A Research on the New Firms´ Merger and Acquisition - From the View of Taking Human Capital as the Crucial Resource

Because the human-capital-intensive firm´s crucial resource does not have the property right characteristic, the difference in merger and acquisition between the human-capital-intensive firm and traditional physical-capital-intensive firm is remarkable. After traditional physical-capital-intensive firm merges the target enterprise property right, merger and acquisition primary goal can be achieved, by just controlling the target firm´s crucial physical capital. But after human-capital-intensive firm merges the target enterprise property right, merger and acquisition primary goal cannot be achieved yet. Because target enterprise´s crucial human capital is not under the control of property rights of enterprise. Therefore, the human-capital-intensive firm´s merger and acquisition strategy should pay great attention to the control of target enterprise´s crucial human capital, but not its carrier.