企业财务管理目标研究——基于企业产权契约演进的视角

Research into the objectives of enterprises' financial manag ement ——a new explanation based on the evolutionary en terprises' contract of property rights

介绍了企业财务管理目标的确定取决于反映企业本质的企业目标。论述了新制度经济学的现代企业理论,从企业产权契约的角度对企业本质进行了深刻揭示,透过企业产权契约演进这一新的视角将有助于正确把握财务管理目标的变迁。分析表明,企业应根据适合环境和相应企业产权契约模式的企业目标,确定企业财务管理目标,而现代企业产权契约的多元激励需求必然要求企业财务管理目标将趋近于利益相关者主权模式。

The objective of the enterprise＇ s financial management lies on the enterprise＇ s objective that reflects the corporation＇s nature. This paper discusses the ultimate causes for the selective objectives of enterprise＇ s financial management based on the evolutionary enterprises＇ contract of property rights according to the theories on the new institutional economics. It shows that the enterprise should establish the suitable objective of enterprise＇s financial management based on the specific circumstances and the corresponding objective of enterprise, and that the relevant parties model for the objective of enterprise＇ s financial management is reasonable nowadays.