误会感人故事:Financial management of enterprises to create the best target

来源：百度文库 编辑：九乡新闻网 时间：2024/04/28 23:21:57

                      Financial management of enterprises to create the best target

    
With the above;

       On the company's financial management objectives, the academic representative of the views are: to maximize profits, maximize the value of the company, owner wealth maximization, shareholder wealth maximization. Although these four views are all reasonable, but as the optimal financial management objectives, any one of them is inappropriate. This is because:

    1. First, profit-maximizing company profits have not considered the time factor, the operator is apt to cause short-term behavior, leading to irrational use of company resources; the second is not considered a risk factor for margins, easy to cause operators to "take risks", the company themselves in financial difficulties or financial hardship; third is not considered their own profits, "gold", is easy to guide the operator and pursue sent to the neglect of cash flow accounting profits, the company due to lack of cash flow trouble.

    2. Maximize the value of the company. Value of the company depends on how much the company's future cash flows, the duration of the sustainable development of the company and the company the size of the weighted average cost of capital of these three factors, which any of the three factors are the dynamic factors, is difficult to accurately measured them. Can not be measured accurately with the results of evaluation of the company's value and maximize the value of the company as the optimal goal of financial management is clearly not reliable.

    3. Owner wealth maximization. Measurement standards of wealth is the owner of the company's total net assets, total assets minus total liabilities that the balance. The total net assets is a static index, does not include the time value of money factors and risk value, and with the owners of wealth maximization as the optimal financial management is clearly inappropriate. And because operators can increase by reducing the debt to net assets, it will affect the company's financial leverage effect, so that investors deserve the loss of financial leverage.

    4. Maximizing shareholder wealth. Measurement standards of shareholder wealth is the stock market, the market price of the stock by the company in addition to internal factors, the more the company is affected by external factors. When the adverse external factors on the company when the stock market not only does not rise, but will decline, so that the company appears to effective management of all activities on the stock market has become ineffective in terms of management behavior. With a target company can not effectively control the company's financial management as the optimal target, which is unrealistic.

    The four goals are not comprehensive and clear account of the various stakeholders the company's interest in the company. A company, from property relations, which are investor (owner), but in the interests of relations, it belongs to all stakeholders. Therefore, to determine the optimal financial management objectives, one can not only consider the unilateral interests of stakeholders, and should be fully and explicitly into account the common interests of all stakeholders.

Second, determine the financial management of the main principles of the optimal objective

    1. Interests of both principles. The company's stakeholders are investors, creditors, managers, government and the public. Determine the optimal financial management objectives, should be fully and effectively balance the interests of the five stakeholders, and efforts to the interests of each stakeholder can be maximized.

    2. Reliable measurement principles. The optimal goal of financial management should be able to be reliably measured. Only can be reliably measured, the optimal financial management objectives only become concrete, only operable to carry out assessment and evaluation. Otherwise, the optimal financial management of the virtual target will become meaningless.

    3. Control principle. Only able to effectively control, optimal target is possible to achieve through the efforts of the company. If a goal is not controlled financial management for the company to determine the optimal goal, it will make this goal a not unreal or simply can not achieve goals, which the company will be consequences for financial management.

    4. Principles of sustainable development. The optimal goal of financial management should be conducive to the company's sustainable development. Specifically, the optimal financial management of the company should be able to overcome the operational target only the immediate, short-term distribution of the spectral behavior of eat, so that the interests of all stakeholders are able to do with the length of the effective balance, the maximum guarantee company long-term, stable and rapid development.

Third, the interests of all the financial management of the company to maximize the optimal objective

    Is to maximize the interests of all investors, creditors, managers, government and community to maximize the public interest. Maximize the realization of multi-stakeholder, required:

    1. Measurability of interests of all parties. To investors, creditors, managers, government and maximize the benefits of public financial management for the company to determine the optimal objectives, can best meet the objectives of financial management requirements can be measured.

   (1) the interests of investors can use the net assets (or shareholder interests, the same below) Maintenance and Appreciation of net assets profit margin, net assets per share, earnings per share, dividends per share, per share price of the six indicators to measure. Maximize the interests of investors means to maximize the value of these six indicators.

   (2) the interests of creditors can use debt ratio, financial leverage, interest coverage ratio, current ratio, quick ratio, cash ratio, the debt due for repayment rates of the seven indicators to measure. Maximize the benefit of creditors means the value of these seven indicators to maximize their moderation.

