文档介绍：III 内容摘要本文从企业的性质出发,以利益相关者理论为基础,对企业财务管理目标进行研究,认为财务管理目标既是财务工作的行动方向又是企业利益相关者之间各种利益相互制约的制衡点。不同的公司治理结构将产生不同的财务管理目标,股东至上的公司治理逻辑产生的财务管理目标是股东财富最大化。企业的股东拥有剩余索取权和控制权,在企业中表现为股东通过对经理人员的激励和约束,使企业为股东利益最大化服务。股东至上的公司治理结构模式在放松管制和恶意收购的浪潮中受到严重的挑战,公司为了实现股东利益最大化而损害了其他利益相关者的利益。共同治理结构反映了现代公司市场经济的要求,共同治理的公司治理结构逻辑产生的财务管理目标是企业价值最大化。企业通过内部正式制度的安排来确保每个产权主体具有平等参与企业所有权分配的机会,同时又依靠相互监督的机制来制衡各产权主体的行为,达到产权主体行为统一与企业的适应能力提高这一共同的财务目标,即企业价值最大化。本文进一步对我国特有的市场经济条件下,公司治理结构的分析,认为我国应该以公司股东、债权人、管理者以及公司职工等相关利益者共同治理为基础,适合我国公司的财务管理目标只能是单一的财务管理目标——企业价值最大化。关键词: 利益相关者,公司治理结构,企业价值最大化 IV Abstract This text is based on the character of the enterprise and the related beneficiary, researching the enterprise finance management. It is said that the target of finance management is both the action aim and the balance point between all beneficiaries’ interests。 Different management structures result in different finance target. The target es fromshareholder’s interest has highest priority logic makes the fortune maximized. The stock holders have the right of asking for right in surplus and control. Through the inspiring and restricting to the managers by the stock holders, makes the enterprise serves to maximize the benefit. Company structure mode bases on shareholder’s interest has highest priority is challenged by the loosing control and vicious purchasing. The related beneficiary is damaged by maximizing the stock holder’s benefit. The Manage together structure reflects the requirement of modern marketing economy. The finance management target es pany management structure logic base on managed together concept makes the value of enterprise maximized. The enterprise ensures every property entity right to have the opportunity to distribute the ownership by internal regulation, at the same time, to balance behavior of property entity right by supervising system, in order to gain the target of improving the ability of the behavior of property entity right is unified with the adaptive capacity of enterprises, .