| Although the M&A of corporation emerged in our country only over one decade ago, it has already undergone several climaxes and progressed currently towards the more mature and rational stage. Historically speaking, both the western and Chinese cases of M&A applied us with an important point, i.e. M&A is not only a major way by which corporations can realize expansion, but also a powerful means as well as a shortcut through which the company can develop dramatically, expand cost-lowly and thus acquire core competence rapidly.Based on different needs and targets, however, the concerns on M&A in our country verified at present. But it is undeniable that, after experiencing the Asian financial storm and recent frustration in our stock market, more and more corporations and private investors gradually overcome short sight, turn to pay more attention to substantial investment and try to achieve a good management after M&A. In this process, the corporations often face the absence of knowledge assets on one side (like management, technology, human capital etc.); on the other side, they are not good at gaining and utilizing the knowledge assets. Therefore, this discrepancy finally causes some problems---the conflict of company culture, the lost of human capital and also the great waste of technology and market resource.At the same time, facing the large-scaled fabric regulation of state-owned assets, the corporations may cost and waste a lot unless they can efficiently acquire the accumulation of knowledge assets saved by the state-owned enterprise in a long term, as the proverb said that one bird in hand is better than two birds in woods. Besides, the ignorance of knowledge assets will also be harmful for us to fully exploit the present economic resource in promoting entity economy, neither will it be helpfulfor founding a healthy microeconomic basis.At present, there are many researches on corporation M&A and knowledge assets respectively. Both topics are very hot in theoretical area. But it is very scarce to find investigations that can completely and systematically combine the M&A with knowledge assets and probe the relationship between the two aspects. In this case, the purpose of this article is to advocate an new idea of M&A based on acquiring knowledge assets, to find out a new way from different angles to improve the efficiency and quality of M&A, and hopefully, by further recognizing and systematically analyzing the features and managerial rules of knowledge assets, to guide the corporations to gain the knowledge assets consciously, thus arouse the concern to pursue the long-term competence advantage, and enable the companies to handle the business more efficiently and effectively.But at the same time, one should notice that the concept of knowledge assets is more extensive than that of intangible assets in current accountancy. It not only includes traditional intangible assets like patent, exclusive techniques, brand right and copyright etc. but also consists human capital, organizational asset, intellectual asset and market asset. Thus due to the intangibility, uncertainty and dynamic state of knowledge assets, and owing to its insufficiency on information issuing, it is indeed difficult to acquire and utilize the knowledge assets. Based on the above reason, it is necessary for us to combine the company strategy with the seller's knowledge assets, analyze the synergy between the knowledge assets and the buyer's assets and make a careful investigation of the knowledge assets, targeting on the advanced culture, excellent management and outstanding elite on one side. On the other side, we should integrate the knowledge assets completely and systematically and utilize them innovatively by using the general rules of knowledge management and considering the features of different knowledge assetsand the specific situation of different M&A.To sum up, on the basis of criterion and demonstration analysis of some typical M&A cases, this dissertation is aimed to summarize the general prin... |
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