Knowledge, innovation and share value
回顾了实务界和学术界对知识型企业估值难题的应对方法，包括替代变量和不同形式的估值方程，并探讨了“模糊企业”概念下的新估值方法论。
Knowledge–based enterprises (KBEs) are difficult to value owing to the relatively greater importance of their intangible assets, such as human capital and investment in innovation. Traditional valuation models rely on variables such as earnings, dividends and assets, which, for many KBEs, are either non–existent or are distorted by differing accounting practices. This paper reviews the various attempts by practitioners and academics to overcome these difficulties by such devices as different proxies for the valuation variables or different forms of the valuation equations. We then examine some theoretical approaches that provide novel approaches to valuation. Finally, we discuss the notion of the ‘fuzzy firm’, where traditional corporate boundaries have become amorphous, with the result that the firms require new valuation methodologies.