【作者】 袁业虎；

【导师】 秦荣生；

【作者基本信息】 江西财经大学 ， 产业经济学， 2009， 博士

【摘要】 纳入进’Finance"学静态均衡定价分析框架的主流公司财务学,没有充分反映其现金流转表现形式背后的价值管理本质特征。随着国内外财务理论研究的发展,以及现实中基于价值的管理(VBM)理念的提出而导致的企业财务职能的转变,主流公司财务学的逻辑框架已在发生突破。但至今为止,仍缺乏从动态价值创造的角度进行分析的逻辑整合框架。本文的研究正是通过挖掘财务管理的价值管理本质内涵,揭示了迂回生产下资本及其价值创造的财务行为内在机理,并进一步具体分析了分工与交易下人力资本、组织资本、社会资本、网络资本及其价值创造的现实拓展形式；从而在资本及其价值创造的内在逻辑上构建了反映价值管理本质特征的财务基本理论框架。本文的分析源于财务行为历史与逻辑的起点：财富及其人们拥有财富的动机。以财富效用函数分析为基础,本文首先确定了在实现生命周期内消费需求满足的理财目标下,既定财富下的财务主体发挥理性通过迂回生产进行资本预付而形成资本品以实现价值创造的财务行为的基本特征。接着在厘清学术界对资本本质及功能认识上产生的困惑、混淆基础上,界定与解析了资本实现价值创造的本质内涵。正是基于此本质内涵,本文得以从基本概念及基本理论上突破主流公司财务学由于受资源配置论分析范式影响而形成的静态均衡定价分析框架。本文认为,在迂回生产下,资本是唯一的生产要素,体现为预付资本与资本品相统一的动态价值创造过程。其价值创造源于财务主体发挥理性通过资本预付而形成的专门资本品知识的异质效应。因此,财务学不能象主流公司财务学受主流经济学的影响那样,从宏观局外人的视角考察社会资源——资金,如何在既定技术、偏好下通过市场价格机制实现最优配置,从而最后达成社会整体效用(福利)最大化,即“个人和社会是如何通过基于对风险资产估价的价格机制来分配稀缺资源的?”而应从微观财务主体不断发挥理性的角度,考察其如何通过预付资本形成资本品异质效应实现价值创造的运动过程,体现真正基于“商学院方法”的动态价值管理本质特征。在此基础上,本文首先从财务主体实现价值创造的角度,通过构建一般模型,揭示了确定性情况下财务行为内在机理；其次,通过剖析理性财务主体实现动态价值创造所需要获取与形成的专门资本品知识的特征,在结合这一知识获取与形成的动态过程分析的基础上,归纳出资本及其价值创造的动态理财规划模型,从而揭示了基于知识获取与形成的资本及其动态价值创造财务行为内在机理；最后,将上面所揭示的资本及其价值创造财务行为内在机理,运用于现实中分工与交易导致的人力资本、组织资本、社会资本、网络资本及其价值创造进行具体分析。本文所建构的资本及其价值创造的财务理论,不同于纳入"Finance"学的主流公司财务学静态均衡定价的分析框架及其出资者与实业生产者的二分模式。本文以实业生产者——理性财务主体通过迂回生产进行资本预付获取与形成专门资本品知识及其物化而实现价值创造的财务行为内在机理为逻辑线索,从企业家创立企业出发,分析现实中的理性财务主体如何通过组织生产分工将其人力资本外显转化为组织资本,并进一步通过物品交换、交易合作以及资本交易(金融)与组织关系网络将人力资本、组织资本扩大为社会资本、网络资本效应,最终实现价值创造的动态财务管理过程。因此,本文研究的可能创新之处及理论突破在于：第一,本文通过系统梳理及探析学术界长期以来在资本本质认识上的困惑、混淆、争论及其形成原因,挖掘出了预付资本与资本品相统一实现价值创造的资本概念内在本质,并由此重新界定了人力资本、组织资本、社会资本、网络资本的概念内涵及其逻辑关系。从而不仅使财务理论得以从基本概念与基础理论上突破主流经济学市场资源配置论分析范式的局限,而且也弥补了当前国内外学术界所提出的各种资本概念与资本理论在逻辑上缺乏联系的缺陷。第二,本文突破了主流公司财务学静态均衡定价两分模式的理论局限,以实业生产的财务主体基于资本实现价值创造为逻辑主线,系统阐述了随着迂回生产的深化、分工与交易的发展,财务主体产生分化及演变而使资本及其价值创造不断得到拓展的动态财务管理过程。这一动态财务管理过程的系统阐述,不仅使主流公司财务学的以资本市场上无实业生产知识的出资者为终极财务主体的缺乏历史发展的先验假定的不足有所弥补,而且也使公司治理及企业融资(包括资本结构决策)的问题可以在财务主体分化的动态演进合作博弈中找到逻辑分析的线索。第三,本文揭示了基于知识获取与形成的资本及其动态价值创造的财务行为内在机理,并将其纳入到现实的分工与交易活动中构建了从人力资本到组织资本、社会资本、网络资本效应的价值创造逻辑整合框架。第四,本文系统构建了从不确定性到确定性环境下的理财规划一般模型,提供了资本及其价值创造财务管理的完整分析思路。并将实物期权与序贯博弈分析结合起来,构建了动态演进的理财规划基本模型,为现实中的动态财务管理奠定了理论基础。第五,本文提出了企业价值创造的根源在于,理性财务主体从不确定性环境中通过资本预付获取与形成的专门资本品知识及其物化形式,从而不仅将无形资产投资与有形资产(固定资产)的投资结合起来,而且将投资管理与价值创造过程(资本品运行过程)的成本管理结合起来。同时,还值得指出的是,本文的研究只是构建了一个类似于财务理论概念框架的基本理论,因此,尚存在创造价值的资本形式有待进一步细化为各种可操作的具体指标的局限。最后,本文建构的基于资本及其价值创造的财务理论,可为因主流公司财务学忽视实业生产财务主体动态价值创造而导致无法解释的财务现象提供新的逻辑思路,以及为实务中企业财务职能转变下的企业价值管理和相应的财务学科建设提供理论基础。更多还原

【Abstract】 The Static Equilibrium Pricing analyze framework of "Finance" has been concluded in the Corporate Finance mainstream, which has not fully revealed the substantive characteristics of Value-Based Management under the outward manifestation of cash circulations. As the development of financial theories both in domestic and overseas and the conversion of financial functions raised by Value-Based Management (VBM) in real business, the logicial framework of Corporate Finance mainstream has been suffering a breakthrough. But there is still lack of logicial analyses from the angle of dynamic value creation by now.This article is trying to reveal the mechanism of capital and financial behaviors aiming at value creation in roundabout productions, through excavating the essence of value management. In addition, it concretely analyses the practical forms of human capital, organizational capital, social capital and network capital when division and transaction. Thus it constructs an intrinsic logic of financial framework from the view on capital and its value creation, which is trying to reveal the essential characteristics of value management.From the perspective of the outset of financial history and research logic, this article analyses wealth and motivation to possess wealth of people. Based on wealth utility functions and the assumption that consumers’demands would be