[summary] the logical conception that the academic structure of financial management is the academic viewpoint that has studied maturity, the systematization that is financial management theory is wraparound, also be the foundation that begins academic research further. The article sets out from the academic structure of our country financial management, pass the contrast with theory of western financial management, offer the development way of theory of our country financial management. [keyword] 　 of 　 of structure of financial management theory one, the financial management theory of the our country of 　 of academic structure 　 of our country financial management considers to start later, from 20 centuries about 60 time just begin. Financial management theory is the notional system that the scientific inference that undertakes suppose according to financial management or the science that carry out to financial management are summed up and builds, its purpose is explanation of in order to, evaluation, guidance, perfect carry out with development financial management. The academic structure of financial management, can call theory to form again, academic frame, academic system, it is the logical conception that has studied mature academic viewpoint, the systematization that is financial management theory is wraparound. The academic structure of financial management is to show financial management is academic each component (or element) and the logic between these parts concerns. Teach according to Wang Huacheng (2000) viewpoint, the academic structure of our country financial management can install so: It is start with financial management environment, financial management is premise suppose, financial management target is oriented, it is the academic structure that makes by the basic theory of financial management, application theory of financial management. The following and brief analysis a few element: 1, the start that the logistic start 　 of financial management theory studies about financial management theory, main viewpoint has: Financial and essential starting point is talked, assume start of start talking, capital is talked, target start is talked, environmental start is talked etc, still do not have consensus. It is reasonable that the author thinks Wang Huacheng teachs the environmental starting point that advance to talk, because can see from the development process of financial management, environment of conduct financial transactions has decision effect to the other essential factor such as content of method of financial management target, financial management, financial management, have environment of what kind of conduct financial transactions, can produce pattern of what kind of conduct financial transactions, financial management always relies on his to live the environment of development. 2, the target analysis 　 of financial management comes for years the target of the financial management that scholars offer is advantageous profit is the biggest spend money of target, shareholder the biggest change value of target, company the biggest turn profit of target and relative the biggest change an end. Return somebody to think financial management target ought to be multivariate and specific. Be in our country in recent years with company value the biggest change obtained more and more approbating as target of conduct financial transactions with support. Wang Ping teachs (2002) think: Company value is the greatest changing is to end financial theory is at present medium most reasonable (correct) function of target of conduct financial transactions. Pass function of this one target, can develop the abidance of behavior of conduct financial transactions and enterprise cheek by jowl connection to be together. Company value is before the concept of look up property, what it mirrors is not the historical value that the enterprise has capital fund or book value, not be the financial structure with existing enterprise, however the size of the ability that the company did not get cash flow and its risk. 3, the hypothesis 　 financial management hypothesis of financial management is financial management carries out main body to be below certain socioeconomy condition, be known to was not being cut truly or cannot the financial phenomenon that the front discusses, what make according to external normal state of affairs or trend is reasonable conclude, it is the premise that has financial management activity. Existing financial management basically has suppose: Hypothesis of financial principal part, manage hypothesis of hypothesis, rational conduct financial transactions, capital market hypothesis to wait continuously. The hypothesis that common knowledge is financial management is not however a group, but different to its composition hold view. 2, the academia of conduct financial transactions of 　 of main content 　 of theory of western financial management thinks generally, miller taught the United States 1958 and Professor Mogedilaini has nothing to do about capital structure of talked research paper publish, the mark wears what modern economy learns to be born. Since then, theory of contemporary west financial management includes such a few content roughly: 1, the effectiveness that what 　 of efficient market theory explains is the information on money market, namely negotiable securities price whether the pertinent information with effectively full report. Efficient market theory brought a lot of enlightenment to financial management activity, if since the past of the price is fluctuant,be opposite,the fluctuant trend that the price will come to does not have an influence, should not decide investment or financing according to the historical change of stock price; Since market price case is accurate,mix reliable, also won't grow to color to the person of company condition long the value of enterprise of ground drive up. 2, negotiable securities investment combines academic 　 this one theory gave out to invest those who constitute accrual zephyr risk to measure way about negotiable securities, namely: Below certain condition, the earnings that negotiable securities investment combines can be measured by the weighted averages of the expectation accrual of each asset that constitutes this combination, and the risk can be expected by each asset the mean square increasing advantageous position of accrual is differred and covariance is measured. 