【正文】 ? The need to continuously improve the efficiency with which these assets are creating value. 需求三：不斷提高運(yùn)用這些手段創(chuàng)造價(jià)值的效率 ? The need to increase the value of the firms resources and activities in the eyes of different beholders. 需求四：提高企業(yè)資源和企業(yè)活動(dòng)在不同持股者心目中的價(jià)值 傳統(tǒng)的評(píng)估法和低效的營(yíng)銷理論 Traditional Valuation and Inefficient Market Theory MV = NPV[CFoperations + CFidentified + CFunidentified opportunities opportunities + CFownership claims + CFinformation assymetry] 市場(chǎng)價(jià)值 ＝ 凈現(xiàn)值 [現(xiàn)金流量 運(yùn)營(yíng) ＋ 現(xiàn)金流量 確定機(jī)遇 ＋ 現(xiàn)金流量 不確定機(jī)遇 ＋ 現(xiàn)金流量 客戶需求 ＋ 現(xiàn)金流量 信息不對(duì)稱 ] Enterprise Value 企業(yè)價(jià)值 The ponents of enterprise value are FV and CV!企業(yè)未來(lái)價(jià)值與現(xiàn)有價(jià)值的組成部分 MVA 可變活性管理 PV of Current EP 現(xiàn)有企業(yè)門戶的 計(jì)劃成本 PV of Future Value 未來(lái)價(jià)值的 計(jì)劃成本 Capital Employed 吸納的資金 Current Value (CV) 現(xiàn)有價(jià)值 Future Value (FV) 未來(lái)價(jià)值 Capital Employed 吸納的資金 Traditional/Tangible Assets 傳統(tǒng)的有形資產(chǎn) Intellectual Capital/Intangible Assets 知識(shí)資本及無(wú)形資產(chǎn) Current Value 現(xiàn)有價(jià)值 Future Value 未來(lái)價(jià)值 Traditional Management Focus* 傳統(tǒng)的管理重心 * Share Price ponents ... 股價(jià) 的組成 ... from managing 來(lái)源于管理 ... The New Management Imperative ! 新的管理要求 ! The traditional management focus (and basis for firm valuation) is mainly through the Ine Statement and Balance Sheet. Thus the emphasis in valuations is on extrapolating Current Value based on the exploitation of Tangible （以及企業(yè)評(píng)估基準(zhǔn)）主要放在損益計(jì)算書(shū)和資產(chǎn)負(fù)債表上，因此評(píng)估的重點(diǎn)也就會(huì)是如何基于有形資產(chǎn)來(lái)推斷現(xiàn)有價(jià)值。 This is carried out for the benefit of the receiver and his/her customers. 進(jìn)行這項(xiàng)工作是為了維護(hù)受眾及其客戶的利益。 第四步：傳播（ 1） Step 4 Dissemination (1) Dissemination 傳播 This is now dominated by technology in the form of LANs, intras, extras and the inter with fast being a major detractor from efficiency. IT is not strictly necessary in a small pany. 局域網(wǎng)、企業(yè)內(nèi)部網(wǎng)、外聯(lián)網(wǎng)，以及互聯(lián)網(wǎng)和電子郵件這些技術(shù)壟斷了時(shí)下的傳播形式，但同時(shí)它們也降低了人們的效率。 Techniques to help define the problem 確定問(wèn)題的技巧 Divergent techniques for the individual 不同的個(gè)人技巧 Divergent techniques for teams 不同的團(tuán)隊(duì)技巧 Convergent techniques 趨同的技巧 第三步：抽象化（ 1） Step 3 Abstraction (1) Can be an individual process but the use of teams is most mon in this step. Solutions are developed into general statements (but often not) and are recorded to the most efficient extent by the team and submitted to the knowledge repository. Depending on its potential use and its nature, it may be recorded for simple retrieval or recorded plexly with context as required. 這也可以是一個(gè)個(gè)人化的過(guò)程，并且團(tuán)隊(duì)的使用也最普遍。Knowledge Management Intellectual Capital 知識(shí)管理和知識(shí)資本 Knowledge Management is the collective name for a group of processes and practices used by panies to increase their value by improving the effectiveness of the generation and application of their intellectual assets. 所謂知識(shí)管理，是指企業(yè)為提高自身價(jià)值，進(jìn)而針對(duì)其知識(shí)財(cái)產(chǎn)的產(chǎn)出和利用率所采用的一系列步驟和執(zhí)行方法的總稱。