联系我们

论文查询结果	返回搜索

论文编号：	912
作者编号：	032879
上传时间：	2009/12/29 10:51:50
中文题目：	无形资产主导型企业治理
英文题目：	Intangible assets-dominated Corporate Governance
指导老师：	程秀生 李维安教授
中文关键字：	无形资产 企业治理 有限责任
英文关键字：	intangible assets corporate governance limited liability
中文摘要：	中文摘要 传统意义上的资产主要是指有形资产，但有形资产理论无法解释等值有形资产在价值创造方面存在巨大差异的现象。无形资产的存在是导致这一差距的重要原因。随着中国加入世界贸易组织和高新技术产业的迅速发展，无形资产的作用和地位正在日益上升，企业的无形资产——知识产权、人力资本、组织资本、创新能力等，日渐成为企业生存和发展的关键要素。世界银行的研究报告进一步指出，2000年无形资本在各国财富中所占份额平均值高达78%。 当创新成为企业获得竞争优势的先决条件时，更好地创造和管理无形资产已成为企业谋求生存发展的重要手段和紧迫任务。在我国，公司董事会通常将知识产权等无形资产的决策和运营责任委派给管理层，事实上把无形资产问题淡化于公司治理领域之外。其实，无形资产决策和运营是非常复杂、特殊并且重要的领域，企业之间的知识产权之争甚至会上升到国家利益层面。已经有许多案例表明，不重视无形资产运营和管理的公司，很容易陷入无形资产纠纷，甚至给公司带来严重的财务和商业风险，最近发生的达能—娃哈哈商标权纠纷就是一个典型的案例。无论是从理论还是实践层面来看，加强无形资产相关治理问题的研究都显得尤其重要。 长期以来，“股东至上主义”成为公司治理研究的主导取向。着眼于股东利益最大化，完善委托代理机制，成为公司治理研究的中心。然而，20世纪50年代萌芽的经理人革命，90年代出现的新技术革命以及新世纪出现的知识经济不断昭示出传统的“股东至上主义”的局限性。在股东提供的有形资本之外，以知识产权为代表的技术能力，以品牌渠道为代表的营销能力，以各类开发权与特许权为代表的经营权利，以及以管理层和关键技术人员为代表的人力资本已不再单纯依附于有形资本，而是作为企业运营不可缺少的、与物质资本日益形成了互补共生的经济要素，并且要求共同分享生产要素协同创造的附加价值。因此，在企业经营过程中，如何在企业治理框架内对供应商、消费者、债权人等利益相关者权益进行保护亦成为亟待解决的现实问题。 本文在阐述利益相关者内涵的基础上，从要素投入与产出的视角，对企业治理与利益相关者治理理论研究现状进行了梳理。本文认为，无形资产主导型企业治理源于利益相关者治理，但是又有明显不同：无形资产主导型企业治理观不光重视无形资产要素的投入，更重视企业经营过程中无形资产的运营。本论文的研究对象是无形资产主导型企业的治理特点，主要目的是帮助企业明确以下问题，从而促进企业的无形资产治理和运营：无形资产到底是什么？不同组织形态中的无形资产有何运营特点？股东、董事会与管理者以何种方式可以有效地推动无形资产的价值创造和有效管理？如何针对不同的无形资产要素采取有效的组织形态？各种无形资产要素的利益相关者的责权利如何体现？ 基于无形资产的运营特点，本文认为无形资产主导型企业的治理结构与治理机制应呈现出一些独有的特点，但不可否认的是，有效的治理同样是基于企业组织目标，在一定制度的规范和制约下，对要素相关者的内外部激励和约束而达到的一种均衡状态。 本文的选题具有较强的创新意义。首先，论文不局限于研究以传统资产出资的股东与企业治理的关系，而是将研究范围扩展到知识产权、特许经营权、渠道资产等诸多无形资产要素出资与企业治理的关系，目前的企业治理理论对这一领域还较少涉及。其次，本文着重研究了要素结构与企业治理的关系。企业治理早期研究注重治理规范、治理共性的研究，本论文则着重转向全要素的企业治理研究。从最早的业主制企业开始，研究各种不同形态企业的要素结构与治理结构之间的联系，分析不同要素在企业治理中的不同作用。由此得出结论，要素投入与产出结构不同的企业采取的企业形态、治理模式具有明显差别。 为了验证上述理论，本文采用了规范研究，结合案例分析企业治理应对无形资产予以充分重视，希望能对理论与实务有所贡献。一是达能娃哈哈案例。这个案例表明了潜在无形资产在公司治理中所发挥的重要作用。企业的控制权未必完全取决于企业的产权结构，掌握营销渠道等无形资产的相关方对企业的实际控制力在一定程度上可能超过其股权比例。二是凯明清盘案例。这个案例说明了以无形资产投入产出为主的高科技企业选择合适的企业治理结构的重要性。高技术企业需要处理好资产结构、产权结构与治理结构的关系。在企业发展的一定时期，股权结构的过度分散可能对企业的发展不利。三是中芯国际与台积电知识产权诉讼案例。这个案例说明人力资本在公司治理中的作用不可忽视。人力资本作为一种特殊的资源要素，对企业的发展起着非常重要的作用，处理方式是否妥当，直接关系到公司其他要素相关者的利益，影响到公司能否正常运营及健康发展。 关键词：无形资产 企业治理 有限责任
英文摘要：	Abstract The assets in the traditional sense mainly refer to the tangible assets. However, the theory of tangible assets cannot explain the phenomenon that great differences remain in value creation by tangible assets. The existing of intangible assets is one main factor accounting for this gap. With China’s entry of WTO and the rapid development of High-tech industries, intangible asset plays a role increasingly important. The intangible assets of an enterprise, including intellectual property，human capital，organizational capital and innovation ability, are critical to the survival and development of it. The research of the World Bank in 2000 revealed that the intangible assets averagely occupy 78% of the wealth of the countries. When innovation becomes the prerequisite for obtaining competitive advantages for the enterprise, to better create and manage the intangible assets have become the important means and urgent task of the enterprise to seek for existence and development. In China, the Board of Directors of the company usually assigns the responsibility of management of intangible assets like intellectual property right to the management level, considering that the responsibility of management of intangible assets lies in the management level, not corporate governance. As a matter of fact, the management of intangible assets is a very complex, special and important field; the disputes in intellectual property right among enterprises may even be brought to the level of national interest. Many cases showed that a company ignoring the operation and management of intangible assets is bound to be involved in intangible assets disputes even face severe financial and commercial risks. Danone-Wahaha trademark right dispute is a typical case. Studies on management of intangible researches have significant theoretical and practical importtance . For a long time, “Shareholder Primacy Theory” dominates the researches on Corporate Governance, centering on the maximization of shareholder interests and completion of entrustment-agency mechanism. However, either the managerial revolution in 1950s, or the new technological revolution in 1990s, or the Knowledge economy this century reveals the limitations of “Shareholder Primacy Theory ”. Apart from the tangible assets provided by shareholders, the intangible asset, including technical capability representing by intellectual properties, the marketing capability represented by brands, the