MANAGING RISKS IN INVESTING INTO INTELLECTUAL CAPITAL OF ENTERPRISES

Author
, associate professor, Kharkiv, Pushinska, 77

In heading

 Economic theory;

Signed print

 27.06.2014

Issues number

 2014 - № 3 (18)

Page

 100-112

Type of articles

 Scientific article

Code UDK

 330.322:330.131.7

ISSN print

 2218-8010

Abstract

 Problem setting. Nowadays rational usage of intellectual capital becomes the main requirement of effective operation of enterprises. Thus, the problem of effective management of investments in intellectual capital becomes more and more topical. Taking into account risks related to investing is an important element of investment management. Majority investments in intellectual capital is characterized by an enhanced degree of indetermination causing existence of specifi c requests for quality of managerial decisions
regarding ways and methods of reaction for respective risks.
Recent research and publications analysis. Peculiarities of creation and functioning of intellectual capital of enterprises are researched in numerous working papers of foreign (E. Brooking, L. Edvinsson, R. Kaplan, F. Levy, M. Malone, D. Norton, J. Roos, G. Roos, T. Stewart, K. Sveiby) and domestic (H. O. Bilov, O. V. Kendiuhov, O. V. Malyshko, A. A. Chuhno, P. M. Tsybuliov) authors. Some aspects of risk management in performance
of an economic activity of enterprises on the basis of intellectual capital were researched by Ya. S. Vytvytskyi, V. M. Matienko, O. O. Ohrimenko, V. A. Tkachenko, N. O. Tselina etc. But the mentioned works do not enable to get complex comprehension about the process of management of risks, which appears in performance of operations with intellectual capital of enterprises on the whole and in investing in intellectual capital in particular.
Paper objective. The objective of the article is substantiation of a complex of managerial decisions aimed at maximization of profi ts (minimization of losses) from investments in intellectual capital under conditions of risk.
Paper main body. The risk management process, including the process of management of risks of investments in intellectual capital, is performed using several steps: the qualitative analysis of risks; the quantitative estimation of risks; substantiation of risk management methods; organization of practical application of determined measures; control over execution of managerial decisions and estimation of results. Each of these steps has peculiarities being inherent for risk management in investing in intellectual capital. In particular, the peculiarities include: a high level of indetermination concerning an essential amount of capital investments and expected profi tability of projects; existence of specifi c risks being inherent only for investments in intellectual capital; an insuffi cient amount of complete, accurate, reliable and relevant information regarding numerous aspects of investment projects, which does not enable to widely use objective methods of quantitative estimation of risks and reduces reliability of received results;
impossibility of implementation of projects with a low degree of risk (although the majority of investments in intellectual capital have an enhanced degree of risk, termination of such investing is impossible: risk of inaction in this branch poses greater threats than risk of insuffi ciently successive actions).
Conclusions of the research. Management of risks in investing in intellectual capital has some peculiarities enabling enhancement of requirements for quality of respective managerial decisions. An attention to these peculiarities in the process of choice of a complex of methods of reaction for risks should conduce to maximization of profit (minimization of losses) in investing in intellectual capital of enterprises.

Keywords

 Intellectual capital, economic risks, qualitative and quantitative analysis of risks, methods of reaction for risk.

Reviewer

External reviewer

Article in PDF

 3 100-112

Bibliography

 none

Code DOI

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26.05.2014