Abstract

Declining trade of power accounting information, particularly earning, in explain stock price and increasing trade of the intellectual capital contained are the topics that in several research referred to. Researchers expressed the cause of these changes is entry to knowledge-based economy, replacement knowledge with physical and financial capital and increase mark to book value ratio. Intellectual capital has much definition. The definition that expressed intellectual capital is difference between market value and book value has more acceptability among experts. Thus, a model can assessment Intellectual capital through difference between market value and book value will have more acceptability. Among the several models that for valuation of market value exist, the residual income model is a applied and accepted model that use in paper. This paper, introduction a quantitative method to measure intellectual capital, compare explanatory power the stock price by intellectual capital and earnings for companies listed in Tehran stock exchange between the years 1380-1388 among the 115 firms. First for testing the hypothesis, calculation the value of each corporate intellectual capital by Residual income model. The result reveal that the relationship  of intellectual capital and stock price is positive, and the explanatory power of intellectual capital is lower to that of earnings. But The combined use of earning and intellectual capital have most explanatory power for stock price.