management rights represented by various development rights and franchises, the human capital represented by the corporate managers and key technical employees, has no longer just relied on the tangible assets; instead, they serve as indispensable factors for the operation of the companies and forms complementary relationship with the material capital and requires sharing of the additional value created with the production factors. The paper, based on an elaboration of the connotation of the stakeholder, expounds the current theoretical studies of corporate governance and governance of the stakeholders from the perspective of factor input and output. The paper maintains that governance of enterprises dominated by intangible assets originates from governance of stakeholders but they have notable differences. The governance of enterprises dominated by intangible assets not only stresses input of intangible assets factors; still more, it emphasizes the operation of intangible assets in the process of enterprise operation. The object of research for the paper is the characteristics of governance of intangible assets and the purpose is to help the enterprise clarify the following issues so as to promote the governance and operation of intangible assets. What is the definite meaning of intangible assets? What are the features of operation of intangible assets in different organizational forms? What are ways that can be adopted by the shareholder, board of directors and management personnel to effectively promote the value creation and effective management of intangible assets? How can we adopt effective organizational form targeting different factors of intangible assets? How can the responsibility, right and interest of stakeholders of various factors of intangible assets be reflected? Based on the characteristics of operation of intangible assets, the paper holds that there are some unique points in the governance structure and government mechanism of enterprises, but there is no denying that effective governance is still a certain balance reached through the internal and external stimulation and constraint of factor stakeholders based on the organizational purpose of the enterprise and regulated by some system. The innovation of the paper lies in the following fields. First of all, the paper analyses the relationship between all kinds of capital contribution and corporate governance, which including cash capital contribution, intellectual property rights, franchise, channels of distribution and other intangible assets and production factors, Whereas formerly only cash capital contribution has been taken into accout. Secondly, the paper researches the structure of production factors and corporate governance. Fomer corporate governance theory focused on the general norm and characteristics of governance, whereas the paper turns to specific research on the different governance structure of all kinds of corporates which have various production factors structure. The paper especially pays attention to how all kinds of input factors influence the corporate governance. Based on the foregoing analysis, the paper concludes that different corporate, which have diversified structure of input and output factors, implements various governance structure. To verify the above theory, the paper maintains that intangible assets should be stressed in corporate governance with analysis of several cases in the normative research, hoping to contribute to the theory and practice. Danone-Wahaha trademark right dispute demonstrates the importance of underlying intangible assets for corporate governance. Corporate governance doesn’t entirely depends on structure of property rights. It is the entity which dominants intangible assets, such as channels of distribution, but not substantial shareholder, that occassionally acquires right of control of the corporate. The liquidation of COMMIT Incorporated reveals that high-tech enterprises, which intangible assets take up a important proportion in their structure of inpu and outout factors, must design or choose proper and effective structure of property rights. The dispersed ownership structure regularly results in ownership dispute and brings on vicious impact. The case of intellectual property rights lawsuit between SMIC and TSMC illuminates that human capital play a significant role in corporate governance. How to endow human capital with appropriate right of control directly concerns the relevant stakeholder’s interests and corporate operating. Key Words: intangible assets corporate governance limited liability
查看全文：	预览  下载(下载需要进行登录)