价值、价值驱动因素与企业理财目标的优化  

Value, Value Drivers and the Optimization of Business Financial Goal

作　　者：高可为[1] 杨晓春[1] 

机构地区：[1]聊城大学商学院,山东聊城252059

出　　处：《聊城大学学报（社会科学版）》2016年第2期114-119,共6页Journal of Liaocheng University:Social Science Edition

摘　　要：关于理财目标,目前争议最大的两种观点是利润最大化和企业价值最大化。相对于利润而言,企业价值建立在现金流量基础之上,具有客观性、可靠性等特点,并且它考虑到了时间价值、风险价值等因素的影响,考虑到了权益资本的成本,因而企业价值最大化是一个比较科学、合理的理财目标,具有利润最大化理财目标所无可比拟的优越性。价值管理取代利润管理是必然的趋势。About the aim of finance, the most disputed two standpoints are profit maximization and enterprise value maximization nowadays. Compared with profit, enterprise value is based on cash flow, with objectivity and reliability and other characteristics, and it has considerations to the influence of time value and risk value, the cost of equity capital. Enterprise value maximization is a more scientific and rational financial goal, and it has unparalleled superiority what does not the profit maximization goal have. It is an inevitable trend that the value management replaces the profit management.

关 键 词：理财目标 利润最大化 价值最大化 自由现金流量 

分 类 号：F27[经济管理—企业管理]