对出资者财务有关问题的冷思考

On Investor Finance

出资者财务管理,是出资者为实现资本报酬最大化,对其投入企业的资本运营及其体现的企业行为进行的管理。研究出资者财务,旨在探讨怎样从根本上解决经济转轨时期和两权分离之后出现的出资者与经营者的责权利不对等的问题。出资者从财务的角度恰当地介入企业,既不会干预企业的经营,又能对经营者形成一定的制衡。经营者财务与出资者财务在财务主体、产权基础、财务对象及财务目标方面都存在差异。

The theory of investor finance argues that investors run their capital and enterprise operation in order to maximize capital return. The author of this thesis intends to find a solution to the problems on the ill-matched responsibilities, rights and benefits between investors and managers. The author holds the idea that the investors should get involved appropriately in enterprises in the aspect of finance. This will not intervene the business activities of the enterprises, but will actually form a restraint between the investors and managers. It also comparatively analyzes the different features of TIF and TMF from the following five aspects： financial subject, property rights basis, financial object, investment operation and financial target.