并购中的企业人力资本价值评估初探-资产评估专业论文.docx

万方数据 万方数据 摘 要 人力资本作为企业最宝贵的资源，在企业以及社会经济的发展中发挥着越来 越重要的作用，尤其是在并购中它的作用越来越突出。但是由于企业缺乏对人力 资本的重视，从而低估并购企业自身的价值。因此，并购企业的人力资本价值评 估问题已经成为我国亟待解决问题。 首先，从理论上对人力资本、人力资本价值及并购中的企业人力资本价值等 基本概念进行了简要介绍，然后对影响人力资本价值形成的因素及其对企业并购 的影响等进行深入阐释。其次，根据其价值评估的特点、假设与原则，并且在简 要介绍了现有评估模型的基础上，进一步指出了本文所运用到的模型。该模型主 要将其分为两方面来进行评估，即包括并购企业（并购前的目标企业与并购后的 企业）的人力资本价值与并购之后的人力资本协同价值两个方面，第二部分不包 含在第一部分之中。同时由于不同类型的人力资本所发挥的作用也不尽相同，所 以本文根据这一特点对第一部分的人力资本进行了分类，主要分为普通型、经营 管理型和技术研发型来进行研究，这一部分应用的模型是实物期权模型；第二部 分没有一个完整的量化模型，主要是从理论方面对其进行分析。然后，本文将结 合案例进行简单分析。最后，给出了结论与前景展望。 本文试图通过对其进行有效的探索，完善这一评估理论与模型，同时引起企 业管理者对人力资本这一最稀缺资源的重视，使人力资本能够更好地发挥其自身 的价值。 关键词：并购；人力资本；价值评估 I Abstract Human capital, as the most precious resource of the enterprise, is playing a more and more important role in the development of the enterprise and social economy, especially in the mergers and acquisitions its importance is more and more prominent. But due to the enterprise does not realize the human capital, so we always underestimate the value of the enterprise. Thus, the evaluation of the human capital in MA is becoming an important problem to be solved in our country. Firstly, the basic concepts from the theory of human capital, the value of human capital and mergers and acquisitions in the enterprise human capital value is introduced briefly, and then studies deeply the influencing factors on the formation of human capital value and its influence on enterprises merger. Secondly, according to the characteristics, hypothesis and principle of human capital value assessment in M A of enterprises, basing on the brief introduce of the existing evaluation model, this paper further puts forward the evaluation model which is used in this paper. The model divides human capital value in M A of enterprises into two parts, which includes the target enterprises and enterprises after M A, and the coordination value of human capital after acquisition, which is not included in the first part. At the same time, due to the different types of human capital in enterpr