Research On Enterprise Valuation Based On Intellectual Capital

Enterprise value assessment is the important and necessary way for capital marketparticipants to realize the true value in various economic activities, such as firms’initial public offering, investing, mergers and acquisitions, value-based managementand so on. In the evaluation of long-term practice, which mainly includes the marketmethod, cost method and income method, has been gradually formed. However, withthe era of knowledge economy, intellectual capital has replaced the land, labor, capital,has become the core source of enterprise value. So this article established theenterprise value assessment oriented intellectual capital, which more conducive toreflect the true value of the enterprise.First of all, in this paper, define the definition of intellectual capital and structuredimensions by the existing literature. Comparative analysis of the measurement modelof intellectual capital, through model comparison, chose the intellectual capital valuecoefficient method to measure the intellectual capital value which contributed to theenterprise value. Secondly introduce the common methods of enterprise valueassessment, such as market method, cost method and income method, discuss itslimitations about the contribution of intellectual capital to the enterprise value. Finally,through discussing the theoretical basis of the relationship between intellectual capitaland enterprise value systematically, including degree-effect of enterprises, enterpriseknowledge base chakra and coordination theory. And then analyze the impact factorof intellectual capital on the enterprise value and the micro mechanism of value, thereare the mechanism of human capital to create enterprise value research and themechanism of capital structure to create enterprise value respectively.Finally, with the financial statement data in2013in Shanghai and ShenzhenA-share listed pharmaceutical manufacturing enterprises as samples. By comparingthe accuracy of multiple linear regression models and the median regression model,finally choose the latter to evaluate enterprise value. Then evaluate the value ofSunflower pharmaceutical group by the median regression model.