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Ekonomika preduzeća
2011, vol. 59, br. 7-8, str. 352-366
jezik rada: engleski
vrsta rada: naučni članak
doi:10.5937/ekopre1108352J


Intelektualni kapital i finansijske performanse srpskih preduzeća i realnog sektora
Univerzitet u Kragujevcu, Ekonomski fakultet

Projekat

Strategijske i taktičke mere za rešavanje krize konkurentnosti realnog sektora u Srbiji (MPNTR - 179050)

Sažetak

Brojni su dokazi koji nedvosmisleno ukazuju na činjenicu da intelektualni kapital (engl. Intellectual Capital, IC) opredeljuje potencijal rasta preduzeća i generiše najveći deo uvećane vrednosti. Stoga sve više dobijaju na značaju i aktuelnosti istraživački napori usmereni na merenje IC-a i njegovog uticaja na finansijske i tržišne performanse preduzeća. Različiti pojavni oblici IC-a kao što su znanje, obučenost, talentovanost i entuzijazam zaposlenih, patenti, know-how, softveri, baze podataka, prisni odnosi sa kupcima, snaga brenda, unikatni organizacioni dizajn i poslovna kultura, mogu se kategorizirati na ljudski, strukturni i relacioni kapital. U radu se analizira međuzavisnost između IC-a, iskazanog pomoću koeficijenta dodate vrednosti IC-a (engl. Value Added Intellectual Coefficient, VAICTM), i finansijskih performansi 100 preduzeća iz realnog sektora Srbije koja su 2010. godine ostvarila najveću neto dobit. Pored ovoga, cilj istraživanja je i sagledavanje uticaja pojedinih komponenti IC-a na finansijske performanse. Hipoteze koje se testiraju razvijene su u skladu sa većim brojem sličnih studija u kojima je istraživan odnos IC-a i finansijskih performansi poslovanja. Merila performansi korišćena u okviru istraživanja su neto dobit, poslovni dobitak, poslovni prihodi, prinos na sopstveni kapital (engl. Return on Equity, ROE), prinos na ukupnu imovinu (engl. Return on Assets, ROA). Analiza prikupljenih podataka je izvršena primenom statističkih metoda korelacije i regresije (jednostruka i višestruka). Metod jednostruke regresije je korišćen da bi se sagledao uticaj VAICTMa, kao agregatne veličine, na performanse izabranih preduzeća. Višestrukom regresijom je utvrđivana međuzavisnost između pojedinih komponenti koeficijenta VAICTM i finansijskih performansi. Mada najveći broj do sada sprovedenih istraživanja ovog tipa u svetu ukazuje na značajan uticaj IC-a i njegovih komponenti na finansijske performanse, u slučaju srpskih preduzeća ova međuzavisnost je mala ili zanemarljiva.

Ključne reči

intelektualni kapital; nematerijalna aktiva; finansijske performanse; koeficijent dodatne vrednosti IC-a (VAICim)

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