企业资本预算管理体系的构建

Building Capital Budget Management System for Businesses

资本预算管理体系是规划企业资本活动的一种原则和方法步骤的系统。它的优势是可以协助企业实现股东财富最大化目标,它的缺陷是可能导致企业决策失误及资源配置不当等,甚至威胁企业的存亡。从分析国内外关于资本预算管理体系研究的缺陷入手,针对相关资本预算管理体系研究的不足,构建了新的资本预算管理体系。在这套新的体系中,加入了资本预算的基本前提、项目评估与决策系统、资本预算考评激励机制和资本预算修正机制,从理论层次解释了企业战略与资本预算之间的关系,以期对提高我国企业资本预算管理水平有借鉴意义。

A business involves its capital budget management system by which it can plan the long-term capital operations through strictly formulated procedures so as to maximize the share worth for shareholders. However, an improper capital budget management system will result in mistakening decision-making and resource allocation even threaten the existence of a business. A new capital budget management system is therefore built up through analyzing the deficiencies of existing ones at home and abroad which haven＇ t riveted our attention often. The new system includes the preconditions for capital budget, project evaluation and decision system, employee reward/incentive system and capital budget revising mechanism, and makes clear theoretically the relationship between corporate strategy and capital budget with the intention to update the capital budget management svstems in China as reference.