Abstract: Integrating the relative theories of intellectual property law and managerial economics, intellectual property (IP) is intellectual asset which is formed by the creative intellectual activities and protected by law. Different from the tangible material capital, the essential attribute of IP object–knowledge product is intangible. The intangibility of intellectual product is derived by monopoly, timeliness and regionalism. These essential and inherent attributes determine the flexible characteristics of IP. In the uncertainly dynamic competitive environment, the flexibility ensures that the firms could adapt to the changing technology and market environment and obtain competitive advantage with IP resource