现代公司预算编制起点问题的探讨──兼论公司财务报告的改进

Researches on Starting Point of Budget Preparation in Modem Corporations

本文在界定以生产为起点和以销售为起点的两种传统预算编制方法所适用的条件的同时，论证了以所有 权与管理权相分离为特征的现代公司应以每股收益或利润为起点编制预算的观点。在实务上按照这种现点编制 预算，不仅有助于提升所有者和经营者对整个公司计划和控制的能力，顺势通过改善经营管理来影响本公司股 价，而且还为财务报告的改进提供了新的线索。由于预算编制结果也可用资产负债表、利润表和现金流量表来 表述，本文建议将按每股收益为起点编制的预算以及定期甚至实时编制的预算反馈报告进行公开披露，以增强 现行财务报告的前瞻性、及时性和明细化程度，为投资者提供更加有用的信息。

The paper is to dissertate that a corporation with separation of ownership and management should initiate budgeting from earnings per share or comprehensive earnings while identifying those conditions fitting the traditional production - initiated budgeting and sales - initiated budgeting. In practice, this earnings - initiated budgeting notion will help shareholders and managers not only enhance planning and controlling over their corporation but also strengthen their capability of positively influencing their own stock performance in security markets. Furthermore, the notion provides a new thread for financial reporting improvement, since budgets can be stated by balance sheet, income statement and cash flow statement, it is suggested that the earnings - based budgets and its feedback reports be disclosed with results of making those financial statements published by firms more forward - looking, timeliness and disaggregatedness.