Influence of innovations on capitalization of oil and gas industries

The paper presents an analysis of modern methods for assessing the impact of innovative activity on the company's capitalization. The authors determined the stake of innovation activity in a complex of factors affecting capitalization, examined the advantages and disadvantages of methods for assessing the return on financial assets of a company (CAPM model, three-factor Fam-French model, four-factor model of M. Cahart). One of the most popular models for assessing the company's capitalization is the Black-Scholes model. According to this model it is assumed that the underlying asset is traded on the market, and the option price on it is already set as a result of market mechanisms. The authors note that this model cannot be used in the process of managing the value of an innovatively active company. The authors distinguish three groups of factors affecting the company's capitalization: the movement of the entire market and macroeconomic events, the situation in the industry, results and development prospects...