| Since the 1990s, the rapid development of information technology and market economy led to the worldwide problem of a surplus of production capacity and a backlog of products. This global shock greatly impacted China's society, economy and every aspect of life. Now, market has become the scarcest resource. The operation of market economy is demand-driven, and the fierce market competition and the diversity of consumer demands speed up the update of products. From the perspective of micro-market, the dominant role of consumers and the consumer sovereignty are the basic characteristics of the market's operation. Market has become the most important resources that enterprises compete for, which essentially means that consumers have become the most important resource.In recent years, theoretical researched have stated that a complete market economy should include three elements, which are monetary capital, intellectual capital and consumption capital. For many years China's market economy has always been dominated by money and labor. Monetary capital is paid high attention to by people, but as new capital forms, intellectual capital and consumption capital haven't played a prominent role in the development of China's economy. Although intellectual capital was gradually known by people in the development and practice in recent years, consumption capital still hasn't got much attention. With the economic development, more and more entrepreneurs have profoundly realized that: consumers, as the medium of consumption capital, are the real masters of market economy and the ultimate power that determines the competition. Whoever wins the most consumers can own the biggest market and huge amount of capital input.Under this circumstance, consumers enter the inside of the enterprise from the outside and participate in the design and manufacture of products. Consumers have the capacity to access the information of any kind of product and service anywhere in the world. They voluntarily participate in the design and development of new products, enter the factory and marketing department and become the enterprise's cooperators. The opener the enterprise is the more activities the consumers can participate in. Enlarging the participation of consumers is conducive to improving the relationship between customers and the enterprise and the customers'affinity with and trust in the enterprise, which further improves the value of consumers and the value of the enterprise. Under the dual pressure of globalization and joining WTO, Chinese enterprises are facing huge challenges from capital to market. The enterprise managers have to consider important topics such as how to gain bigger market share, how to win more consumers, how to improve their satisfaction and loyalty and how to improve the enterprise's competitiveness. Capitalized consumption theory, which is based on the concept"consumers are the masters of the market", treats consumer's purchasing activity as an investment in the enterprises, which to some extent changes the enterprise and consumers from two opposing parties to interest sharers, completing the process of consumption capital transformation. It has become a whole new set of economic theory and enterprise management concept, and in fact it's the focus of researches on economic development in the world.The basic structure of this paper is as follow:Chapter One Introduction. Explains the background, purpose, meaning, procedure and content of the research.Chapter Two Literature review. This chapter reviews enterprise value theory, consumption theory research, intellectual capital research and consumer value theory, whichprovides the theoretical basis for the value creation of intellectual capital and consumption capital.Chapter Three The conversion between capital cycle and enterprise value. This chapter first introduces the development of enterprise value, and then the transformation of capital from the material capital and monetary capital in the traditional sense to labor capital and structure capital, and then to the intellectual capital, financial capital and relational capital in the hot fields and the controversial consumption capital. These capitals all create value, but they have different contributions to the enterprise while creating value. In other words, difference exists in capital values and different capitals are interrelated and they influence one another.Chapter Four This chapter introduces the conversion between capital cycle and enterprise value. Enterprise value is the enterprise's comprehensive performance of adaptability to the market environment, profitability and sustainability of competitive advantage. It reflects not only the enterprise's profitability of existing capital but also the enterprise's adaptability to market environment. In the traditional sense, enterprise value mainly comes from the effective use of material capital, monetary capital, labor and other economic resources. However, in the environment of intellectual economy, strengthening the investment and management of labor capital and structure capital is necessary in order to improve the enterprise's core competitiveness. Therefore, intellectual capital contributes more to enterprise value than financial capital, which makes it the main source of enterprise value.Future market will transform seller market into buyer market. Consumer's activities transform from pure consumption to investment. They can gain the investment return from their consumption and establish a close interest relationship with the enterprise. Consumption can satisfy their demand as well as receiving interests in return. The status of consumers is therefore elevated. At the same time, consumption capital can help the enterprise remove the information barrier between the enterprise and the consumers, better grasp the market demand and understand the advantages and shortcomings of business operation. Therefore, enterprises need to increase their investment and management of consumption capital in order to develop.The actualization of the conversion mechanism between consumption capital and enterprise value must meet with two conditions: continuously creating consumer surplus; realizing the responsibilities and promises, which is mainly traceable product quality. Intellectual capital and consumption capital create enterprise value in a cycle, which requires development mode, marketing mode and distribution mode. Intellectual capital improves the product quality and service capacity and consumption capital improves the enterprise's marketing ability, which will eventually increase both consumer value and enterprise value.Chapter Five Enterprise R&D oriented on intellectual capital and consumption capital cycle. This chapter further studies consumption capital theory, states that the establishment of an interest partnership between enterprise and consumers first requires the enterprise to be able to produce products that can satisfy the consumers'demands. Thus, correctly understanding the consumers'demands is very important to the enterprise's research and development. This paper learns that consumer's motive for purchasing is the function of the product and they want maximum product value, which requires the enterprise to start with the initial product research and development and to innovate the products according to consumers'demands.Market competition has essentially become the competition between new products and technologies, so the research and development of new products is the key of the enterprise's existence, and consumer is the source of the enterprise's innovation of products. Their demands play a key role in the innovation of products. The motive for consumer's purchasing activity is their need of the function provided by the products, and according to the functions, some are basic while others are unnecessary, which is surplus, but some supplementary functions have different meanings for different consumers.Therefore, the enterprise can clearly analyze the categories and levels of those functions, and while keeping the product's basic function, it can develop corresponding supplementary functions and precious functions targeting different consumers and remove unnecessary