Subject. The study focuses on the impact of intangible assets on company valuation in the context of the modern economy and technological transformation. Objectives. The purpose is to determine the extent to which intangible assets influence the market value of leading contemporary companies’ shares, and propose a modified approach to business valuation. Methods. The study employs comparative and factor analysis methods and historical-logical and statistical approaches. It is based on data from major companies in the United States, China, and Russia (Apple, Microsoft, ICBC, Kweichow Moutai, Sberbank, and Gazprom), and on the historical dynamics of their market capitalization and asset structure. Results. The study reveals that in the modern world, up to 90% of the market value of companies is formed by intangible assets. Traditional valuation methods appear to be poorly adapted to current economic conditions. We offered an improved method for calculating the discount rate based on the WACC model. It incorporates an adjustment coefficient (?) that reflects intangible factors and reduces dependence on average market indicators. Conclusions. Effective business valuation in today's economic environment requires consideration of intangible factors, which cannot be properly assessed using classical models. The influence of intangible assets on modern economic development is clearly observed within the framework of the knowledge economy. The proposed methodology represents a step toward building a more relevant system for assessing companies in the new economic reality.
Keywords: stock market, valuation, stock, capital
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