以企业价值为核心的财务理论的基本特征

The basic characters of the financial theory which take the enterprises'value as the core

以企业价值为核心的财务理论的出现,极大地促进了财务理论的发展,并在一定程度上制约着未来财务理论的发展方向。本文论述了以企业价值为核心的财务理论的形成过程,认为其基本特征表现为四个方面:以企业价值最大化为理财活动的基本追求;现金流量和资本成本是企业价值理论的两个核心概念;企业价值估价的基本思路是对风险与收益之间相关性的分析;财务理论的基本学术问题是对各种财务决策比如投资决策、融资决策等与企业价值之间的相关性进行系统的分析和研究。

s:The appearance of the financial theory which take the enterprises' value as the core,promote the development of financial theory greatly,and condition the future's direction of financial theory development in a certain extent.The article discusses the forming course of the financial theory which take the enterprises' value as the core,,considered that the theory have four basic characters:take the maximum of enterprises' value as the basic pursuance of managing financial affair,cash-flow and capital cost are two core of the theory,the basic thinking of enterprises' value estimation is the analysis to the interrelation between risk and benefit,the basic academic problems of the theory are the systematize analysis and research of serious financial decisions as the interrelation between investment decision finance decision and the enterprises' value.