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.