satisfied during their life cycle, it firstly defines the essential features of financial behaviors aiming at value creation, which is realized when financial bodies display rationality, prepay capital and gain capitalgoods through roundabout production. Then, it has solved some perplexes and confusions of capital essence and its function in academic circle, defined and analyzed the real meaning of capital aiming at value creation. Precisely based on that essence, the article breaks through the Static Equilibrium Pricing analyze framework of "Finance",which is derived from resources deployment theory. This article holds the idea that, capital is the unique production element in roundabout production, which is manifested in the process of dynamic value creation when prepaid capital and capitalgoods are integrated. Its value creation originates from the heterogeneous effect when financial body displays rationality, prepays capital and forms specialized capitalgoods knowledge. Therefore, Finance cannot follow the way of Corporate Finance mainstream, which is influenced by Economics mainstream and inspect the social resources---cash from the macroscopic view, how to realize the optimal allocation and ultimate social integral utility(welfare), through the price-and-market mechanism under established technology and preferences, or "how do individuals and society allocate scarce resources by price mechanism based on the evaluation of risk assets". However, Finance should start from the assumption that microscopic financial body could always display rationality, and then investigate how to realize the process of value creation through the heterogeneous effect of prepaid capital and capitalgoods, which manifests the substantial characteristics of dynamic value management fully based on "Theory of Business School".Based on the above conclusions, firstly, this article constructs some general models and reveals the intrinsic mechanism of financial behavior under certainty from the view on financial body’s value creation; secondly, by analyzing the characteristics of specialized capitalgoods knowledge which is acquired and developed when rational financial body realize dynamic value creation, and combining with that dynamic process analyse basis, this article concludes some dynamic financing models of capital and its value creation, and reveals the intrinsic mechanism of capital,which is based on the knowledge acquisition and development, and its financial behaviors aiming at value creation; finally, this article applies those intrinsic mechanisms of capital and its financial behaviors aiming at value creation to the concrete analysing of human capital, organizational capital, social capital, network capital and their value creations when division and transaction in real business.The financial theory framework of capital and its value creation constructed in this article is different from the analyze framework of the Static Equilibrium Pricing in Corporation Finance mainstream concluded in "Finance" and the two-category scheme of its investors and industry producers. This article searches information on industry producers--rational financial body in roundabout production, who prepay capital, acquire and develop specialized capitalgoods and its materialization, and the intrinsic mechanism of financial behavior aiming at value creation. Starting from the foundation of enterprises by entrepreneurs, it analyses how the rational financial body in real business transform human capital into organizational capital through production and division, and then extends human capital and organizational capital into the effects of social capital and network capital through goods exchange, transaction cooperation, capital transaction (finance) and construction of relationship network, and finally realizes the dynamic financial management aiming at value creation.So, the possible innovation or pathbreaking in this article may be as follows: Firstly, it’s the first time in this article to analyse systematically those perplex, confusion and controversy about the root of value creation in academic circle for a long time. It reveals the real meaning of capital aiming at value creation when prepaid capital and capitalgoods integrated and defines the essence and logical relationship of human capital, organizational capital, social capital and network capital all over again. Therefore, it not only breaks through conceptual framework and fundamental theory of the Static Equilibrium Pricing analyze framework in Corporate Finance mainstream,which is derived by resources deployment theories, but also supplies a gap of logical relationship between capital and capital theories raised by researchers both in domestic and abroad.Secondly, this article breaks through the theory limits of two-category scheme of Static Equilibrium Pricing analyze framework in Corporate Finance mainstream, reveals the logical clue of value creation activities done by industry producers, and analyses systematically the dynamic financial management from the view on differentiation and development of financial behavior and capital and its value creation. Through the above systemic analyses, the article not only supplies a gap of the imperfect assumptions that those investors without industry producing knowledge in capital market are terminal financial body, but also reveals logical clue of dynamic development and cooperate game under the differentiation of financial body, as people encounter the problems of corporate governance and business financing(include capital structure decision-making).Thirdly, this article reveals the intrinsic mechanism of capital derived from knowledge acquisition and financial behavior aiming at dynamic value creation. By combining this mechanism with the real business of division and transaction, the article constructs a value-creation framework from the effect of human capital, organizational capital, social capital and network capital.Fourthly, this article constructs systematically a series of financing models under certainty or uncertainty, and provides integrated analytical methods of financial management based on capital and its value creation. It combines the physical option with the sequential game analyse, constructs some dynamic financial models and may lay a theory foundation of dynamic financial management in real business.Fifthly, this article reveals the root of value creation is that financial body with rationality prepay capital and acquire specialized capitalgoods and its materialization forms. Thus it not only combines the intangble investments with the tangble investments (fixed assets), but also combines the investment management with the cost management of value creation(capitalgoods circulation).Meanwhile, it’s worthy to mention that the article constructs a similar framework of financial theory. Thus, there must be some limitations that how to trasnform the capital aiming at value creation into some material indicators.Finally, the financial framework constructed in this article, which is based on capital and its value creation, could provide a new logical settlement when researchers meet with some unexplainable financial phenomena, according to the Corporate Finance mainstream that ignores industry prodution and dynamic value creation of financial body, and a new theory foundation of corporate value management under the transformation of financial founctions in real business and related finance disciplinary development.更多还原