相关者利益最大化财务管理目标研究.pdf

相关者利益最大化财务管理目标研究 摘 要 股东财富最大化（Shareholder Wealth Maximization）和相关者利益最大 化（Stakeholder Wealth Maximization）是当今学术界所持的关于财务管理目 标的最主要的两个观点。尤其在上市企业当中，股东作为所有者的特殊地位，其 利益一直倍受关注。但是随着知识经济的兴起，股东以外的其他利益相关者地位 得到了提高，仅仅关注股东单方面的利益已经不能符合社会经济发展的需要。从 企业可持续发展的角度来看，企业应当关注其他的利益相关者，并把他们的利益 目标纳入其考虑范围。而相关者利益最大化作为财务管理目标，弥补了股东财富 最大化仅注重股东利益而忽略其他利益相关者的不足，符合企业长期可持续发展 的要求。 本文以利益相关者理论为出发点，对股东财富最大化与相关者利益最大化两 大财务管理目标进行比较，并在此基础上提出了相关者利益最大化财务管理目标 的衡量方法，并对该衡量方法运用实例进行了初探。本文认为，与股东财富最大 化的目标相比，相关者利益最大化是企业财务管理目标的理性选择。 关键字：相关者利益最大化，股东财富最大化，利益相关者，股东。 I 相关者利益最大化财务管理目标研究 Abstract Shareholder Wealth Maximization and Stakeholder Wealth Maximization are two of the most important points in todays academias financial management objectives. Particularly in listed companies, the special status of shareholders as the owner,whose interests have drawn greater attention. But with the rise of the knowledge-based economy, shareholders other than the status of other stakeholders has been enhanced, only concerned about the unilateral interests of the shareholders has been unable to meet the needs of socio-economic development. From the enterprise point of view of sustainable development, enterprises should pay attention to other stakeholders, their interests and goals into their account. Maximize the interests of the relevant financial management as a goal to maximize shareholder wealth to make up for the interests of shareholders only pay attention to the neglect of other stakeholders of the lack of long-term sustainable development in line with corporate requirements. Based on stakeholder th