Abstract: Based on the path dependence of enterprise knowledge evolution, this paper makes an analysis of the stage characteristics of dynamic investment formation of intellectual capital. It also constructs a multi-stage dynamic evolution investment decision-making model of intellectual capital with the real option method, upon which it reveals the formation mechanism of enterprise intellectual capital and expands the traditional investment decision model of entity projects into the multi-stage dynamic investment decision model of intellectual capital.

Key words: intellectual capital; formation mechanism; multi-stage dynamic investment; real option model