The Research Of Enterprises' Financial Management Theory Based On Circular Economy

Circular economy is a whole new pattern of development,refers to enterprises changing growing style,fostering and promoting competitiveness,consequently achieve harmonious synthesis between nature and enterprise while it keeping subsistence and development. Financial management is the key instrument and idiographic job,the foundation and ensurence. Nevertheless,theoretically and practically research reveal that existing financial management theory and methods become to choke point of circular economy practice.Therefore,it is more and more hot and necessary to claim and set up a suit of theoretical and application model of financial management theory based on circular economy.The hypostasis of circular economy is Eco-environment becomes to the endogenous variables of economic increment,and ecological capital turn into value-driving factor.The essence of finance is capital intertemporal allocation for creating value.So the key to arrive at circular development and especially the main contents of financial management is to explain the mechanism of ecological capital creating value,to reveal the moving law of transformation between ecological capital and economic capital,innovative technical to guaranty optimal capital intertemporal allocation in order to exert interactivity of financial behavior belongs to financial state,and to form mutually promoting as well as mutually coordination of financial management theory system.This paper is theoretically based on financial theory,circular economy theory and enterprise creating value theory.Then,we dissertate to our scheme of how to estimate financial management state and put forward that the beginning of financial management research is finance essence which means capital intertemporal allocation.This paper puts forward that construct financial management theory system under circular economy rely on the beginning of financial management research refers to finance essence,and three-dimension research perspective which refers to ecological and economic capital as well as financial behavior.This system includes two parts,theoretical model and application model financial theory.Application model financial theory involves financial state,financial behavior and financial evaluation.At the same time,design coordination methods between statistics, accounting and financial management aim at finance information transferring smoothly.This paper set up capital creating value model and capital transformation model,to analysis the effect of ecological capital creating value and state of capital dynamic evolvement in enterprise,explain financial state and give a signal to financial behavior.This paper utilizing the results of financial state analysis,cooperate with the object and methods of financial behavior,utilizing real option,set up investment and financing option pricing model based on circular economy.This paper constructed financial evaluation index system based on circular economy.We deem that this index-system framework composed with economic performance index, commonly and specifically Eco-ecological performance index.They reflect economic and ecological performance by different profile.Finally,take a paper making enterprise for example,appraise,explain and analyze the application model of financial management theory based on circular economy synthetically.This paper under the background of ecological assets and economic assets becoming value-drive element,using modern financial theory,via analysis on financial state by core capital creating value model,program and evaluate financial behavior in order to achieve optimal capital intertemporal allocation.Research on financial state analysis,financial behavior model and financial evaluation index system,as well as the means of coordination methods between statistics,accounting and financial management will contribute to enrich the contents of financial management study and improve it's study system,promote circular economy practice.