现代企业“股东财富最大化”理财目标解构:基于契约理论视角  

The Deconstruction of “Maximization of Shareholder Wealth” Financial Objective in Corporation: Based on Contract Theory

作　　者：李海英[1] 毕晓方[1] 李双海[2] LI Hai-ying BI Xiao-fang LI Shuang-hai

机构地区：[1]天津财经大学商学院,天津300222 [2]四川大学商学院,成都610065

出　　处：《财务研究》2017年第2期88-95,共8页Finance Research

基　　金：教育部人文社科青年基金项目(13YJC630074);国家社会科学基金青年项目(13CGL034);天津市各区;局规划项目(kjkyxm130201)

摘　　要：具体准确地描述和解析理财目标对财务管理理论和实务发展均具有重要意义。目前对于什么是合理的理财目标,仍存在多种理论观点,尤其是很多人对"股东财富最大化"理财目标仍存在诸多的误解。本文首先依据企业契约理论,按照经济学的分析逻辑,在分析企业参与者投入要素特性的基础上,按照"剩余索取权"和"剩余控制权"尽量对应的原则,解析了"股东财富最大化"理财目标选择的经济学必然性,以及该理财目标与法律等相关制度环境的逻辑一致性。其次,将该目标放入企业制度变迁过程中,探讨企业制度变迁的冲击以及目标本身的修正和适用性。最后,分析了在当前制度环境下,与其他理财目标相比,"股东财富最大化"理财目标的合理性。Descripting and analyzing financial objective exactly is of great significance for the development of financial management theory and practice. There are different views for what an appropriate objective is, and there are many misunderstandings about the ＂maximization of shareholder wealth＂ nowadays. Firstly, based on contract theory, we analyze the economic logic of the choice of corporate finance objective and the economic necessity of ＂maximization of shareholder wealth＂ as well as its logic consistency with the legal system environment. Then we discuss the impact of institutional change, the amendment of the goal itself and its applicability. Finally, compared with other financial goals, we find ＂maximization of shareholder wealth＂ is still the appropriate objective of corporate finance in the current system.

关 键 词：理财目标 股东财富最大化 契约理论 

分 类 号：F275[经济管理—企业管理]