公司财务的研究历史、现状与展望

Research of Corporate Finance: History, Challenge and Prospect

近年来,我国的企业总数特别是上市公司的数量迅速增长,公司财务涌现出很多新问题,但公司财务的理论研究滞后于实践。同时,西方的公司财务理论并不完全适用中国独特的情景。进而,互联网和大数据也给公司财务理论带来诸多新的挑战。本文应用文献分析方法,回顾公司财务研究的历史进程,探讨公司财务研究的现状和问题以及我国公司财务研究的制度背景。研究指出国家金融和财税等体制的改革,宏观经济政策调控、互联网技术革命、国企产权制度改革和企业国际化等的进展,给我国公司财务研究提出一系列新的难题,同时也带来创新研究的机遇。最后,作者归纳并提出了未来公司财务研究的16个重要方向及关键问题。

For the past years as the population of firms has increased fast, many new issues in corporate finance have remained unsolved. However, the financial research has always fallen behind financial practice. Also the western financial theory is not consistent with China＇s context. In addition, internet with big data bring some chal- lenges to the financial literature. By a referential study, this paper reviews historical development of research in corporate finance, and discusses the current issues, particularly some research challenges and opportunities in China context. Finally, the author proposes 16 key research topics considering the current reforms on economic development strategy, financial and taxation system, and SOE＇s property right under the institutional background in China.