利润
利润最大化目标的确切含义尚不清楚。利润一词的定义是模棱两可的。这意味着短期或长期利润吗？它是指税前或之后的利润吗？总利润或每股利润？这是否意味着股东的总营业利润或利润？
Maximizing profit after taxes
让我们搁置上述第一个问题。并假设最大化利润意味着在税后最大化利润，从净利润的意义上讲，企业的损益表（损益表）（损益表）。可以很容易地意识到，最大化这一数字不会最大化所有者的经济福利。公司有可能通过出售额外的股权份额并将收益投资于低收益资产（例如政府债券）来增加税后的利润。税后的利润将增加，但每股收益（EPS）将减少。为了说明，让我们假设一家公司拥有10,000股流通股，税后利润为50,000美元，每股收益为5美元。如果该公司以每股50美元的价格出售10,000股股票，并以税后5％的价格投资收益（500.000美元），那么税后的总利润将增加到75,000美元。但是，每股收益将降至3.75美元（即$ 75,000/20,000）。该示例清楚地表明，在税后最大化利润并不一定能够为所有者的最大利益服务。
最大化EPS
If we adopt maximizing EPS as the financial objective of the firm, this will also not ensure the maximization of owners' economic welfare. It also suffers from the flaws already mentioned, i.e. it ignores timing and risk of the expected benefits. Apart from these problems, maximization of EPS has certain deficiencies as a financial objective. For example, note the following observation:
Shareholders' wealth maximization (SWM)
What is meant by shareholders' wealth maximization (SWM)? SWM means maximizing the net present value of a course of action to shareholders. Net present value (NPV) or wealth of a course of action is the difference between the present values of its benefits and the present value of it costs. A financial action that has a positive NPV creates wealth for shareholders and therefore, is desirable. A financial action resulting in negative NPV should be rejected since it would destroy share holders wealth, between mutually exclusive projects the one with the highest NPV should be adopted. NPVs of a firm's projects are additives in nature. That is
NPV (A) + NPV (B) = NPV (A + B)
这被称为增值原则。因此，如果遵循NPV标准在做出财务决策时，财富将最大化。
利润Uncertainty
奈特教授的工作风险，不确定性和利润（1940年）对现有理论进行了调查，并闻名了自己的理论。根据骑士的利润是不确定性风险轴承的奖励。企业家的利润准确无误，因为他在业务上承担了不确定性。骑士教授将风险分为两个头：
(i) Foreseeable risk: which entrepreneur can risk and provide against such as risk of fire, theft etc. can be removed by taking out insurance. The premium paid can be concluded in cost of production.
(ii) Unforeseeable risk: These risks are not foreseeable by the government Prof. Knight calls that market accures profit to entrepreneur. Uncertainty may be due to uncertain behavior of competitions. Technical changes in machines and equipments, business cycle and risks of government intervention.
骑士解释不良risks thus "the modern economic order is built around the concept of enterprise the correlate of which life is necessary involves much uncertainty referred to as profit system. Economic fife necessary involves much as more insurance is impracticable. Enterprise economy adds to this the far greater uncertainty associated with the almost universal production of goods anticipation of the wishes of consumers.
Uncertainty bearing as a function of the entrepreneur: Knight emphasized uncertainty bearing as the main function of the entrepreneur. In a way he gave uncertainty bearing the status of a separate factor which has a supply side on the degree of uncertainty involved in a venture. Unless uncertainty is rewarded with a degree of goods in anticipation of the wishes of consumers involved.
Prof. Knight showed that the presence of uncertainty about future may allow entrepreneurs to learn positive despite product exhaustion and competitive equilibrium. This positive profit may exist even perfect competition.
奈特教授的理论将不确定性视为带来利润的独特因素。他的理论并不仅仅为动态变革而贡献利润。就更改而言，由于已知风险的风险是通过出售保险而悬而未决的。
批评
以下是对利润的不确定性理论的一些批评：
1. According to this theory profit is the reward for uncertainty-bearing. But sometimes an entrepreneur earns no profit despite uncertainty-bearing. Critics point out that there are other causes of profit in addition to uncertainty bearing. Others functions like initiating coordinating and bargaining also fetch point.
2. Uncertainty beating is considered as an independent factor of production. If an entrepreneur earn profit in an atmosphere of uncertainty on the basis of business ability it does not mean that this profit is due to his ability.
The uncertainty bearing theory like the earlier theories does not furnish a comprehensive explanation of profit and therefore it is inadequate. However we cannot ignore its importance as a determination of profit.
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