摘要
分析了确立理财目标所依据的经济学理论，认为“利润最大化”的理财目标是以新古典经济学为理论依据的，而“企业市场价值最大化”是以新制度经济学为理论依据的。当企业的资产负债率较低时，“股东财富最大化”与“企业市场价值最大化”是一致的；而当企业的资产负债率较高时，“股东财富最大化”将被“企业市场价值最大化”所取代。知识经济时代，企业理财的目标的确立将仍是依据新制度经济学。因此，“企业市场价值的最大化”仍是知识经济时代企业财务管理的目标，但在理财目标的内涵中应包含员工的利益。
By analyzing the basis of financial objective on economics, we find the fact that the financial objective of 'profit maximizing' is based on the new classical economics, while 'firm market value maximizing'is based on the new institution economics. When the asset-debt rate is low, 'stock-holder wealth maximizing'financial objective is equal to the 'firm market value maximizing'. When the rate is high, the former will be substituted by the latter. In the age of knowledge-based economy, the financial objective is also based on the new institution economics. Therefore, 'firm market value maximizing' will sill be the financial objective, which should include employees' interests.
