The article covers the questions of definition, structure and evaluation of intellectual capital (IC) and the role of IC in value creation of a company in terms of value-based management. The main research objective is to define the impact of fundamental value of both tangible and intangible assets (latter divided into three elements) on the market share price. As a general approach for intangible assets evaluation a method of indicators is used. The developed econometric model is tested on the data of emerging Russian stock market for the period from 2001 to 2006. In the focus of the research there is both the analysis of the sampled companies as a whole as well as divided into four aggregated industries: extractive industry, power engineering, communication services, and metallurgy. The conclusion provides directions for further research on the matter.