Analysis Of Enterprise Value Creation Based On Lifecycle And Dynamic Capability

With the development of market economy and technology, competition in globalization is established fact. Enterprises in China are facing a rat race and challenge. In the competition some enterprises stand out and some are disappeared. Market is fair, when the enterprise possess advantage in competition; the market would encourage it to develop. While it don't, the market would make it to disappeared. So with the trend of more intense competition and globalization, enterprises are in a change. How to improve competition advantage, how to keep sustainable development, and how to realize the creation of enterprise value, all are problems that enterprises concerned. They are also the purpose and meaning of study.This paper consider the source of dynamic ability is competition advantage, and dynamic ability drive the creation of enterprise value. Currently the research about the dynamic ability is mostly focused on the concept, characteristic, relationship with competitive advantage and influence factor. This paper is from the point of enterprise value's maximization. Consider the character of lifecycle of enterprise. Absorb the thought of BSC(Balanced Score Card). Research how to improve the enterprise value based on the dynamic ability from every stage of lifecycle. Achieve the continue competition advantages.In the second chapter, review the theory of dynamic ability and lifecycle.In the third chapter, from the point of maximization of enterprise value, absorb the idea of BSC, to constructive dynamic ability. From the dimension of financial; get the other three dimensions to constructive the dynamic ability. They are customer perspective, internal-business processes and learning and growth. Through the connection of these three dimension and EVA, to realize the dynamic ability construction from the point of enterprise value.In the fourth chapter, from the process of lifecycle, construct the dynamic ability according to different characters in different stages. And analyze the evolution of dynamic ability in lifecycle. This paper divide lifecycle into four stages, initial stage, grow up stage, mature stage and break up stage. Construct the dynamic ability according to different characters in different stages. And analyze the evolution of dynamic ability in lifecycle. Through the evolution of dynamic ability to realize the sustainable development.In the fifth chapter, study the dynamic ability of FT.Dynamic ability is an abstract concept, and the divide of lifecycle stage is vague. So this paper is just initial study that make some effort to the future study.