Corporate Valuation in the Knowledge Economy

Inhaltsverzeichnis (Table of Contents)

• Introduction
  • Economic Background and Environmental Analysis
  • Identification of Problems and Formulation of Subjects
  • Mission, Objectives and Strategies of the Thesis
  • Structure of the Thesis (Flow of Thoughts)
• Analysis of Essence
  • Definition of, and approaches to Shareholder Value
  • Confrontation of Economic Principles and Accounting Principles
  • Definition of Knowledge
  • Paradigm shift in the Economy
    • New Growth Theory
    • Rules of the New Economy
  • Analysis of Impacts
    • Analysis of Impacts of Information Markets on Shareholder Value
    • Peculiarity of Information Markets
    • Analysis of the Impacts of Knowledge
  • Position of Knowledge in the Information Age Economy
  • Measuring Knowledge
    • Investment in Intangible Assets
    • Measuring Yield
    • Profit Margin
    • Efficiency and Effectiveness
    • Non-financial Measures
    • Financial Measures by Comparative Indicators
    • Monitoring Intangible Assets for Financial Success
    • Measuring Competence, Internal Structure, and External Structure
    • Implementing Systems For Measuring Intangible Assets
  • Management Methods of Knowledge
    • Techniques for Mapping an Organization's Knowledge Landscape
    • Identifying Knowledge Management-related Benefits and Priorities
    • Considering Knowledge by key figures and Critical Success Factors
  • Mutual Dependencies of Shareholder Value and Knowledge
• Emergence of Conclusion and Deduction of Knowledge Valuation
  • Knowledge Utilization and Economic Perspectives
  • Technical Feasibility
  • Cost-Benefit Analysis
    • Tangible Benefits
    • Intangible Benefits
    • Comparison of Costs with Benefits
  • Development of an extended Value Analysis under uncertainty and criticism
• Developing Strategies and Approaches for Problemsolving
  • Core questions and “quod vadis”
  • Knowledge and Uncertainty
    • Problems
    • Levels of Uncertainty
    • Developing a Strategic Analysis to Levels of Uncertainty
    • Strategic Postures
    • Portfolio of Actions
    • Framework of Strategies against Uncertainty
  • Real Options Approach to Uncertainty
    • The Resolution of Uncertainty
    • The Consequences of Contingent Investment decisions
      • Investment Platforms and Growth Options
      • Uncertainty, Exposure, and Risk; Uncertain and Predictable Changes
      • Considering the Application Cases of the Real Options Approach
    • Strategic Investments under Uncertainty
    • The Valuation Dilemma
    • Strategy of Options
    • Uncertainty, Total Risk and Option Valuation
    • Consequences of insights for strategic investments
    • Comparing the Real Options Approach to Valuation to the Alternatives
    • Verification of the Real Options Approach
    • Valuing Options on Real Assets
      • Adapting the Payoffs to Contingent Investment Decisions by Building-\nBlock-Approach
  • Vision Transformation into Investment Strategy
    • Implications of the Real Options Approach
    • Solution Methodology
      • Frame the Application
        • The Classification of Real Options
      • Implementation of the Option Valuation Model
      • Review of the Results and Re-design
    • Valuing Real Options
• Proposals for Implementation and Application of the Approach
  • Adaptation of Principles of Accounting
  • The Principles of Knowledge Organizations
  • Proposed Framework for Identifying Knowledge
  • Proposed Method of Measuring Key Factors of Knowledge
  • Approaches to the Valuation of Enterprises
  • Realizing Business Value and Outlook
  • Results, Conclusions and Insights

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis aims to analyze the valuation of knowledge in the context of the knowledge economy. It explores the impact of knowledge on shareholder value and investigates how to measure, manage, and utilize knowledge effectively in information businesses.

• The relationship between shareholder value and knowledge in the information economy
• The challenges of valuing intangible assets, particularly knowledge
• Methods for measuring and managing knowledge within organizations
• The application of the Real Options approach to valuation under uncertainty
• Strategies for incorporating knowledge valuation into business decision-making

Zusammenfassung der Kapitel (Chapter Summaries)

The first chapter introduces the economic context and challenges related to the valuation of knowledge in the information economy. It also outlines the thesis's objectives and structure. Chapter two explores the essence of shareholder value and knowledge, analyzes the impact of information markets and knowledge on shareholder value, and examines methods for measuring knowledge. Chapter three investigates the utilization of knowledge from an economic perspective, focusing on technical feasibility, cost-benefit analysis, and the development of an extended value analysis framework under uncertainty. Chapter four delves into the development of strategies for addressing uncertainty, introducing the Real Options Approach as a means to address the valuation dilemma and enhance strategic investment decisions. Chapter five presents proposals for implementing the Real Options approach, including the adaptation of accounting principles, the identification of knowledge within organizations, and the development of methodologies for measuring key factors of knowledge.

Schlüsselwörter (Keywords)

The key terms and concepts explored in this thesis include shareholder value, knowledge economy, knowledge valuation, intangible assets, knowledge management, information markets, Real Options Approach, uncertainty, strategic investment decisions, and valuation under uncertainty.