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一、现代西方财务管理的演进 20世纪初期,当财务管理逐渐从经济学中分离出来而成为一个独立研究的主题时,其重点在于研究公司的合并及重组、新公司的设立、公司各种证券的发行等与法律有关的经济问题。当时公司面临的主要问题是如何获取资本扩充所需的资金。在资本市场萌芽的初期,私人资金很难转移到公司,而在公司内部发行的股票,由于公司的内线人士(Insiders)和股市操纵者参与股票交易,使股价剧烈波动,动摇着投资者购买股票、债券的信心。那时,财务管理的职能集中于研究公司证券发行的法律问题。
I. Evolution of Modern Western Financial Management In the early 20th century, when financial management was gradually separated from economics and became the subject of an independent study, its focus was on the study of the merger and restructuring of companies, the establishment of new companies, and various securities of companies. The issue of economic issues related to the law. The main problem the company faced at the time was how to obtain the capital needed for capital expansion. At the initial stage of the budding capital market, it was difficult for private funds to be transferred to the company. In the company’s internally issued stocks, the company’s insiders and stock market operators involved in stock trading caused stock prices to fluctuate violently and shake investors’ stock purchases. Bond confidence. At that time, the function of financial management focused on the legal issues of the company’s securities issuance.