Экономические науки/8.Математические методы в экономике.

Dosmanbetova Kamshat Master student of “Finance”

in Almaty Managеment University Kazakhstan, Almaty

Development of an econometric model of the intellectual capital of JSC Kazakhtelecom

Abstract: The article is constructed an econometric model of the development of the intellectual capital of JSC Kazakhtelecom. The developed econometric models showed that intellectual capital is an important resource of the organization. The constructions of empirical models of the impact of intellectual capital on the results of the organization related to the specific econometric analysis, approaches to its measurement and unique qualities of intellectual capital. These models allow us to increase the efficiency of intellectual capital management, which further allows you to explore the factors influencing the increase in the profitability and value of the organization.

Keywords: intellectual capital (IC), the intellectual capital of the organization (ICO), Tobin’s coefficient, an econometric model of the development of the intellectual capital of the organization.

The model of intellectual capital - is an econometric relationship organization of the outcome of the level of intellectual capital and its components.

To carry out this study used a model of multiple linear regression.

The data of JSC "Kazakhtelecom" were used in research. The data were taken in the public non-consolidated financial statements of companies for the years 31.06.2006-31.06.2016., Presented on their official website [1]. The total sample size of 41 observations (for the period from June 31, 2006 to June 31, 2016).

Consider the relationship between Tobin and the market value of assets.

In this connection, we construct a regression model between the coefficient of Tobin and the market value of assets (see Table 1).

Table 1 - Results of testing hypotheses on the one-factor model

Indicator	Estimates of regression coefficients
	У	Х1
The coefficient before the explanatory variable	-0,23	3,9Е-06
Standard error	0,04	1,5Е-07
t- statistics	-5,8	26
t-critical (5% level of significance)	0,3	0,3
The conclusion that the null hypothesis based on the results t-test	Reject	Reject
Confidence interval (5% level of significance): - the lower boundary - the upper boundary	-0,3 -0,2	3,6Е-06 4,3Е-06
F- statistics	674
F- critical (5% level of significance)	4,0	4,0
The conclusion that the null hypothesis based on the results F- test	Reject
The coefficients of determination: - Selective R2 - Adjusted R2adj	0,97 0,95
Note - Calculated by the author

In the analysis of one-factor model (1), the null hypothesis is rejected and the variable model adopted alternative. Consequently, the value of intellectual capital depends on the market value of the assets. All coefficients and regression equations are statistically significant.

Evaluation of the results was the following regression equation:

У = -0,23 + 3,9Е-06*х1 + e (1)

The regression equation shows that an increase in the market value of the assets of 1 million tenge, Tobin’s coefficient is increased by 3,99E-06.

In this case, the value of the coefficient of determination and adjusted coefficient of determination are of high value (0.97 and 0.94 respectively), indicating a close relationship between the analyzed variables. That is, in the Kazakhstan market the market value of companies' assets by 97% is due to the fundamental value of the value of intellectual capital.

Conclusion. In General, this model shows a qualitative assessment; the practical part of this work showed a certain dependence of the value of intellectual capital and market value of organizations; the proposed method allows the organization's leadership to improve the mechanism for the creation of cost of intellectual capital and defines its development strategy to achieve the best financial result; obtained as a result of such studies, the indicators can be used as a benchmark for investors and management organizations with decision-making.

Resources:

1. The financial statements of JSC «Kazakhtelecom» // https://telecom.kz/ 22.10.2016.