公司财务学理论的创新与发展路径

Innovation and Development Path of Corporate Finance Theory

中国的公司财务学曾经历从苏式财务学向美式财务学的重大转型。当今流行于国内的美式财务学仍存在较多重大缺陷,需要进一步发展。创新和发展公司财务学理论的路径是多样化的,转换研究方法论、拓展新的公司财务学研究领域、修正基础性假设是其中三种极其重要的且具逻辑联系的创新路径。方法论的转换涉及个体主义和形式主义;扩展财务新领域包括商品市场财务、宏观财务、分蛋糕财务、供应链财务、环境和生态财务、制度财务和互联网财务等;基础性假设的修正至少会涉及公司系合法虚构假设、理性经济人假设、零嵌入性假设、市场有效性假设、可持续发展假设和现金流动制假设等,这些基础性假设的修正,必然会推导出极具创新性的公司财务理论。

Corporate finance of China has experienced significant transformation from Soviet finance to American finance. The prevailing American finance still has many deficits and needs further development. Innovation and development path of corporate finance theory is diverse. Among that, transformation of research methodology, development of new corporate finance research fields and modification of fundamental assumptions are three important innovation paths which are logically related. The transformation of methodology involves individualism and formalism. Extension of financial areas includes commodity market finance, macro finance, distribution finance, supply chain finance, environmental and ecological finance, institutional finance and internet finance. Modification of fundamental assumptions refers to legal fiction of company assumption, rational economic man hypothesis, zero embeddedness hypothesis, efficient market assumption, sustainable development assumption and counterfeiting of cash flow hypothesis. Innovative corporate finance theory can be conducted based on these modifications of fundamental assumptions.