从20世纪50年代末起,西方理财学理论提出了许多理财目标,特别是最近十几年来,股东财富最大化和企业价值最大化作为理财目标获得了越来越多的认可和支持。本文从理财目标的本质特征、理财活动的性质要求、公司治理的内在要求等方面进行分析后认为,在现代企业中,股东财富最大化作为理财目标有很大的缺陷,而企业价值最大化才是理财目标的基本方向。 Since the late 1950s, Western financial management theory has put forward many financial management goals. In particular, in the last decade or more, the maximization of shareholder wealth and the maximization of business value have gained increasing recognition and support as financial management goals. This article analyzes the essential characteristics of financial goals, the nature of financial management activities, and the internal requirements of corporate governance, and concludes that in modern enterprises, the maximization of shareholder wealth has great deficiencies as a goal of financial management, and the value of the company is maximized. It is the basic direction of financial goals.