浅析企业财务管理目标

目前流行的企业财务管理目标主要有“股东财富最大化”、“企业价值最大化”两种。从美日模式比较看,我国目前的情况更接近于日本模式,应选择“企业价值最大化”作为理财目标。从契约论角度看,“企业价值最大化”目标可以满足各利益相关者的要求。由于理财目标具有层次性,在实践中,以“企业价值最大化”为总目标,将“现金流量最大化”作为具体目标。

An Analysis of Enternrpse's Financial Management Objective

The maximization of shareholders' wealth and enterprise's value are two popular financial management objectives. As to the comparison between American model and Japanese model, our national factual situation is similar to Japan, so we should choose the maximization of enterprise value as financial management objective. From the view point of the contract theory, the maximization of enterprise value can meet the concerned demands. In practice, since the financial management objective has different levels, the maximization of enterprise's value should be taken as a general objective of our national enterprises' financial management and the maximization of cash flow should be taken as a specific objective to carry out the general objective.