Study On Optimization For Financial Decision-making System Based On Maximization Of Enterprise Value

Management activities in enterprises are divided into two types in general, operating affairs and financial affairs. So, management which is corresponding to those activities also consists of two aspects, operating management and fmancial management. With the degree of financial economy deepened increasingly, financial management is becoming more and more important in enterprise. Whether an enterprise is operating smoothly or not, whether it has ability of surviving or not, that the key lies in whether its financial management is going on smoothly or badly, or further rests on financial decision-making. According to Simen's viewpoint: "management is decision-making", it tells us financial decision-making is the best important in all financial activities. However, whether financial decision-making is successful or not, it lies in the outcome of all kinds of elements such as decision-maker, information, theory and methods of decision-making combining and influencing with each other, which make up of a complete financial decision-making system.Through reviewing the road of enterprise management practices at home and abroad, we can find that, as far as enterprise management mode concerned, it has experienced the mode of manufacturing-oriented, the mode of distributing-oriented, now it is marching towards the mode of financing-oriented. What is called financing-oriented mode is a kind of enterprise management mode that focuses on financial objective in corporation. Based on, the financial objective becomes essential rule for financial activities (especially for financial decision-making ), at the same time, it determins on the value standard for financial decision-making. Therefore, it is very important to put and identify financial objective properly regardless of academic significance or practical requirement. Yet it is an unresolved question that objective function is not clear in China all the time. From "maximization of profit" to "maximum of per-surplus" to "maximization of shareholders' fortune", and at last to "maximization of enterprise value". The paper believes the "maximization of enterprise value" is the most reasonable objective. Being in line with this objective function, we can establish a financial theory system in theory whose contextual logic is consistent and analysis is extract so as to promote healthy development of financing; On the other hand, in practice, this objective function has the best ability for decision-making, whether investment decision-making or financing decision-making, we can select correct item if based on it. What's more, this objective function can provide good direction and regulation for enterprise value evaluation and financial objective realization, and it also can provide important guarantee for increment of enterprise value.However, in the field of financing research, despite all researcher have recognize the importance of identifying financial objective and setting down scientific and reasonable financial decisions, there are two aspects of problems reviewing study on financial theory at home andabroad. First, study on three aspects such as financing, investment and dividend allotment is always absolute, and they seldom be integrated together, so it neglects paying attention to basic line and logical relation among financing, investment and dividend allotment, and it lacks the whole idea of "preparing and commanding in army tent" to make out financial framework and financial decisions. Second, it seemed that study on theory of enterprise's value evaluation focuses on financial merging, in other words, when enterprise merge and acquisition takes place, it is necessary for the purchaser to evaluate the object's value. However, there is not much study on evaluation of enterprise value about sustainable operating enterprises. Even though there is relative evaluation method such as discount cash flow model (DCFM), it is static too, and the dynamic change of enterprise's value and cash flow are not been reflected well. Those parameters in this model such a...