公司治理结构与财务管理目标

Company Management Structure and the Targets of Financial Management——An International Comparison and Choice of China

公司治理结构不同,财务管理目标也会有较大的差异。我国在借鉴国际经验的同时应结合本国国情,充分考虑转轨过程中的特定情况,建立适合我国经济发展现状和资本市场特点的公司治理模式,建立“以业务关联的企业法人交叉持股为核心,鼓励物质资本和人力资本的投资者共同持股,国家、其他企业法人、社会公众等参与持股,银行相机控制和机构投资者外部监督”的治理结构,与此相适应的财务管理目标应为相关利益最大化或公司价值最大化。

Financial management targets differ with corporate governance structures. When we take as reference the international experience, we should take into consideration the particular situation in the transformation process and set up the corporate governance system in accordance with the situation of the economic development of the nation. A corporate governance composed of the ownership of business-connected juridical persons as the core, the synthesized ownership of investors of the material capital and labor capital, the ownership of the state, other business juridical persons and the social public, and the supervision of banks and surveillance of institutional investors＂ is supposed to be established and the goal of the financial management should be the maximum interest concerned or the maximum value of the corporation.