3, the assessment that 　 of model of price of capital capital fund should use at waiting for negotiable securities value to stock, bond theoretically. According to model of price of capital capital fund, below certain hypothesis condition, some venture capital, for instance the necessary pay of some stock is led, be equal to rate of calm risk reward to add windward risk reward to lead. 4, 　 of theory of the price that cover interest should put forward a kind to compare the price theory with more current theory of property price model and method theoretically, be model of price of capital capital fund is patulous. This kind of theory thinks, the pay of venture capital just does not have linear concern between single collective factor together, have linear concern with many common elements however, make the price of asset much element model from development of single factor model thereby, suited the complex case in reality better so. 5, the theory with first 　 of capital structure theory thinks, will tell to company value, capital structure has nothing to do. Relaxing condition of a few hypothesis, after considering individual income tax further, the conclusion that reach is: The value of indebted enterprise is equal to the value that does not have indebted enterprise to impose the section tax increase that indebted place brings, and of section tax increase more or less depend on the discretion of income tax and decide, then the capital structure of the enterprise still has nothing to do with its value. These theory were caused a lot of discuss, produced a few new knowledge, such as " balance is academic " , " information asymmetry is academic " etc. 　　 6, what price of period authority of 　 of theory of period authority price studies is the affirmatory issue that period authority lot gives to just compensate the price. Very much contemporary investment and financing activity contain the character of period authority, because this period authority price is in investment, financing management,having main effect. 7, theory of dividend of dividend theory 　 is adopt what kind of dividend to extend about the enterprise the theory of policy, cent has nothing to do for dividend talk and two kinds of argument are considered related dividend. Afore-mentioned theory are supporting the system of western financial management, but also changing ceaselessly. 20 centuries since 80 time, a few academic recognition had new progress. One kind is the hypothesis condition that is aimed at above theory, among them the new theory of finance affairs of a kind of behavior that be called, will cognitive psychology introduces financial research, one of basic hypothesis that academic to above finance affairs Lai Yisheng puts -- reason anticipates hypothesis, think to there is partial market participator to be in at least in economic society certain time cannot completely rational behavior, because people always is met,exist cognitive deviation. When these cognitive deviation exist extensively and having systematization, can affect negotiable securities price. Another kind is aimed at model of price of capital capital fund. Much a case of a physically strong patient running a high fever or suffering from such disorders as stasis of blood considers to prove, model of price of capital capital fund is not complete, β coefficient cannot explain the price of capital capital fund completely, the Zhang face value that the most typical is a stock and vendibility compare the change that can explain stock pay is led well, its explain force outclass β coefficient. 3, the comparison of theory of financial management of medium, west 　 　 the difference of theory of financial management of medium, west, main watch is the following now two respects: 1, the target that studies about studying object and financial management of content 　 west are academic is financial activity itself, emphasize research capital to raise money, investment behavior (main in the market) with dividend allocation, research work slants solid Wu of overweight financial management. The content of research is how these financial activities are begun, have what law, it how go doing is better to how go doing. And the research target of theory of our country financial management basically is the financial concern in financial activity and financial concept, research work slants the superstructure of overweight financial management. The content of research basically is: Financial concern ought to be what kind of; Financial management ought to establish what concept, how ought to be these concepts stated, if why is correlation waited a moment. 2, the method that studies about finance affairs of west of research technique 　 more ground uses a case of a physically strong patient running a high fever or suffering from such disorders as stasis of blood theoretically, all sorts of theory that above paragraphs alludes study with a case of a physically strong patient running a high fever or suffering from such disorders as stasis of blood eventuate basis is built mostly. Our country finance affairs studies theoretically more before the method that uses normative research, until just begin to use research technique of a case of a physically strong patient running a high fever or suffering from such disorders as stasis of blood extensively in last few years. Although in recent years theory of our country financial management considered to had obtained certain positive result, but still also put in a few inadequacy, main show is in: Difference of academic to supporting financial management environment of inside and outside takes inadequacy seriously, lack the system of peculiar to China financial management environment to consider; Study content still domain of tradition of main bureau be confined to, the analysis that lacks the new issue such as pair of manpower capital, knowledge capital and discuss; The issue of control advantageous position to the existence in collectivize company and problem of internal capital market take seriously insufficient; The behavior finance affairs that is based on investor and feature of administrative layer psychology considers to had not spread out etc. Accordingly, the tendency that society of recognize our country develops, the current situation that base oneself upon develops at our country economy, absorb the marrow with western academic finance affairs selectively, innovate actively on content of system of research concept, research, research, it is the way that our country finance affairs studies to be faced with theoretically. 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