股东财富最大化

第二部分，对资本成本、股利政策与股东财富最大化关系的进行了实证研究。

The second part is the empirical research on the relationship between the cost of capital , dividends and the maximization of shareholder wealth .

作为上市公司，毕竟实现股东财富最大化才是硬道理。

As to be listed , realizes the shareholder wealth maximization is the hard truth after all .

因为EVA完全考虑了企业的权益资本成本，因而更符合现代财务管理目标&股东财富最大化的要求。

As EVA entirely considers capital cost , so can accords with the goal of modern financial management & maximize the wealth of stockholders .

运用EVA的目的不仅是股东财富最大化的要求，更是公司利益相关者利益的实现。

The aim of the company using the EVA index is not only to maximize the profit , but also to get the relevant revenues of the company .

企业财务管理的目标是股东财富最大化，这要求企业建立起以价值管理为核心的财务战略体系，EVA正是这样一种能够衡量企业价值的工具。

It demands the enterprises to establish the financial strategic system focused on the value management . EVA is such a tool that can evaluate the values of enterprises .

论有中国特色企业财务管理目标的五大特征&兼评以利润、企业价值或效益、股东财富最大化为财务管理目标诸观点

Five Characters in Establishing the China-type Corporate Financial Management Objective

第二，销售收入最大化并不能保证股东财富最大化，如果资本回报率小于资本成本率，就会造成股东价值的毁损。

Second , maximization of sales not necessarily leads to that of shareholders ' fortune .

对股东财富最大化的思考

Thought on the Maximum of Shareholders Wealth

西方流行的企业财务管理目标是股东财富最大化。

In the west , the popular financial management objective is to maximize wealth of shareholder .

现在很多企业和大学教材中，把财务管理目标股东财富最大化和企业价值最大化混淆。

Choice of financial management object has been confused in many corporations ' and teaching material .

股东财富最大化&最具发展潜力的财务管理目标

Maximum of Shareholders ' Wealth

接着具体分析非上市国有企业当前的财务管理目标应为股东财富最大化，并说明原因。

Then analyses that the financial management target of non-listed state-owned enterprises should be shareholder value maximum .

可持续增长是公司制企业实现股东财富最大化的长远目标。

The sustainable growth is the corporation 's final object to the maximum of the stock-holder 's wealth .

当企业的资产负债率较低时，股东财富最大化与企业市场价值最大化是一致的；

When the asset-debt rate is low , " stock-holder wealth maximizing " financial objective is equal to the " firm market value maximizing " .

对主要从事资本运营的集团公司来说，股东财富最大化是其最主要目标。

To a corporation of conglomerate which mainly is engaging in capital-running , the principal object is to maximize the Wealth ofthe holders ofthe corporation .

通常经济理论假设公司是为所有者追求最大利润或称股东财富最大化。

Economic theory normally assumes that firms seek to maximize profit for the owners of the firm , or the maximization of shareholders ' wealth .

产权理论认为，股东财富最大化是企业财务管理的目标。

As the opinion of Property Rights Theory , the maximization of shareholder value is the one and only objective of financial management of the company .

以股东财富最大化作为企业财务管理的目标，已成为财务管理理论界和实务界所普遍接受的一种观点。

Taking the shareholder wealth maximization as the goal of the enterprise financial management has become one viewpoint that the financial management theorists and Practices accept generally .

因此设计一套良好的经理人业绩评价和激励制度对实现企业价值和股东财富最大化具有重要意义。

Therefore , a well-designed managers ' performance evaluation and incentive system is of great significance for the maximization of enterprises ' value and shareholders ' wealth .

本文分析了目前流行的主要的财务管理目标，即利润最大化、股东财富最大化、企业价值最大化及相关利益者最大化，研究了其优缺点。

This paper analyzes the present financial management goal , such as Profit Maximization , Stockholder Wealth Maximization , Corporation Value Maximization and Related Interest Group Maximization .

这也从侧面体现出中央企业虽然意识到了权益资本成本，但还没有从追求利润最大化为财务管理目标很好地转变到股东财富最大化。

This is also reflected that although central enterprises realized that the cost of equity capital , but the financial management objectives is still maximizing shareholder wealth .

上市公司的最终目标是实现股东财富最大化，这就要求衡量公司绩效的指标应该准确反映公司为股东创造的价值。

The ultimate goal of listed companies is to achieve maximum shareholders ' wealth , this required that the enterprises ' performance measurement system must reflect this concept .

据此，以企业价值最大化作为财务管理的目标，比以股东财富最大化等目标作为财务管理目标更科学。

So the maximum of the value of enterprise is more reasonable than the maximum of stockholders ' wealth in the choice on the aim of finance management .

事实证明，基于资本成本的政府股东财富最大化目标是国有企业合理的理财目标。

It is proved by the fact that the government shareholder wealth maximization based on the cost of capital is the rational financial management objective for the SOEs .

本文共分为五章节：在这一章中比较分析利润最大化、股东财富最大化、企业价值最大化以及利益相关者最大化这四个受到广泛认同的财务管理目标；

This paper is divided into five chapters . The first chapter discusses which financial management target should be complied with in the pursuit of enterprise sustainable growth process .

在现代企业中，股东财富最大化是企业财务管理的最终目标，建立良好的内部财务控制则是实现这一目标的必要途径。

In modern enterprises , shareholder wealth maximization is the final goal of financial management and a good internal financial control is an essential way to realize the target .

但是要通过建立委托代理关系来管理企业，进而实现股东财富最大化这一目标是有前提条件的，即管理层必须一心一意为股东服务。

However through the establishment of the agency relationship to manage the business and maximize shareholder ' wealth , it require the management must wholeheartedly work for the Shareholder .

企业财务管理目标目前比较流行的主要有股东财富最大化和企业价值最大化两种。

The most popular financial managerial goal for the industry are " to maximize the shareholders ' profits " and " to maximize the value of the industry " .

一方面，恰当的股利分配政策能优化资本结构，降低资本成本，帮助实现“股东财富最大化”的理财目标；

An appropriate dividend policy could help a firm to achieve its financial goal-maximizing the wealth of shareholders through optimizing the capital structure and then reducing the cost of capital .

在市场经济环境下，企业并购的目的是为实现其财务目标&股东财富最大化。

In the market economy environment , the aim of Mergers and Acquisitions ( M & A ) is to meet the financial goal ( the stockholder wealth maximum ) .