Драйверы результативности технологических компаний после IPO

Целью данного исследования является выявление наиболее влиятельных драйверов показателей измерения создания акционерной стоимости (показателей измерения результативности) для технологических компаний после IPO.
Анализ проводился на 67 компаниях, котирующихся как на NASDAQ, так и на NYSE, в период с 2013 по 2018 годы. Для этого исследования были выбраны следующие показатели измерения создания акционерной стоимости: добавленная рыночная стоимость (MVA), отношение рыночной стоимости к бухгалтерской стоимости (MTB), общая прибыль акционеров (TSR), скорректированная на рынок доходность (MAR) и доходность на использованный капитал, деленная на стоимость собственного капитала (ROEKE). Драйверами результативности, выбранными для этого исследования, являются прокси для Интеллектуального Капитала (Человеческий капитал, Отношенческий капитал, Организационный капитал), Добавленная экономическая стоимость (EVA), Рентабельность активов (ROA), Рентабельность использованного капитала (ROCE), Прибыль на акцию (EPS) , а также две контрольные переменные (размер компании и кредитное плечо). Было разработано десять моделей, которые подразделяются на два блока: пять моделей блока «A» с ROCE вместо ROA и пять моделей блока «B» с ROA вместо ROCE. Подход к выбору соответствующих моделей был сделан с помощью обратного пошагового множественного регрессионного анализа панельных данных.
Полученные данные указывают на то, что для технологических компаний в период после IPO драйверами результативности для ROEKE являются Человеческий капитал, Организационный капитал, EVA и ROA; для MVA два драйвера: ROCE и EPS; драйверами для MAR являются ROA и ROCE, а драйверами для TSR являются ROA и ROCE. MTB не оказался значительным показателем измерения результативности для технологических компаний в период после IPO. Для руководства, драйверы результативности, определенные для перечисленных технологических компаний, представляют четкое указание на переменные, на которых руководство может сосредоточиться в операционной деятельности, чтобы наиболее эффективно увеличить акционерную стоимость.

ABSTRACT 3
INTRODUCTION 5
Chapter 1. Literature review 7
1.1. Shareholder value creation measures and their drivers 7
1.2. Intangible assets 14
1.3. Intellectual Capital as a driver of performance 16
Chapter 2. Research methodology & design 20
2.1. Data description 20
2.2. Dependent variables 23
2.3. Independent variables 28
2.4. Selection of proxies for Intellectual Capital 33
2.4.1. Human Capital 33
2.4.2. Relational Capital 34
2.4.3. Organizational (Structural) Capital 35
2.6. Structure of the model 36
Chapter 3. Results 40
3.1. Block of “A” series models 43
3.2. Block of “B” series models 46
3.3. Discussion 50
3.4. Managerial implications and recommendations 53
3.5. Limitations and recommendations for further research 54
Conclusion 55
References 57
Appendix A 63
Appendix B 69
Appendix C 75

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