Investigation On The Impact Of Intelligence Capital Integration Towards Value Creation In Enterprises Merger And Acquisition

With the development of Economic Globalization,the competition between enterprises becomes more and more fierce,to seek scale economy,decentralize operational risks,realize the strategic transformation for the enterprises,more and more companies begin to consider the possibility of Merger&Acquisition(M&A).However,successful cases of M&A are few,especially for Chinese enterprises.The reason why is that,enterprises usually pay attention to the strategy,business and financial factors during M&A,yet neglecting the integration of intellectual capital in the form of intangible assets.In the era of knowledge economy,the intellectual capital and its value chain are playing an irreplaceable role in enterprise M&A.This thesis centers on the important role of Intelligence Capital(IC)and its integration in the process of M&A.Chapter One introduced the research backgrounds,the meaning of researching IC value chain integration,the purposes and methods,research contents and methods of this paper.In Chapter Two,we reviewed the relevant theory and literatures,reviewed the academic research progress of IC integration based on the Theory of M&A Motives and the Theory of Competitive Advantage.In Chapter Three,we further studied IC integration,investigate the necessity of IC integration in M&A,demonstrate that the synergies from IC integration can impose positive impact to M&A value creation.In Chapter Fore,we investigate how to integrate IC in M&A activities via human assets,construction assets,relationship assets.In Chapter Five,we present an index system and method to evaluate the effectiveness of IC.In Chapter Six,we investigated the M&A of Continental Corporation to Veyance Technologies,analyzed the process of this case,and evaluated the effectiveness of IC after integration via applying the index system presented in the previous chapter,in order to verify the standpoint of this paper.In the last chapter,we concluded the content of this paper,and looked forward the prospect of IC integration.Based on theories of enterprise M&A,IC and value chain,utilizing both the quantitative analysis and qualitative analysis method,combining the theory research and application research,this paper investigated the structure of IC and its integration,highlighted the importance of IC integration in enterprise M&A,and presented an index system to evaluate the integration effectiveness,providing some useful reference for enterprises aiming to conduct M&A.