购并过程中目标企业无形资本的损耗与保护

本文从购并是有成本的基本假设出发，研究购并对于目标企业可能产生的人力资本、组织资本和客户资本的负面影响以及保护和利用的措施。这种基于目标企业而不是购并企业，基于购并成本而不是购并收益的研究方法和视角，对以购并企业和购并收益为主流的购并研究无疑是一种有益的探索和补充。

Losses and Protection of the Invisible Capitals of Target Firms in M&A

Taking the presence of cost in the process of M&A as the basic hypothesis, we discuss the negative influences of M&A on human resource, organizational resource and customer resource. Some measures to compensate and counteract these negative effects are given here. It is a useful exploration to take target firms instead of merging firms, merging costs instead of profits as the research method and perspective. And it may constitute a supplement to the mainstream research.