   (3) the interests of the operators can use the ratio of salary percentage of operating revenue, total operating cost ratio of wages, salaries account for the ratio of the added value of the company, salary growth rate and the rate of revenue growth, salary growth rate and growth rate of operating costs rate, salary growth rate and the rate of growth in company value added, wages and labor productivity growth rate of the seven indicators to measure the ratio. Operators to maximize the benefits means the value of these seven indicators to maximize their moderation.

   (4) The Government can use tax compliance rate of interest, taxes, completion rates, social contribution, social accumulation rate, completion rate of government investment, social security, the completion rate of the six indicators to measure. Maximize the benefits after the government refers to maximize the value of five indicators of the rate of tax violation target value is minimized.

   (5) the public interest can be environmental protection, labor inspection, technical supervision, labor protection, production safety, service, consumer protection-related aspects of these seven indicators to measure. Maximize the public interest means the relevant indicators of the seven areas can satisfy the relevant laws, regulations and system requirements, to minimize the damage to the public interest.

    In particular, to some extent, the government interest is the public interest and public interests, but also for the interests of the two can not be completely separated.

    Through the above analysis shows that the proposed financial management of the optimal objective - to maximize the interests of all is a very comprehensive goals, rather than to maximize profits, maximize the value of the company, owner wealth maximization, shareholder objectives such as wealth maximization is only a relatively simple goal.

2. Interests of all parties can be controlled

      Maximize the benefits to investors, creditors to maximize the interests of the operators to maximize the interests of the Government and the public interest of maximizing the interests of maximizing the financial management of the company to determine the optimal objective, the various stakeholders are clear indicators: ① reflect the investment Maintenance and Appreciation of net assets of the interests, the net assets profit margin, net assets per share, earnings per share, dividends per share, market value per share; ② reflect the interests of the creditors of the asset-liability ratio, financial leverage, interest coverage ratio, current ratio , quick ratio, cash ratio, the debt due for repayment rate; ③ salary reflects the interests of operators of the ratio of total revenue, total operating cost ratio of wages, salaries account for the ratio of the added value of the company, salary growth rate and revenue growth the rate of salary growth rate and the rate of growth of operating costs, salaries and company growth rate of value added growth, salary growth rate and the rate of growth of labor productivity; ④ violation of the Government taxes interest rate, taxes and fees to complete rate, social contribution, social accumulation rate, government investment completion rate, completion rate of social security; ⑤ reflect the public interest, environmental protection, labor inspection, technical supervision, labor protection, production safety, service, consumer rights protection. These indicators not only can be measured, but also all through the company's financial management activities to be effectively controlled, in line with the best goal of financial management control principles.

3. Only by maximizing the interests of all financial management for the company to establish the optimal target in order to maximize the promotion of the sustainable development of the company

       Companies in the financial management activities, if ignored the interests of investors, the investment company of people who may be replaced (if not replaced, will intensify the investors and operators of conflict between the agent and increase agency costs), and even investors may withdraw or transfer of investment, the company ceased to exist. If we ignore the interests of creditors, the company's creditors may be by the current legal proceedings to protect their own interests, the company plunged into the quagmire of legal proceedings, the company's future financing trouble. If we ignore the interests of the operators, the company is difficult to mobilize the enthusiasm of the operator, failed to keep, but do not lead to good operators. If we ignore the interests of the Government, the company may be subject to government administrative penalties or legal sanctions. If we ignore the public interest, the company also may have been the government's administrative punishment or legal sanctions, while also met with public condemnation and resistance. All this is not conducive to the sustainable development of the company, and even may cause the company's decline. Therefore, only the interests of all parties to maximize the financial management of the company to establish the optimal objective, and efforts to balance the financial management activities, coordination and balance the interests of the investors, creditors, managers, government and the public are the company's business activities from their respective best interests to get in order to maximize the promotion of the company's sustainable development.

4. Maximize the interests of all parties comply with the ultimate goal of socialism with Chinese characteristics, the basic requirements.

     China's ultimate goal is to achieve common prosperity. Investors, creditors, managers, government and the public interest is co-principal, to achieve maximum benefit of these stakeholders as the best financial management objective is to achieve the ultimate goal of common prosperity of the basic embodiment. Can be said that investors, creditors, managers, government and the public interests of all parties is to maximize the financial management system of the optimal goal, it under the capitalist system the best financial management objectives - the largest shareholder wealth essentially based on the difference.


 
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