基于智力资本的企业并购效率研究

Study on the Efficiency of Enterprise Merger & Acquisition on the basis of Intellectual Capital

在知识经济时代,知识已成为经济增长新的经济资源,作为知识运用能力的企业智力资本已成为企业价值增长新的主要的驱动因素。由于传统工业经济时代,企业并购着眼于物质资本的并购,其并购有效性体现在物质资本的价值释放是有限的;而新兴知识经济时代,企业并购应是着眼于智力资本的并购,这种并购的有效性体现在智力资本的价值创造,是可以持续为企业带来价值创造的并购模式。

In the knowledge-based economy ages, the knowledge has become the new economic resource of economy increase. Enterprise intellectual capital has become the new factor which increases the enterprise value. In the traditional industry ages, as enterprise merger & acquisition pay more attention on physical capital, the validity of value release is limited. In the newly ages, on the other hand, the value creation of intellectual capital is another effective model for enterprise to have the continuous value creation.