三个层面透视Finance两个维度解析Corporate Finance

本文运用系统理论,从宏观、中观及微观三个层面,围绕资金配置的价值最大化,着眼于价值分配、价值流动、价值发现、价值创造,对Finance的构成要素、发展脉络及逻辑框架进行整合解析,并对Finance及其各子系统之间的相互关系进行系统论述。从经济学与管理学两个维度,归纳了微观层面Corporate Finance的理论演进,倡导各界既要从经济学原理出发,分析企业在资本市场环境下如何进行资本运作、资本管理与资本增值;亦需结合管理学理论,针对委托代理、治理机制等核心问题探究如何完善企业财务决策、计划预测、控制分析等系列管理活动。从三个层面、两个维度将Finance的概念框架进行统一,有利于更好地解决我国现阶段"绿色经济转型"与"数字经济转型"所面临的重大现实问题。

Cognizing Finance from Three Levels and Analyzing Corporate Finance from Two Perspectives

Based on the theory of system,this paper comprehensively discusses the valuemaximization of capital allocation consisting of value distribution,value flow,value discovery andvalue creation;demonstrates the components,development and analytical framework of Finance;and analyzes the relationship between Finance and its elements from macro,meso and micro levels.This paper also discusses the theoretical evolution of Corporate Finance from both the theory ofeconomics and management.We think that economic organizations should not only analyze howto optimize capital operation,management and appreciation based on economic theory,but alsoexplore how to improve financial decision-making,planning and forecasting,process controllingand other management activities based on management theory.In this way,we can illustrate thecore issues faced with economic organizations by testing the theory principal-agent.The systematiccognition of Finance from above-mentioned three levels and two dimensions is helpful to solve thepractical problems of"green economy transition"and"digital economy transition"in China.