论制度财务学构建

Shareholders' Value Theory:Issues,Challenges and Development

目前为止,公司财务学还是按照基于工程学方法的数理财务学体系建构的,其理论和逻辑缺失导致了财务学理论的贫困化现象,惟一的出路是在数理财务学之外再开辟财务学研究的新路径和新领域,制度财务学的提出和构建就是其中最重要的选择。制度财务学是基于四个基本命题而构建的,在内容上至少涵盖五大板块,即制度视角的公司财务目标结构、内生于公司财务行为的制度结构、具体财务运作中的制度分析、财务网络结构与制度安排及财务伦理研究。

Shareholders' value theory,which is the primary theory in the research field of corporate finance objective,has been criticized by many researchers of economics,management,finance and so on.It is based on the capital power theory,which is losing its usefulness and explaining ability due to modern firms' complex survival environment and operation mechanism.Shareholders' value theory is facing serious challenges because of changes in management practice and legal practice,and fast globalization.Therefore,corporate value tropism theory needs development.The shareholders' values dominant theory,shareholders' value preceding theory and related parties' value theory might be the proper forms of the future development.