Research Of Control Transfer Impact On Intellectual Capital

Intellectual capital is a important manifestation about intangible assets, and bring a lot of abnormal profits to enterprise. For the past few years, as knowledge economy continues to develop, one of the mergers way control transfer represented by the focus gradually from the physical capital to knowledge, technology and management methods, represented by the transfer of intangible assets. Intellectual capital is an important form of intangible assets, which is the source of excess profits for the enterprises, on the researching of intellectual capital change before and after M&A is also very significant. Research about the two content is a new angle.Papers introduces intellectual capital and control transfer first, then introducing the research review about them, after analysis the research which has already been done, come with up the new point of view. Through introduces the theory of intellectual capital, the action and assort of M&A based on intellectual capital. Summarized the M&A synergy effect of intellectual capital. Then described the control transfer theory, introduced various views of control transfer impact on the business performance, analyzed the reason of control transfer and the impact of intellectual capital after control transfer. About empirical research, the paper first introduced the empirical method of VAIC and describes the sample characteristics, analysis the intellectual capital of 14 pharmaceutical companies which having control transfer in 2005, and analysis the change of intellectual capital before and after control transfer. In the final conclusions, summarizes the whole paper, and give some advices and research prospects.Through research we found that, in the high-tech enterprises represented by pharmaceutical companies, human capital holds the largest proportion, is the key to enterprise. After control transfer intellectual capital have a tendency to getting down, and when in the unfavorable external economic environment, the corporate intellectual capital will also have large fluctuations. About how the capital level impact to profitability of the business, after control transfer physical capital and human capital both have positive effects, but structural capital haves a negative effect.