With the constant changes of social and economic environment, financial management concept and technology, the debate on the definition and concept category of financial theory has never stopped. Starting from the logical starting point that finance is essentially the distribution or allocation of capital, this paper discusses the financial management objectives of enterprises under the new economy with knowledge capital as the main feature. 1. The new economy and its impact on corporate finance The new economy refers to the new economic development trend of high growth, low unemployment and low inflation brought by the new technological revolution led by information technology. Its characteristics of the times are: ① taking knowledge as the core resource. The new economy relies on creating and mastering knowledge to create wealth, and knowledge economy has become the basic feature of the new economy. ② The new economy has achieved the goal of sustainable economic development and increasing benefits for the first time. (3) Knowledge economy promotes the continuous innovation of modern enterprise system. Information resources have formed a new concept of enterprise wealth. Information technology expands the financial environment of enterprises and provides more opportunities for financial management of enterprises. The presentation of the above characteristics has had the following effects on enterprises: First, the new economy relies on creating and mastering knowledge to create wealth. The "related economy" effect brought by knowledge economy far exceeds the "scale economy" effect and "scope economy" effect in the industrial economy era. It poses a new challenge to the finance with material capital as the core formed in the era of industrial economy. A brand-new theory of "pan-financial resources" is taking shape and is gradually accepted by theoretical and practical circles. The so-called pan-financial resources are the material resources aimed at traditional finance. It is defined as "the collection of all parts that are useful or valuable to an enterprise". Formally, it can be divided into hard financial resources (material capital) and soft financial resources (intellectual capital, that is, knowledge capital and human capital). Secondly, the new enterprise model has changed the concept of enterprise financial subject. Under the new economic conditions, enterprises are no longer limited to the concept of entity or production function in industrial economy, but are more defined as "an institutional arrangement for managing and operating specialized investment" or "a combination agreement concluded by stakeholders". The new institutional economics put forward the theories of "team production" and "contract connection". The so-called team production refers to the mutual coupling of various production factors such as capital, labor and land to complete production activities together. According to the theory of "contractual relations", an enterprise is only a series of contractual relations between stakeholders, and the performance of all contracts promotes the operation of the enterprise as an organization, thus realizing the production and operation of the enterprise. The * * * nature of these two theories lies in establishing that the providers of intellectual capital and material capital are both financial subjects of enterprises, and they also enjoy the right to claim residual income. Third, financial management becomes possible. In the new economy, intellectual capital is traded freely through the Internet. This kind of transaction between intellectual capital and intellectual capital, and between intellectual capital and material capital creates conditions for enterprises to carry out financial operations. The wealth created by indirect financial management is an important part of the wealth appreciation of knowledge-based enterprises under the new economy. Second, the theoretical study of corporate financial objectives Looking back on corporate financial management objectives, to sum up, there have always been four representative views in the financial sector: L. Maximizing profits. In the early days, the owners of enterprises were also operators, and the task of enterprise financial management was to earn excess profits, maximize profits, increase the investment income of owners and expand the scale of operation. 2. Maximize shareholders' wealth. With the development of capitalism, the competition among enterprises is becoming increasingly fierce. In order to expand their competitive advantage, business owners hire special managers to manage and transfer some of their rights, such as the right to use, possess and dispose of, but retain the property income and the final disposal right. Therefore, some financial theory researchers put forward the financial goal of maximizing shareholder wealth from the owner's point of view. 3. Maximize enterprise value. The emergence of corporate enterprises, especially joint-stock companies, makes the equity of enterprises rapidly dispersed from a few people. Because of information asymmetry and insider control, they can't fully understand the operating conditions of enterprises. Enterprise legal person-the board of directors of the company becomes an independent financial entity with independent enterprise legal person property rights. Obviously, the increase of shareholders' wealth is not the whole goal of enterprise financial management. In order to improve market competitiveness and expand market share, enterprises can expand their assets by borrowing and raising shares. The financial goal of an enterprise is to maximize its value. 4. Maximize the satisfaction value of equity capital profit. Recently, a group of scholars put forward the financial goal of maximizing the profit satisfaction value of equity capital, which is decomposed by DuPont analysis, and the responsibility lies with people, tracing back to the past and predicting the future. Third, the financial objectives of enterprises under the new economy: changes in economic system, enterprise organizational form and financial management concept can have a great impact on the financial objectives of enterprises. Based on the analysis of the above financial characteristics of enterprises, the author believes that the financial goal of enterprises under the new economic conditions should be the optimization of capital allocation. The reasons are as follows: 1. From the perspective of financial essence, financial essence is a configuration of capital elements. Under the new economic conditions, the essence of finance has not changed. On the contrary, due to the expansion of the scope of capital elements, the allocation function of enterprise finance to capital elements has been further strengthened. Pursuing the optimal allocation of various capitals has naturally become the financial goal of modern enterprises. 2. The optimization of financial objectives of capital allocation meets the needs of the development of corporate financial governance structure. Under the new economy, high-tech with information technology as the mainstream is highly developed, and the establishment of timely financial reporting system provides a technical basis for enterprises to optimize capital allocation. On the other hand, it will gradually eliminate the adverse effects caused by information asymmetry, which is conducive to strengthening the supervision of enterprise capital allocation by stakeholders inside and outside the enterprise. The formation of this "* * * governance" financial governance structure requires an enterprise financial goal that can fully reflect the interests of all parties to the enterprise contract, and the capital allocation is optimized to reflect the interests of all parties concerned. 3. The financial goal of optimizing capital allocation is more operable. The optimal allocation of capital includes not only the accumulation of total capital, but also the adjustment of the ratio of intellectual capital to material capital and the effective use of existing financial capital. Generally speaking, it can be quantitatively assessed from two aspects: capital gains and capital structure. Moreover, under the premise of relatively reasonable capital structure, we should pay attention to the improvement of capital gains. Blind pursuit of capital gains regardless of capital structure is a short-term behavior, which contains financial risks; It is a conservative view of financial management to pursue the stability of capital structure without considering capital gains for a long time. In the structural process of knowledge-based enterprises, the involvement of entrepreneurs' intellectual capital leads enterprises to re-determine the total capital and re-adjust the structure. Capital structure is more important than capital gains. The adjustment of capital structure may reduce capital gains, but it does not mean the failure of enterprise financial objectives. 4. From the point of view of financial management, the optimization of capital allocation always stands at the height of financial decision-making, which provides a favorable direction for enterprises to use material capital market and intellectual capital market for effective financial management under the new economy. This is beyond the control of other financial goal theories. 5. Capital allocation optimization includes the allocation of all capital inside and outside the enterprise, which is a relatively static financial management field. On the one hand, it has a very important influence on the future financial activities of enterprises such as fund-raising, investment and income distribution; On the other hand, in the different growth periods and financial environment of enterprises, some standards of financial objectives can be adjusted to promote enterprises to innovate continuously in finance and improve their ability to optimize capital allocation. For example, in the period of enterprise development, considering the risk of intellectual capital and the long return period of investment, the collection of material capital and capital income are the main indicators to measure the optimal allocation of capital; In the mature period of enterprises, the material capital of enterprises is already abundant, and the proportion of intellectual capital is particularly important.