
) ( Microsoft )
( 115 ) ( Tangible Assets
) ( 10
) ( Intangible Assets






.

-2


) (


.
-3

.
-4 :



-5 :



.


.
-6 :


) (
.

-1

: :


.
) : ( OECD

) ( .
) : ( Stewart

.
) ( Awad & Ghaziri

.


.
) : ( Despres & Chanvel

.




.
) : ( Stewart 98



.
.

.


... .

) . ( 1
) : ( 1

- -

:


.

) (
.

:
.1 ) : ( Despres & Channvel

:
: ) : ( Human Capital

 .
.
: ) : ( Structural Capital
.
: ) : ( Business Assets

.
: :
.
.2 ) : ( Mckenzie & Winkelen
.
Intellectual Capital = Human Capital + Structural Capital
= +
:
Structural Capital = Customer Capital + Organizational Capital
= +

Organizational Capital = Innovation Capital + Process Capital

= +
:
Innovation Capital = Intellectual Property + Intangible Assets
. ) : ( Edvinson & Malone :
: :
: :

-1

-2

-3

-4
. ) : ( Sveiby ) (
:
: .
: .
: .

) : ( 2

.


.



.

. ) : ( Malhorta :
6

 :
:
:
:
. ) : ( Stewart
:
:
: :



) . ( 1
)

: (1

: ( Structural Capital )
: )

.


.
: ) : ( Human Capital

.
) ( Edvinson & Malone
.

) ( IBM


.
) ( 15
.

) Wealth
( Maximizers



.

:

.1


.

.2

)
( Talented People

) . ( War For Talent

:
:
.1


.
.
.2

.
:
.3

.
:
.4


.

 : ) : ( Customer Capital


.
:

.1

.

.2

) ( 5
) . ( 25

:





:

.1
)
( Skandia .
) (
.2

.

.3





) ( CMA
:

) (

 :

)
( Invisible Assets
.


.


:

.1

.

.2

.

.3

.

.4


.

)(1
:
) ( 1 ) : ( 2004

.
-1 :



.
:

-2
:
:

10

.
-3 :

) (
.
:

:
-4
) ( ROA
:


) = ( ROA


.

:

:
-1 :
:
=
5
10 = 5 = 5 10

.
) : ( 3

)
(
0.4
10.9
25.3
33.7

) )

(
(
15.4
0.9
13.9
12.4
6.5
80.7
7.9
41.4
327.4
5.4
32.5
177.0

11

1.5
2.2
3.3
4.6
)(
1.5
20.6
30.5
184.6

0.83
3.6
3.0
14.4

Source: G.G. Dess et al. (2004): Strategic Management, McGraw-Hill/Irwin,
Boston, p109.

) ( Cetin :

.1

.

.2

.

.3

.


.

.4

.
-2
) : (2
( Kaplan
& Norton
)

.
:

.1

.2

) (
.3

.4

12

aM hsegoY :ecruoS
of metsyS egdelwonK :noitaN

 -3 :
)
(


.
) ( KVA

.
.

: (3

:
.
y = (x
1 )
2
.
3

: .
suoH samohT :ecruoS
iwrI/lliH-warGcM ,egdelwonK
13

) ( Intangibles
.
.

)
( Y.Malharta ) ( .
) ( K.E.Sveiby
:
: ) / ( .
: .
: .
: .






.


:
-1 ) : ( Intellectual Assets


) . ( Domain Names
.
-2 ) : ( Intellectual Resources



. ) ( Flow
.
) ( Market Value



) Book
. ( Value :

14

 : : )
.. ( .
: ) ( :

( .

:
CV = MV

= CV
= MV
:
BV = TA + IA
:
= TA ) (
= IA

) ( :
) IC = F ( IA1 + IA2 + + IAn ) + ( IR1 + IR2 + + IRm
:
= IC
) = ( IA1 + IA2 + . + IAn

) . ( n , ,3 ,2 ,1
) = ( IR1 + IR2 + . + IRn

) ( m ,3 ,2 ,1
:
.
) ( IAn
) ( IRn
:
: :
.
: :

:
) (
) (
) (
.

15


.
:
.
) ( D.Anderiessen
:
: ) : ( Identification Problem

.
: ) : ( .Income Projection P

.
: ) : ( .Income Funnel P

.
: ) : ( .Income Allocation P

.
: ) : ( .Useful Life Estimation P

.
: ) : ( .Income Capitalization P

.

16


(1:

17


:

.1
.

.2

.

.3

.

.4

.

.5

.

.6

.

.7


.

.8


.
(2:
:

.1

.

.2
.

.3
.

.4


.

18

*
- A.T.Stewart (2001): Accounting Gets Radical Business
- Charles Despres and D. Chauvel (2000): Butterworth Heinemann,
Boston, p317.
- CMA Huse, T. and Bell, A.H. (2001): Measuring and Managing
Knowledge, McGraw-Hill/Irwin, Boston, p24.
- D.Anderiessen (2002): The Financial Value of Intangibles, Available
on: www.weightlesswealth.com
- E. Awad & H.Ghaziri (2004): Knowledge Management, Person
Education, Inc.
- F.Cetin (2000): Measuring and Managing Intellectual Capital,
Helsinki University of Technology, Finland, pp5-13.
- J.MchenZie & C.V.Winkelen (2004): Understanding the
Knowledgeable Organization, International, Padstow,
Cornwall, pp236-237.
- J.Skandia Liebowitz (2000): Information Technology Management,
CRC Press, Boca Raton, p29.
- Karl-Erik Sveiby (2001): Method For Measuring Intangibles Assets,
Available on: www.sveiby.com/articls
- Lief Edvinson and M.Malone (1997): Intellectual Capital, Harper
Colins, New York, p147-160.
- OECD, The Organization For Economic Co-operation and
Development (OECD) Measuring and Reporting Intellectual
Capital: Experience, Issues and Prospect Programme Notes
and Background to Technical Meeting and policy and
Strategy Forum. Paris (1999).
- R.S.Kaplan & Norton, D.P (1999): The Balanced ScoreCard:
Measures That Drive Performance, HBR, Vol.(70), No.(1),
pp71-79.
- Thomas A. Stewart (1998) : Intellectual Capital: The Wealth of
Organizations, Doubleday, New York.
19

- Yogesh Malharta: Measuring Knowledge Assets of A Nation, p3,

Available From (http://www.brint.org).
-20 -

20