【摘要】 讨论了我国在市场经济条件下的企业财务目标选择问题。股东财富最大化与企业价值最大化是被广泛认同的观点 ,剖析了上述两种观点的不足及缺陷 ,认为相关者利益最大化应该是我国市场经济条件下的企业财务目标 ,并探讨了达到利益最大化的措施。更多还原

【Abstract】 This article discusses the choice of the financial objective for an enterprise in China. The maximization of the enterprise’s value and the share holders’ wealth are the commonly accepted goals. The difference between the financial objectives in America and in Japan is established. American enterprises often make financial decisions according to the price of the stock, while Japanese enterprises choose the maximization of the enterprise’s value as a reasonable objective. These two countries have found ways to decide their financial objectives, which are suitable for their national situation. It is discussed to choose now a financial objective fit for the present economic situation in China. The financial situation in China is quite different from the one in America. In China, the stock market is not as developed as in America and the asset liabilities are higher in China, so the maximization of the share holders’ wealth can not be used as the financial objective in China. The financial situation in China and in Japan are similar to a certain extent. However, there are still some disadvantages in China if for an enterprise the maximization of its value is chosen as the financial objective. Firstly, the definition of the enterprise’s value is obscure and difficult for the executives to grasp. Secondly, this value is influenced by several factors which the enterprise authority can not all control. Based on the above discussion, the maximization of the profit for all those concerned is presented as the enterprise’s financial objective. Everyone concerned refers to the enterprise’s owner, its creditors, its staff and workers and the government. Only when the profit of all the partners becomes maximized, can the profit of the enterprise reach the maximum value. Therefore in China, the enterprise’s financial objective should be the maximization of the profit for the concerned. Several examples are also given to explain the feasibility in China of this financial objective.更多还原