人們將對(duì)問(wèn)題進(jìn)行大體的陳述（實(shí)際中通常不這樣），并以最有效的方式對(duì)團(tuán)隊(duì)的陳述內(nèi)容進(jìn)行記錄，然后存入知識(shí)庫(kù)中。對(duì)小公司來(lái)說(shuō)， IT技術(shù)并非不可或缺。 Absorption 吸收 第五步：吸收（ 2） Step 5 Absorption (2) Helped by 促進(jìn)因素 Hindered by 阻礙因素 Appropriate IT patible with the IT of the poster and general retrieval ability 能夠兼容網(wǎng)絡(luò)貼圖及公眾檢索的適當(dāng) IT技術(shù) Understanding of the structure of the group that created it 了解創(chuàng)建這種技術(shù)的工作組機(jī)構(gòu) Understanding of their context if appropriate 如果合適的話，了解其上下文 Feedback on use 對(duì)使用情況的反饋 Readiness to acknowledge sources 愿意承認(rèn)信息出處 Not invented here, pride 不予理會(huì)、態(tài)度傲慢 Restricted vision of application 對(duì)信息應(yīng)用的看法狹隘 Knowledge hoarding attitudes―知識(shí)保護(hù)主義” Lack of clarity about ultimate use of material 對(duì)物盡其用缺乏認(rèn)識(shí) Restricted access to sources 限制他人獲取資源 Management attitude to collaboration 在合作上采取得過(guò)且過(guò)的態(tài)度 第五步：吸收（ 2） 續(xù) Access to, and open dialogue with originators 接觸原作者，并與其公開(kāi)對(duì)話 Common language and understanding 用詞通俗易懂 Accepted Knowledge Management has little to offer. It should be recognised that while, for the originator, absorption is a step in the cycle which has consequences, for the user, this is the start of their own cycle. 知識(shí)管理這一概念已為人們接受，這里無(wú)需贅言。 Effect? 影響 ? Embedded Growth Value 內(nèi)含的增長(zhǎng)價(jià)值 資產(chǎn)管理新論 A new view on asset management ... Enterprise Value 企業(yè)價(jià)值 ? Cash 現(xiàn)金 ? Investments 投資 ? Receivables / Debtors ? 應(yīng)收帳款 / 債務(wù)人 ? Payables / Creditors ? 應(yīng)付帳款 /債權(quán)人 Moary 貨幣 Physical 實(shí)物 Relational 關(guān)系 Organizational 組織 l Human 人力 Intangible 知識(shí)資產(chǎn) Tangible 有形資產(chǎn) Industrial Economic Capital 工業(yè)經(jīng)濟(jì)資本 Intellectual Capital 知識(shí)資本 The traditional value chain perspective of a business focuses only on moary and physical assets 企業(yè)傳統(tǒng)的對(duì)價(jià)值鏈的看法，這里只強(qiáng)調(diào)貨幣和實(shí)物資產(chǎn) 資源分類結(jié)構(gòu)圖 (169。注意，千萬(wàn)不要低估這一步驟的龐雜性 9. Improve and develop. 改善與開(kāi)發(fā) 10. Keep an eye on strategic alignment and measure how you are getting on. 時(shí)刻關(guān)注戰(zhàn)略結(jié)盟的問(wèn)題，并對(duì)自身的實(shí)時(shí)情況予以評(píng)估 知識(shí)管理是交互式合作營(yíng)銷的分支 KM is a subset of ICM 推動(dòng)知識(shí)資本應(yīng)用的經(jīng)理們感悟的四種需求 The four needs experienced by managers driving the application of IC ? The need to disclose the presence of necessary and sufficient assets to make credible the mencing or continuing creation of value. 需求一：揭示需求的存在，并予以充分的評(píng)估，在確保無(wú)誤的情況下，開(kāi)始或繼續(xù)創(chuàng)造價(jià)值 ? The need to continuously improve the effectiveness with which these assets are put to valuecreating use. 需求二：不斷提高這些評(píng)估工作的效率，使其能運(yùn)用到創(chuàng)造價(jià)值的過(guò)程中去。顯性吸收的進(jìn)行首先要承認(rèn)對(duì)知識(shí)的需求，并在需要時(shí)推出更多出版物。注意 “車輪條幅”的情況 。 第二步：解決問(wèn)題（ 2） Step 2 Problem Solving (2) Helped by 促進(jìn)因素 Hindered by阻礙因素 Creative problem solving techniques available and used 具備并能運(yùn)用創(chuàng)造性的技巧解決問(wèn)題 TRIZ if appropriate 適當(dāng)?shù)膭?chuàng)造性解決問(wèn)題方法 Incubator IT if appropriate 適當(dāng)?shù)?IT技術(shù)孵化器 Trust and no fear of ridicule 信任，不懼譏諷 Refined understanding of the problem 對(duì)問(wèn)題的精辟認(rèn)識(shí) Recording results as appropriate 適當(dāng)?shù)慕Y(jié)果記錄 No incentive to share so