Study On People-oriented Enterprise Finance Problems

Due to profit-seeking material-oriented financial management mode has difficulties to support modern enterprise sustainable development and harmonious society construction, this thesis studied corporate financial problems by using people-oriented thought of Marxism. Traditional enterprise ownership is defined belonging to material capital investor and maximizing business economic benefit becomes main goal even sole goal of enterprise financial management. Market economy under the reform and open impels industrialization and urbanization of our country. Under the shareholder primacy logic, enterprise on one hand created large quality economic wealthy, and on the other hand brought a lots of social and environmental problems such as intensified conflict between labor and capital, product quality decrease, resource overexploitation and inefficient use, ecological deterioration,etc. Due to business ethics and financial morality's deficiency, enterprise does harm to stakeholder's equity and enlarged the gap between rich and poor. Modern enterprise is a contract between human capital owner and material capital owner. To obtain employee substantial support and society universal recognition by increasing human capital investment and fulfill corporate citizen obligation is the guarantee of enterprise's developing and growing. People Oriented is the essence and core of the scientific development perspective. Its implication in micro-enterprise level and implement of a people-oriented enterprise financial management has important realistic meaning.Finance is social science that cannot be separated from its social attribute. West economy theory influences enterprise financial theory research of China greatly and many financial theories are exotic. Natural attribute of finance is strengthened and financial management's technicality and instrumental is obvious, which physical resource and profit are more important than human resource and righteousness. Main trend of the world economy theory has already transformed from neoclassicism to humanism. Although humanistic economy theory is inchoate, it will bring about profound impact on financial theory and practice. People-oriented in this thesis is a further development of Marxism in China and it's the essence and core of scientific development perspective. People oriented means that human is fundamental means and ends, and human is societal rather than abstract, overwhelming majority rather than minority, contemporaneity as well as future generations.The main content in the paper includes:Chapter 1:Introduction. Theoretic and realistic background and research significance are put forward firstly. It's pointed that Chinese enterprise should implement people-oriented financial management on the basis of analysis of our country's condition, current situation of financial management and review of influence that main stream economy theory exert on financial theory study.Chapter 2:Literature review. Related literatures of home and abroad are reviewed, including people-oriented financial management research status of the West and China, policy documents review and enlightment therefrom.Chapter 3:People-oriented enterprise financial regulations design. Evolution of Chinese financial regulations is reviewed and policy suggestions are put forward on the basis of analysis evaluation. Influence factors and design principle of enterprise financial regulations design are discussed. People-oriented enterprise financial regulations include enterprise financial general rule and its practice note, human capital financial regulations, material capital financial regulations, social capital financial regulations and environmental capital financial regulations.Chapter 4:People-oriented enterprise financial culture development. Firstly, problems of financial culture research are summarized on the basis of reviewing research literatures of home and abroad. Secondly, the conception and meaning of people-oriented enterprise financial culture are discussed, and so its classification from culture and finance perspective and construction content. Lastly, financial culture of Enron Corporation is commented.Chapter 5:People-oriented enterprise investment and financing management. Conception and specifics of people-oriented investment and financing are discussed. People-oriented financing include human capital financing and material capital financing that reflecting people-oriented spirit. People-oriented investments include human capital investment, social responsibility investment and environment investment. Take state-owned enterprise for example, investment and financing management in the condition of natural disaster are probed deeply so as to increase theory's practice guidance.Chapter 6:People-oriented enterprise distribution of income. Necessity of people-oriented distribution of enterprise income in China is inspected from micro-level of country and micro-level of enterprise. It indicates that human capital value evaluation makes a significant difference in contract selection by using game theory method to analyze income distribution modes include material capital employ human capital and human capital participation in the residual allocation under the incomplete information. Research shows that human capital value evaluation has vital impact on contract option. People-oriented distribution of income should be accord with cost compensation principle and profit sharing principle. Two wrong regions of enterprise income distribution in China and basic framework of capital participating income distribution are discussed. Finally, viewpoint and policy suggestions around human capital participation in enterprise income distribution by securitization are put forward.Chapter 7:People-oriented enterprise financial report design. Necessity of developing people-oriented financial report is demonstrated based on information perspective and measurement perspective. To develop people-oriented accounting is a fundamental way to increase financial information contents. On the basis, people-oriented financial report system including asset-equity sheet, added value statement and CSR report are designed. Haier report mode was studied thoroughly and this gave much enlightenment to Chinese enterprise people-oriented financial report disclosure.Chapter 8:People-oriented enterprise financial performance evaluation. Traditional financial performance evaluation's limitations in evaluation subject, evaluation index and evaluation method are analyzed and on which basis people-oriented enterprise financial performance evaluation basic framework is established. The framework contains people-oriented financial performance evaluation theoretic base, evaluation subject, evaluation object, evaluation principle and evaluation implement.The main innovation in the paper includes: (1)People-oriented financial regulations consist of macro financial regulations and micro financial regulations have been designed. The former includes enterprise financial general rule and its practice note while the latter includes human capital financial regulations, material capital financial regulations that reflecting people-oriented spirit, social capital financial regulations and environmental capital financial regulations. Generalized capital and equity conception are applied in enterprise financial regulations designment which gives consideration of economic benefit, social benefit and environment benefit. It complies with the scientific development perspective and also embodies the essence of modern financial management.(2) Contents of people-oriented financial culture construction that including financial spirit culture construction, financial regulation culture construction, financial behavior culture construction and financial material culture construction are put forward and this provides practice guidance. People-oriented financial culture research is based on financial and people-oriented perspectives and can be an informal institutional arrangement. Financial reform starting from the culture is a feasible thinking.(3)Investment and financing theory are developed systematically. Human capital financing should be put in moral and law framework and its guarantee function can be realized through proper system design. People-oriented investments are classified into human capital investment, social responsibility investment and environment investment and all of them are studied deeply. Above classification is from three dimensionalities which include enterprise insiders (operator and employee), outsiders (investor, creditor, government, consumer, supplier, etc.) and future generations.(4)Fundamental principle and specific modes of human capital participation enterprise income distribution are put forward. People-oriented distribution of enterprise income should be accord with cost compensation principle and profit sharing principle. The former is participation constraint condition while the latter is incentive compatibility constraint condition. Three modes of human capital securitization are put forward, which include human capital dry share mode, human capital entity share mode and dynamic shareholding system mode.(5)It provides a theoretic and practical guidance framework that is integrated and referable for people-oriented financial report design. The key of people-oriented financial report design is to develop people-oriented accounting. People-oriented financial report system including asset-equity sheet, added value statement and CSR report is designed. Through Haier case studies, it showed that Haier Group information disclosure of financial report, social responsibility and environment report deserving application and dissemination. Meanwhile, deficiencies of Haier mode are summarized and constructive opinions and suggestions are put forward.(6)Theory system of people-oriented financial performance evaluation is created. Traditional financial performance evaluation's limitations in evaluation subject, evaluation index and evaluation method are analyzed and on which basis people-oriented enterprise financial performance evaluation theoretical system is established. It includes people-oriented financial performance evaluation subject, object, principle and implementation. The principle of legality, equality and Kaldor-Hicks improvement in people-oriented enterprise financial performance evaluation are put forward on the basis of traditional financial analysis insufficient introspection and thus has theory innovation and practice guidance.