A Research On Enterprise Value Assessment System Based On Intellectual Capital

Abstract:Corporate finance is one of the important branches of the study on modern finance. With contemporary society entered the era of knowledge economy, the traditional evaluation methods of enterprise value based on tangible asset can not meet the requirements of enterprise value evaluation under the modern economic environment. Intellectual capital theory provides a good idea to explore enterprise value assessment system. This article will combine intellectual capital theory with enterprise value assessment, and is committed to building an assessment system based on intellectual capital, which keeps enterprise value assessment theory developing and improving of the times, and providing an important basis for decision to managers corporate mergers and acquisitions and outside investors’rational investment.On the basis of in-deep analysis about value creation mechanism of intellectual capital element, this paper will building an enterprise valuation indexes system which combined intellectual capital which include human capital,organizational capital, innovation capital and relational capital and financial index as EVA. This article combined theoretical analysis and case study method. Based on the above theoretical analysis for building enterprise value assessment system, the paper choose Sany Heavy Industry Co. as case study example. First, from the strategic level and financial situation of the company to take an overview of company fundamentals, then calculate EVA as financial index value, applying AHP and expert investigation method to get the value added intellectual capital coefficient, and get the overall value combined with financial value. Case analysis shows that the value based on intellectual capital is106%more than the stock market, which due to the higher quality of intellectual capital. Finally, a summarization is presented to describe deficiencies and improvements of this article...