Nuovi intangibili e bancabilità dell’innovazione digitale

Translated title of the contribution: [Autom. eng. transl.] New intangibles and bankability of digital innovation

Research output: Contribution to journalArticle

Abstract

[Autom. eng. transl.] Digital innovation, in its many variations (industry 4.0; e-commerce; digital networks and platforms; e-health, etc.) is radically transforming the world of businesses, now increasingly connected. Product and process innovation is fueled by new intangibles (big data, Internet of things, artificial intelligence, cloud databases, mobile apps, social networks, blockchains and fintech applications, etc.) that interact synergistically, creating an interconnected portfolio which revolves around digital platforms on the Internet. Business models inevitably become more complex and interdependent, with new levers of value creation that must be interpreted, also through the lens of consolidated paradigms, such as the ability to generate cash flows (cash is king), also to service the debt . From here derive also issues in terms of bankability and creditworthiness, in which the aforementioned valuation paradigms (also in terms of rating) must be combined with an increasingly analytical knowledge of innovation and an understanding of sophisticated business models. A paradox emerges, which forces us to rethink the traditional way of "banking": while on the one hand the new intangibles have a very limited collateralisation (especially if not patented) and therefore apparently hinder the bankability of the company that owns it, on the other hand, it is precisely these intangibles that, together with other assets and within the framework of an organized complex of goods and services (which is the company, also considered from a civil law perspective, pursuant to Article 2555 of the Civil Code), allow the company entrusted with acquiring competitive advantages and generating surplus value, also in terms of additional economic and financial margins (to be used primarily for debt service).
Translated title of the contribution[Autom. eng. transl.] New intangibles and bankability of digital innovation
Original languageItalian
Pages (from-to)62-69
Number of pages8
JournalBANCARIA
Publication statusPublished - 2018

Keywords

  • bancabilità
  • beni immateriali
  • merito creditizio
  • valutazione

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