财务管理理论研究国际比较与展望

An International Comparison and Prospect of Financial Management Theory

尽管财务管理理论的思想、结构和方法已趋于成熟和稳定,并随着时间的推移成为一门独立的学科,但是,由于诸多方面的原因,国内外关于财务管理理论的研究在研究内容、研究方法、研究视角等方面还是求同存异。与已有文献研究相比较,本文首次以2010年国内外高水平专业期刊发表的财务管理理论文章作为研究对象,对财务管理理论研究成果在既定理论结构的基础上进行系统梳理和内容划分,并进行文献述评和比较分析研究,以使据以分析的数据更加全面系统,所反映的国内外对于财务管理理论研究的重心和差异更加客观,为财务管理理论未来可能的研究趋势和方向提供有价值的建议。

Although the ideology, structure and method of financial management theory has become mature and stable, and has become an independent discipline over time, but due to many reasons, the domestic and international researches of financial management theory are still seeking common ground while reserving differences in substance, methods and perspective. Compared with the existing researches, this report initially takes the article on financial management theory published in the high level of domestic and international professional journals in 2010 as re- search subjects. It arranges and compartmentalizes the research achievements of financial management theory sys-tematically on the basis of the existing theoretical structure and it also makes the literature review and comparative analysis research, so as to make the data on which we based to analyze become more comprehensive and systemati-cal, the emphasis and differences in the domestic and international researches of financial management theory more objective. Throughout all the existing researches of financial management theory domestically and internationally, financial management theory has different classification depending on different perspectives. The article ＂The Prospects of Fi-nancial Management Theory research＇ s History and Future＂ written by Hua cheng,Wang （2010） is used as a source of reference in this report to define the classification criteria. According to our needs, we make some partial modification and refinement and construct the classification structure of the financial management theory, which con- cludes four parts： the basic theory, universal business theory, special business theory and other theories. Based on this theoretical classification structure ,we arrange and compartmentalize the articles published in the high level of domestic and international professional journals in 2010. About the content of the study on theory of financial man-agement, the focus of the domestic and international researches is convergence, and they mainly focus on agency the-ory and governance structure, finance theory and investment theory, the financial management of the business con-glomerate and about merger and acquisition and so on, but there is still certain difference in details. About the meth-od of financial management research used, it is diversiform at present and they pay more attention to the combination of theories and practices. Empirical research （ large sample） has exceeded standard research and becomes the main trend of the research method of financial management theory. It is identical in the trend whether domestic or aboard, that is, paying attention to empirical research, case study,investigation and comparative study. But there is a gap in model study on the domestic financial management when compared with foreign countries. Besides, with the develop-ment of behavioral finance and other emerging financial theory, experiment research method based on the perspec-tive of psychology will have further applications. About the perspective of financial management theory study, domes-tic research is more inclined to the perspective of management science and economics compared with the a- board. Mutual infiltration of financial management theory and other subjects provides researchers with a more broad perspective, and injects vitality to improve financial management theory. In a word, the research field of financial management is still in its constantly expanding process, and it is diffi-cult to make a precise definition. Therefore, in addition to focus on the traditional topics, the researches of financial management theory also need to expand the research contents and fields to the emerging areas such as behavioral fi- nance, stakeholders finance, ecological finance ,financial sociology and so on. At the same time, we also need to ad-vocate adopting more comprehensive research methods such as case research, investigation, comparative study and strengthen the application of model research method and experimental methodology in domestic financial manage-ment theory, in order to draw conclusions which have more practical significance and practical value. In addition, the financial management discipline and other disciplines should learn from, connect and promote each other, in order to solve the problems arising in the practice of corporate financial management better. And this will greatly expand the research perspectives and enrich the research paths of financial management. In the future, we should focus on the research of financial management theory basing on the information economics, operational research, psychology, fi-nancial engineering and so on to promote the vigorous development of financial management theory.