关于企业集团财务管理有关问题的探讨

Probes to the Relevant Issues of Financial Management in the Business Groups

本文从博弈论、契约论的角度论证了企业财务管理目标是企业价值最大化 ,进而论证了作为企业集合体的企业集团的财务管理目标是企业集团总体价值最大化 ,但企业集团总体价值不等于集团内各企业价值的总和。企业集团财务管理包括集团公司自身的财务管理和集团公司对子公司等的财务管理。后者反映了企业集团财务管理的特色 ,主要内容包括 :集团公司的财务管理战略、集团公司对子公司的内部财务控制和集团公司对子公司财务管理制度的指导与管理。

From the angle of the game theory and the contract theory,this article proves that the goal of financial management is to maximize the business value.Thus,it proves that the goal of financial management of a business group,which is viewed as a business aggregate,is to maximize the entire value of the whole business group.The entire value of a business group does not mean the total value of all the subsidiaries.The financial management of a business group involves both itself and the financial management of the subsidiaries.The latter reflects the peculiarities of the group financial management that mainly involves the financial management strategy of the business group,the internal financial control over the subsidiaries and the direction and administration on the financial management system of the subsidiaries.