This article considers issues related to the concepts of intangible assets (IA) and intellectual capital (IC), to the questions of their composition and measurement of their components. The authors have distinguished three basic IC elements: human, relational and organizational (structural), and have developed a new approach to the method of indicators of the elements. This research has tested the regression model that characterizes the relationship between market share price and tangible and intangible assets of a company - latter divided into three elements. The econometric analysis of the model is based on the Russian market data from 2001-2006. The research covers the sample as a whole (43 companies) as well as four industries in particular: extractive, power engineering, communication services, and metallurgy. The results upon testing the research model prove the statement that tangible assets play a more important role in a company value creation than intangible ones on the Russian market. While prevail