摘要
适用于当前我国企业的理财目标必须同时具备如下四个特征:以股东作为最重要的回报对象、以创造风险与报酬相均衡的股东价值为导向、在与市场(价值)对接的同时能为企业所管控、能统领一组具有因果关系并将目标转化为行动的指标体系的纲领性指标。本文提出以财务价值最大化(ROE或EVA的最大化)作为股东财富最大化的操作性目标。财务价值最大化全面地满足了上述四个特征的要求,而其他财务目标则存在诸多缺陷。
The financial goals,which is adapted to the enterprises of our country,must bear the following four characteristics:shareholders as the most important return objects,value-oriented shareholders on the balance of risk and reward,being able to be controlled by the enterprise when docked with the market (value),programmatic indicators of index system to guide a group of cause and effect relationships.This paper proposes the operational objectives based on the financial value maximizations (the maximization of ROE or EVA) as the shareholders' wealth maximization.Financial value maximization fully meets the requirements of the above four characteristics,while there exist some defects in the other financial goals.
关键词
理财目标
股东财富最大化
财务价值最大化
financial goals
shareholder's wealth maximizations
financial value maximizations
