基于企业价值视角的公司治理分析框架

Analytic Framework of Corporate Governance from the Perspective of Enterprise Value

现代企业理论把企业价值最大化提到了一个相当重要的高度,从本质上说,企业的各种活动包括公司治理都应该以企业价值最大化为目标,能够在价值创造、转移、分配方面有所作为的公司治理活动应该被纳入到企业价值的框架内来整合考虑,以达到企业价值增加和公司治理完善和谐的目的。公司治理的核心目的在于公司价值,公司价值也是公司能够存在的基础,基于企业价值最大化进行影响公司治理因素的分析,有利于更深层次地了解公司治理的本质,并能针对中国现有治理情况提出切实有效的建议。

In the theory of modern enterprises, maximization of enterprise value is put up to a rather important level. Essentially, various activities of enterprises including corporate governance should aim at maximizing the enterprise value. To attain the value inerease and governance harmony, all corporate governance activities affecting value creation, diversion and distribution should be taken into consideration inside the framework of corporate governance. The core purpose of the corporate governance refers to the corporate value, which is also the basis of the existence of the corporations. Based on the value maximization, the analysis on the factors affecting corporate governance is in favor of further comprehension to the essence of corporate governance, and enables us to propose praetical suggestions according to China＇s current situation,