CAJ | 학술논문

本文将利益相关者理论延伸到财务战略领域，提出了相关者利益最大化企业财务战略的命题设想。分析比较了相关者利益最大化财务战略与股东财富最大化企业财务战略，指出在知识经济时代，相关者利益最大化是企业财务战略的理性选择，阐述了相关者利益最大化企业财务战略的若干特点。针对相关者利益最大化企业财务战略的构建，明确提出相关者利益最大化企业财务战略选择和实施的重点方向：资本经营、合理收益分配、适度债务融资、成本领先、绩效薪酬、顾客资源驱动、绿色理财等。最后探讨了实施相关者利益最大化财务战略的保障机制。本文从财务战略的角度对利益相关者理论诸多问题展开研究，为创建相关者利益最大化企业财务战略理论进行了初步探索。
본문장이익상관자이론연신도재무전략영역，제출료상관자이익최대화기업재무전략적명제설상。분석비교료상관자이익최대화재무전략여고동재부최대화기업재무전략，지출재지식경제시대，상관자이익최대화시기업재무전략적이성선택，천술료상관자이익최대화기업재무전략적약간특점。침대상관자이익최대화기업재무전략적구건，명학제출상관자이익최대화기업재무전략선택화실시적중점방향：자본경영、합리수익분배、괄도채무융자、성본령선、적효신수、고객자원구동、록색리재등。최후탐토료실시상관자이익최대화재무전략적보장궤제。본문종재무전략적각도대이익상관자이론제다문제전개연구，위창건상관자이익최대화기업재무전략이론진행료초보탐색。
This paper is mainly intended to do a targeted research on extending the theory of stakeholder to the area of financial strategy, and puts forward the proposition on the maximizing the interests of corporate stakeholders. First of all, a assumed proposition of financial strategy for stakeholder benefit maximization, with its necessity and meaning being illustrated from perspectives such as contract theory, new property rights , enterprise＇ s social responsibility and moral outlook. The implementation of such financial strategy will facilitate an enterprise to ＂coordinate various interested parties and realize common growth and wealth＂, to ＂transform its economic growth pattern＂ , and to guide the enterprise to ＂conduct wealth management activities in a harmonious, green and sustainable manner＂, puts forward in the knowledge economy era, the interests of stakeholders maximization is the rational choice of corporate financial strategy and the interests of stakeholders in the analysis and comparison of financial strategies to maximize shareholder wealth maximization and the process of financial strategies that maximize the in- terests of corporate financial strategies related to a number of features. In the next place, several features of such financial strategy for stakeholder are analyzed. The financial strategy for shareholder wealth maximization mainly represents the interests of shareholders, and an enterprise shall act for the benefit of its shareholders to maximize their wealth; while, the financial strategy for stakeholder benefit maximization is meant for all stakeholders, and will maximize the benefit for all stakeholders in the long run. This article tries to analyze, compare and illustrate the features of the financial strategy for stakeholder benefit maximization in the following aspects： take stakeholder theory as the basis of property rights , follow a ＂joint governance＂ pattern, emphasize ＂the sharing＂ of owners＇ interests, respect and represent human capital value, and take into account both economic benefit and social benefit, the business focus on the research of building up financial strategies to maximize the interests of stakeholders, makes clear that its key directions are ： capital management, a reasonable distribution of income, moderate debt financing, cost leadership, performance pay, the customer resource-driven, green finance and so on . By a comparison of differences between the aforesaid two strategies, a clear direction is identified for the selection and implementation of the financial strategy for stakeholder benefit maximization. In the third place, discussions are made as to how to construct a financial strategy for stakeholder benefit maximization, including among , implement capital operation, maintain and increase the value of materials and HR capital, implement appropriate income distribution policies and strategies, allow proper debt financing, enhance corporate value and protect creditors＇ rights and interests, implement the cost leadership strategy, improve corporate profitability and capacity for promotion sales, implement performance-linked remuneration to attract more talents; implement a customer-resource-motivated strategy to improve customer satisfaction and market share; implement ＂green wealth management＂ for a unity of economic and social benefit; establish a safeguard mechanism for ＂balance and coordination＂, and ensure the implementation of the financial strategy for stakeholder benefit maximization. Finally, safeguards in connection with such financial strategy for stakeholder are discussed. This article from the perspective of the financial strategy, studies many issues of stakeholder theory, make a useful exploration for complementing and improving the financial strategy that maximizes the interests of stakeholders, at the same time, for the enterprise to effectivdy carry out the selection of financial strategy on maximizing the interests of stakeholders and implementation of financial strategy has great practical significance. Overall, this study follows such a sequence： bring forth assumptions-demonstrate its necessity and rationality -point out its features-study its applications-propose its implementation safeguards.