公司治理结构与财务管理目标——兼论企业价值最大化目标在我国的不现实性

Corporate Governance Structure and Financial Management Target-On the Unreality of Corporate Value Maximization in China

企业的财务管理的目标依赖于其公司治理结构,股东利益最大化和企业价值最大化分别是与股东治理和共同治理模式相对应的理财目标。共同治理模式是股东治理模式的异化,在现阶段我国条件尚不具备,所以中国企业以企业价值最大化作为企业财务管理目标并不现实。

The financial management target of a corporation depends on its corporate governance structure. Shareholder equity maximization and corporate value maximization are the target of corporations adopting shareholder governance mode and the corporation adopting common governance mode, respectively. The mode of common governance is the dissimilation of the mode of shareholder governance. In present period, the condition of Chinese corporation adopting common governance does not come forth. That corporate value maximization becomes the financial management target of corporations in China lacks of practicality.