tailieunhanh - Lecture Strategic management (7/e): Chapter 4 - Dess, Lumpkin, Eisner, McNamara
Chapter 4 - Recognizing a firm’s intellectual assets: Moving beyond a firm’s tangible resources. In this chapter you will learn: Why the management of knowledge professionals and knowledge itself are so critical in today's organizations; the importance of recognizing the interdependence of attracting, developing, and retaining human capital; the key role of social capital in leveraging human capital within and across the firm;. | Recognizing A Firm’s Intellectual Assets: Moving Beyond a Firm’s Tangible Resources chapter 4 The Central Role of Knowledge In the knowledge economy, wealth is increasingly created by effective management of knowledge workers instead of by the efficient control of physical & financial assets. 4- Knowledge economy = an economy where wealth is created through the effective management of knowledge workers instead of by the efficient control of physical and financial assets. Investing in a company is, in essence, buying a set of talents, capabilities, skills, and ideas – intellectual capital – not physical and financial resources. Example = Merck has been a “most admired” company in Fortune’s annual survey not because it can manufacture pills, but because its scientists can discover new medicines. Ratio of Market Value to Book Value 4- Exhibit Ratio of Market Value to Book Value for Selected Companies Source: Note: The data on market valuations are as | Recognizing A Firm’s Intellectual Assets: Moving Beyond a Firm’s Tangible Resources chapter 4 The Central Role of Knowledge In the knowledge economy, wealth is increasingly created by effective management of knowledge workers instead of by the efficient control of physical & financial assets. 4- Knowledge economy = an economy where wealth is created through the effective management of knowledge workers instead of by the efficient control of physical and financial assets. Investing in a company is, in essence, buying a set of talents, capabilities, skills, and ideas – intellectual capital – not physical and financial resources. Example = Merck has been a “most admired” company in Fortune’s annual survey not because it can manufacture pills, but because its scientists can discover new medicines. Ratio of Market Value to Book Value 4- Exhibit Ratio of Market Value to Book Value for Selected Companies Source: Note: The data on market valuations are as of January 4, 2013. All other financial data are based on the most recently available balance sheets and income statements. What’s a company worth? Financial statements are useful for investors and can establish a company’s market value, but this may not be the same as the value that accountants ascribe to it – the book value of the firm. The gap between a firm’s market value and book value is far greater for knowledge intensive corporations than for firms with strategies based primarily on tangible assets. The market value of a firm is equal to the value of a share of its common stock times the number of shares outstanding. The book value of the firm is primarily a measure of the value of its tangible assets. It can be calculated by the formula: total assets minus total liabilities. Example = Apple, Google, Oracle, and Microsoft have very high market value to book value ratios because of their high investment in knowledge resources and technological expertise. Nucor and Southwest .
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