21世纪的财务管理模式:价值基础管理

Value- based Management——21'ST Century Financial Management Model

以股东价值最大化为目标是公司实施价值基础管理(VBM)的动源力。价值基础管理(VBM),涉及对自由现金流量、风险以及时间调整的分析和管理,涉及对公司人员从短期利润视角到长期价值创造的观念更新。一个深化地VBM系统使得CFO和财务的功能发生了质的变化:持续地为股东创造价值,不仅仅意味着使用现金流量贴现技术进行决策,所有的决策——包括投资、融资和经营——都必须与实现公司的价值目标相一致。CFO在VBM的实现中占据了举足轻重的地位。本文把价值基础管理定位为21世纪的财务管理模式。

Maximize shareholder value is the main reason that a company carries out value-based management(VBM).VBM concerns analysis and management to free cash flow,risk and time adjustment,and concerns updating of workers'ideas from short- time profit to long- time creation of value.A deepen VBM system make CFO and financial function arise qualitative change.A continuous creation of value for shareholder is not just mean making use of cash flow discounting technology.All decisions including investment, financing and working must coincide with company's value target.CFO is a consequential figure in realizing VBM.This essay locates VBM as 21'st century financial management model.