Fuzzy Evaluation Of Knowledge-based Enterprise Value

At the end of 20^th century, "The Knowledge Economy" is springing up in ourland. Thanks to their hi-tech. and talent staffs, dozens and dozens of knowledgeenterprises surpass the formers with amazing speed. Their huge potential of valueappreciation has attracted every investor's eyes immediately! At the same time,economical academic also pays much attention to these new phenomenon. In this thesis,we study a foundational issue, that's how to evaluate The Knowledge Enterprise'svalue properly.Starting from the big gap between book value and market value, thesis analyzeshow the knowledge enterprise's characteristics affect its value. Then, after making clearthe limits in the existing evaluation method, thesis established Fuzzy Evaluation System,which can evaluate both the isolated assets value and the enterprise integral value morereasonable, to meet the need of market economy development and property rightexchanging in this great times. The thesis emphasizes on the contribution of intangible asset and human resourceasset in the knowledge enterprise. Therefore, in Fuzzy evaluation system, humanresource is looked upon as an asset for the first time, which has it's own cost and value.While, due to the effect from many factors, intangible and human resource asset'svalues are more flexible than the tangible ones. So, whether qualitative analysis andquantitative analysis can be consolidated is the key point of proper evaluation of theknowledge enterprise. The Fuzzy evaluation model is just designed to solve this kind ofproblem. In this new system, not only all factors have been included in, but also a newevaluation method"Experts evaluation adjustment -compensation" has beenintroduced in, to avoid man-made deviations during the effective evaluation process ofthe knowledge enterprise. As a result, the value becomes more reliable and scientific.It can be seen from the example that Fuzzy evaluation method gives an explain formost of the differences between the Knowledge Enterprise's book value and marketvalue. But, it's a pity that this method can' t explain another differences. It needs moretime in exploring the reason. Besides, a lot of information must be occupied, and must beprocessed by this fuzzy method. So, it's necessary to turn manual evaluation intocomputerized process.