论理财目标的合理选择——基于EVA与企业价值的相关性  

The Rational Choice of Financing Goals——Based on the Correlation of the Enterprise Value and EVA

作　　者：高利娥[1] 

机构地区：[1]西华大学管理学院,四川成都610039

出　　处：《西华大学学报（哲学社会科学版）》2009年第2期121-123,126,共4页Journal of Xihua University(Philosophy & Social Sciences)

摘　　要：理财目标是企业理财活动所希望实现的结果,是评价企业理财活动是否合理的基本标准。在现代企业制度下,要求理财目标的研究不应只考虑股东的利益,还应充分考虑债权人的利益及关注目标的实现主体经营者的利益。企业的最终目标在于用尽可能少的投入资本创造尽可能多的价值,只有将考虑股东和债权人共同利益的理财目标与经营者业绩考核相联系,企业价值最大化的目标才能更好地实现。EVA(经济附加值)正是基于这一理念的企业价值衡量指标,本文通过对EVA内涵的分析,可得出企业理财目标的合理选择是基于EVA最大化的企业价值最大化。Financial management goal is not only the expecting result, but also the basic standards to evaluate the rationality in enterprise financial activities. Under the modem enterprise system, the research of financial goals should not just consider the interests of shareholders, but should give full consideration to the interests of creditors and the main operators concerning the achievement of the goals. The ultimate goal of enterprise is to create the greatest value with the least invested capital. Only if the performance evaluation of operators is related to the financing goals concerning the common interests of shareholders and creditors, can they achieve the maximization of enterprise value. EVA （ economic value） is measuring index of enterprise value based on this idea. Through the analysis of the connotation of EVA, this paper draws that the rational selection of financial management is made on the maximization of enterprise value in the EVA maximization.

关 键 词：理财目标 EVA最大化 企业价值最大化 

分 类 号：F270.7[经济管理—企业管理]