functions, which can improve the customers'satisfaction as well as saving the enterprise's resources.When purchasing, consumers will choose merchandise with the highest performance-price-ratio, which is the merchandise with the biggest product value. However, from the perspective of the enterprise, whether the product value can reach maximum is closely related to the function and cost of products. But enterprises cannot only improve function or reduce cost. They should explore all methods that can increase value in the process of designing and modifying products.The creation of enterprise value oriented on consumption capital should start with research and development and improve product value through product design. Through the analysis and understanding of the consumers'demands, analyze, arrange and evaluate product functions. On this basis, consider the cost corresponding to each function, and eventually establish an enterprise R&D strategy based on consumers'demands with improving value as goal, function analysis as core, R&D stages as analysis focus and cooperation as main form.Chapter Six The continuity of consumer perception and enterprise value creation. Based on capitalized consumption theory, establishing an interest partnership between the enterprise and its consumers is the most powerful weapon to develop market. The consumption-capital-oriented enterprise marketing strategy requires the enterprise to center on consumer interests and real demands. This chapter introduces the factors that influence consumer behaviors and consumer's decision-making in the purchasing process, emphasizes the importance of establishing an enterprise marketing strategy based on consumer's real demands and explains the specific implementation the enterprise marketing strategy based on three aspects.First, provide the consumers with information of the real condition of the products.Second, deeply understand the levels of consumers'demands. Third, provide appropriate service. Targeting the phenomenon of excessive service in the service industry, this paper explains the customer's need of"no need"and the necessity of enterprise providing non-disturbance service.Chapter Seven Consumer's actual contribution and enterprise distribution. The implementation of capitalized consumption requires certain systematic arrangement to transform pure consumption to investment. Based on capitalized consumption theory, consumers purchase merchandize, which in some sense, is a form of investing in the enterprise. The enterprise and consumers can establish an interest partnership based on this. This kind of interest-sharing management mode requires the enterprise to give the customers certain investment return and interest distribution based on their actual contribution, their consumption share or investment share in the enterprise. The establishment of an enterprise distribution strategy based on the consumer's actual contribution can allow the consumers and the enterprise to enjoy the same profit, solidify their relationship and strengthen their information exchange, which makes this partnership more intimate and solid.Investment requires return, which is a necessary element in the establishment of an interest-sharing management mode between the consumers and the enterprise. Therefore, an enterprise needs to comparatively analyze its cost-benefit and establish consumer investment accounts. Making a reasonable proportion of consumption share as investment share and listing it under the consumer's investment account in the enterprise is the key issue in capitalized consumption. If the investment share distributed to the consumer is too much, then the enterprise's profit will be reduced, but if it's too little, the consumer's activeness will be decreased. Therefore, a distribution plan that allows a win-win situation must be made. From the perspective of consumers, the investment share returned from the enterprise is equivalent to discounted product, but the meaning is different. Here, an investment behavior is involved, so the payment of this investment share would have a bigger impact on the consumer's activeness. The establishment of consumer's personal investment account can help the enterprise effectively grasp the customer's consumption information, and then determine the consumer's actually contribution to the enterprise and accordingly determine an enterprise distribution plan.This paper has the following innovative points:Through theoretical analysis, this paper systematically studies the internal mechanism through which intellectual capital impacts high-tech enterprise performance. Compared to existing relevant research, this paper is innovative in the following aspects: First, proposed the capital characteristic of maximum enterprise value: capital with maximum enterprise value should not only be rare, irreplicable and have customer value but also traceability.Second, proposed the value and formation mechanism for consumption capital: this paper redefines the essence of consumption capital, which is the voluntary purchase share based on the awareness of responsibility for ethical consumption when consumers can feel the effectiveness. In other words, the purchase of consumers is not consumption capital. The premise of consumption capital is first, consumers feel the consumer surplus, and two, they feel the responsibility promise of the enterprise's products and services.The formation of consumption capital is based on two points: consumer surplus and ethical value. Consumption capital means that consumers are not simply purchasing, but rather it's an investment based on social rational mentality. Once the enterprise's products and services win the consumption capital, the enterprise will undoubtedly actualize long-term value creation and continuous competitive advantage.Third, construction of value creation model with intellectual capital and consumption capital cycle: based on theoretical analysis, with reference to the idea of intellectual capital, use the previously defined intellectual capital to represent the possibility of the enterprise providing quality products. Based on consumer surplus, ethical value must be created to form consumption capital. Only through the circular creation of intellectual capital and consumption capital could the enterprise continuously create value.The creation of ethical value can be achieved through the following means: among the concepts and decision-making elements of labor capital, not only the enterprise's mission concepts but also its many decisions, responsibility promise should be emphasized to ensure that the enterprise fulfills its social responsibility and runs this idea through the process of design, production and marketing, always promising to bring safe, environmentally-friendly quality products to the consumers.The elements of structure capital include production procedure and supply chain link. In order to ensure that responsibility promise is represented in every production procedure and every link of the supply chain and that there is proof for reference, a set of examination system for responsibility promise must be provided to promote overall value traceability in the procedure link of production and service and all links of the supply value chain.Fourth, based on previous researches, this paper establishes and modifies some new models. Targeting the asymmetric information and its possible result of customer searching for improvement of cost, this paper starts with the consumer surplus theory in economics, establishes a model on searching cost which better explains the importance of enterprise providing true product information; targeting the excessive service in the service industry, this paper explains the customer's need of"no need"and the importance of enterprise providing non-disturbance service. This paper also innovatively categorizes the customer's psychological experience into four parts and accordingly establishes a new model on service cost. Considering the customers'demands, enterprise should make allowing consumers to reach and maintain between satisfaction zone and benign tolerance zone the basic goal of service cost management and control.
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