企业智力资本与企业资本结构优化

Firm Intellectual Capital and Capital Structure Optimization

在新经济环境下 ,如何有效地利用和管理智力资本已成为创造企业竞争优势的重要手段之一。本文试图从智力资本的构成及其综合财务度量指标入手 ,建立在权衡智力资产创造企业价值的激励制度下的资本结构优化分析模型 ,通过这个模型的分析和简要案例的剖析得到结论 :应用智力资产贡献率和贡献增长率指标在一定程度上可以度量智力资本的贡献 ;适宜的智力资产贡献激励能够促使代理人优化资本结构 ;在考虑智力资产贡献激励情况下 ,企业代理人会寻找更有效的手段 (如资产负债综合重组优化 )来优化企业资本结构。

In new economic environment, how to use and manage effectively the intellectual capital is one of most important methods which create the competitive advantages in firms. This paper try to describe the component and financial measurement index of intellectual capital, and to establish an analysis model for capital structure optimization under balancing off the incentive of intellectual assets creating firm value. According to the analysis of model and brief case in this paper, there have three conclusions as follow: the contribution of intellectual capital can be measured by two index-contribution rate and contribution growth rate of intellectual assets; suitable incentive of intellectual assets spur managers (agents) to optimize the capital structure in firm; considering the incentive of intellectual assets contribution, agent would find more effective methods ( such as restructure assets and liabilities) to optimize capital structure in firm.