企业并购的人力资本价值评估模型  

Toward a Valuation Model of Human Capital in Mergers and Acquisitions

作　　者：谢纪刚[1] 周绍妮[1] 于珊珊[1] 

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《北京交通大学学报（社会科学版）》2014年第2期36-41,共6页Journal of Beijing Jiaotong University(Social Sciences Edition)

摘　　要：根据企业并购中人力资本价值评估对象的特殊性,可将人力资本划分为生产型和经营管理型两类分别进行评估。生产型人力资本价值主要由其成本构成,可采用工资报酬折现法进行评估。经营管理型人力资本价值的评估则须兼顾人力资本成本及其为企业创造的剩余价值,因而可用收益折现原理构建经营管理型人力资本价值的评估模型。这一模型可操作性较强,可为企业并购估值提供决策参考,有利于企业加强对人力资本的投资和管理。According to its characteristics in Mergers ＆amp; Acquisitions ,human capital can be valuat-ed from two perspectives ,namely ,production_type and management_type .The production_type , also known as the general human capital ,is mainly composed of the costs .Therefore ,it can be valuated by the method of wage_cash conversion .The valuation of management_type human capi-tal should include both the cost of the human resources and the residual value contributed to the enterprise .Therefore the present earning value method can be used to establish a management_type human capital valuation model .This highly operable model can facilitate the valuation of M＆amp;A and investment and management of human capital .

关 键 词：人力资本 价值评估 企业并购 

分 类 号：F271[经济管理—企业管理]