THE AIM OF THIS STUDY IS TO INVESTIGATE THE RELATIONSHIP BETWEEN Intellectual Capital AND COST OF Capital. COMPONENTS OF Intellectual Capital, INCLUDING HUMAN Capital AND STRUCTURAL Capital AND ITS RELATION WITH THE WEIGHTED AVERAGE COST OF Capital IS INVESTIGATED. DURING THE STUDY IN 2009 TO 2014, 131 COMPANIES LISTED IN TEHRAN STOCK EXCHANGE HAS BEEN ANALYZED. PANEL DATA REGRESSION ANALYSIS IS USED TO TEST THE HYPOTHESES. HYPOTHESIS TEST RESULTS INDICATE THAT A SIGNIFICANT RELATIONSHIP EXISTS BETWEEN HUMAN Capital AND WACC. THE RELATIONSHIP BETWEEN Capital STRUCTURE AND WACC WAS NOT FOUND AS WELL.

Nowadays, there are some changes in the accumulation of Capital. These changes are result of a shift from tangible goods to Intellectual ones. At the one side, among human development discussions, understanding the importance and value of Intellectual Capital is a pivotal issue. Human development concentrates on human beings and their potentials to receive the sustainability and durance in improving the quality of life. And at the other side, in such debates Intellectual Capital plays a crucial role. Considering the elements of which IC is composed, measuring them and the manner they affect human development process are the subject matter of this article. Also, paying attention to the crucial role of IC as an item of human Capital-and of course the most important part of it- in providing the strategies for protection of Intellectual property is a significant issue.

MANY COMMENTATORS HAVE IDENTIFIED THE PIVOTAL ROLE OF Intellectual Capital IN THE VALUATION OF FIRMS AND THE DETERMINATION OF THEIR FUTURE EARNINGS. THE PURPOSE OF THIS PAPER IS TO LINK TWO KEY DISCIPLINES IN FINANCE AND SCIENCE IN A WAY WHICH IS REPRESENTATIVE OF THE MANY CHALLENGES IN THE DEVELOPMENT OF THE KNOWLEDGE ECONOMY. HOWEVER, THE VALUATION OF INTANGIBLES REMAINS A CONTENTIOUS ISSUE IN FINANCE. IN THIS PAPER, THE FINANCIAL AND ECONOMIC ISSUES PERTAINING TO THE VALUATION OF Intellectual Capital ARE EVALUATED AND ADDRESSED. THIS PAPER EVALUATES VARIOUS METHODS THAT ARE CURRENTLY USED AND RECOMMENDS THE DEVELOPMENT OF A VALUATION PROCESS FOR NEW AND EVOLVING TECHNOLOGIES.

Many commentators have identified the pivotal role of Intellectual Capital in the valuation of firms and the determination of their future earnings. The purpose of this paper is to link two key disciplines in finance and science in a way which is representative of the many challenges in the development of the knowledge economy. However, the valuation of intangibles remains a contentious issue in finance. In this paper, the financial and economic issues pertaining to the valuation of Intellectual Capital are evaluated and addressed. This paper evaluates various methods that are currently used and recommends the development of a valuation process for new and evolving technologies.