对于始于2007年的国际金融危机，其成因诸说纷纭，但是对于此次危机中无形资本这种新的资本形态发挥了什么作用的研究几乎没有。本文力图通过对无形资本在微观层面的作用进行分析，以探求这种新资本形态在金融危机中的作用。本文认为，无形资本对于企业的短期偿债风险具有正向放大能力，无形资本在资本循环过程中也发挥着重要作用，因此，金融危机的形成与无形资本也有着密不可分的关系，在经济全球化和知识经济背景下，我们要注意观察金融危机发展的新特点，尤其是新资本形态——无形资本的作用，并据此在今后的金融改革和反经济危机的对策中，加大对无形资本的监管力度。%There are too many papers analyzing the factors that have contributed to the international financial crisis originated from 2007, while few focuses on the influence of intangible capitalthe new type of capital on the crisis. This paper attempts to analyze the role of pects so as to illustrate its effect on capital enlarges the enterprises＇ risk the intangible capital from the micro asthe crisis. It concludes that the intangible in payment of the short-term debt and plays an important role in the circulation of capital and thus exerts a non-negligible effect on the financial crisis. So the intangible capital has close connection to the emergance of international financial crisis. Against the background of the economic globalization and knowledge economy, we need to find out the new features of the financial crisis, especially the effect of the intangible capital, and accordingly strengthen the regulation of the intangible capital in the financial re- form and take the counter measures against economic crisis.
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