CAJ | 학술논문

根据企业并购中人力资本价值评估对象的特殊性，可将人力资本划分为生产型和经营管理型两类分别进行评估。生产型人力资本价值主要由其成本构成，可采用工资报酬折现法进行评估。经营管理型人力资本价值的评估则须兼顾人力资本成本及其为企业创造的剩余价值，因而可用收益折现原理构建经营管理型人力资本价值的评估模型。这一模型可操作性较强，可为企业并购估值提供决策参考，有利于企业加强对人力资本的投资和管理。
근거기업병구중인력자본개치평고대상적특수성，가장인력자본화분위생산형화경영관리형량류분별진행평고。생산형인력자본개치주요유기성본구성，가채용공자보수절현법진행평고。경영관리형인력자본개치적평고칙수겸고인력자본성본급기위기업창조적잉여개치，인이가용수익절현원리구건경영관리형인력자본개치적평고모형。저일모형가조작성교강，가위기업병구고치제공결책삼고，유리우기업가강대인력자본적투자화관리。
According to its characteristics in Mergers ＆amp; Acquisitions ,human capital can be valuat-ed from two perspectives ,namely ,production_type and management_type .The production_type , also known as the general human capital ,is mainly composed of the costs .Therefore ,it can be valuated by the method of wage_cash conversion .The valuation of management_type human capi-tal should include both the cost of the human resources and the residual value contributed to the enterprise .Therefore the present earning value method can be used to establish a management_type human capital valuation model .This highly operable model can facilitate the valuation of M＆amp;A and investment and management of human capital .