企业价值二元化背景下的企业目标

在经济金融化条件下,企业价值已出现了二元化———实体价值与虚拟价值。在企业目标问题上把价值最大化与利润最大化对立起来的观点是不正确的,单纯强调价值最大化容易出现金融泡沫,单纯强调利润最大化容易忽略金融发展,两者都不利于企业和社会经济的均衡发展。理性的企业目标是在价值最大化与利润最大化之间实现良性互动,实现实体价值与虚拟价值良性互动基础上的企业价值最大化。

On Firm Objective in the Context of Firm Value Duality

With the economy financialization, the firm value has become duality-substance value and virtual value. In such a context, it's not right either simply emphasizing firm value maximum or simply emphasizing firm profit maximum. The former view easily brings on financial bubbles, and the latter one easily overlooks financial development. Both of them would make against the firm and social economy equilibrium development. So, the firm rational objective should be achieving sound interaction between value maximum and profit maximum, in other words, the firm value maximum should be realized on the basis of sound interaction between substance value and virtual value.