摘要
从传统制造业时代到数智时代,企业在组织形态、运营模式、商业模式和价值创造等方面都发生了结构性转变,与此相适应,公司财务行为也应发生改变。基于此,本文首先以两大排行榜—《财富》美国500强和美国上市公司市值排行榜的演化,展现了企业业态已经发生转变的事实。其次,以滴滴为例,从融资历程、运营和商业模式、资本退出模式的转变等,引出了数智时代企业若干新特征,如虚拟化等;最后,基于公司财务理论核心概念—风险,讨论了企业风险的新特征与分布,并对公司财务理论变革进行了相应的探讨。本文为了解数智时代企业性质和具体特征,认识、界定财务行为理论,进而更有针对性地研究财务问题提供了参考和启发。
In this commentary paper,we discuss the structural changes of corporations in organizational form,operational model,business model,and value creation in the transition from the era of traditional manufacturing economy to the era of digital intelligence economy.Corporate finance behaviors have undergone changes in adaptation to these fundamental changes.First,we use the evolution of the members in two ranking lists:Fortune 500 and the list of the highest valued companies from the U.S.stock market,to show the fact that the business form has changed in adaptation to the changes in social and economic life and those in social attention and corporate investment behavior.Second,using Di Di as a real-life example,we discuss the transformations of its financing history,operational and business model,and capital exit model,and then uncover the new characteristics of corporations in the digital economy such as virtualization,etc.Finally,building on the core concept of financial theory—corporate risk,we discuss the new features and the distribution of corporate risk,and review new developments in corporate finance theory.Our paper is useful for understanding the nature and specific characteristics of corporations in the digital intelligence era and thus is conducive to the development of new theories for financial behaviors.Moreover,our paper provides inspiration and guidance for solving targeted financial problems in future research.
作者
刘峰
郭婷
苏雅拉巴特尔
Feng Liu;Ting Guo;SuYaLaBaTeEr(Center for Accounting Studies,Xiamen University,Xiamen,Fujian,China 361005;School of Management,Xiamen University,Xiamen,Fujian,China 361005)
出处
《当代会计评论》
2022年第1期154-172,共19页
Contemporary Accounting Review
基金
教育部人文社会科学重点研究基地重大项目“原则导向会计准则、会计职业判断与会计信息质量”(13JJD790028)
“政府会计和报告模式变革与公共资源管控”(18JJD790009)的阶段性成果
关键词
企业性质
公司财务
数智时代
风险特征
财务理论创新
Enterprise nature
corporate finance
digital intelligence era
risk characteristics
financial theory innovation
