【作者】 闫甜；

【导师】 汪平；

【作者基本信息】 首都经济贸易大学 ， 企业管理学， 2008， 博士

【摘要】 在当前国有企业即将告别不分红的时代,重启利润分红的背景下,本文基于资本成本这一理财学的核心概念,指出政府股东财富最大化为国有企业合理的理财目标。这一目标的实现,必然要求国有企业向政府股东进行利润分红,即满足政府股东的资本成本要求。因而对政府股东的投资要求报酬率,即国有企业的资本成本进行估算,便成为确定国企分红比例的重要参考。基于以上分析,本文为我国构建国企分红制度体系提供了理论上的依据与实践中的指导,使其符合企业目标并具有可操作性。本文首先分析了国有企业的理财目标,这是国企改革的重要指引。事实证明,基于资本成本的政府股东财富最大化目标是国有企业合理的理财目标。资本成本反映了股东的要求报酬率水平,从政府股东的角度来说,只有超过该报酬率的收益水平的投资项目方能够采纳;而对于国有企业来说,则是通过利润分红以及价值增加的方式来满足政府股东的报酬率要求,从而实现政府股东财富最大化这一理财目标。从解决我国社会经济问题的角度来看,国有企业向政府股东分红具有必要性和必然性,而且目前我国国有企业已经具备了向政府股东分红的能力。在接下来的研究中,我们在对资本成本估算技术进行回顾与评价的基础上,基于CAPM模型与WACC方法分别估算出了样本上市公司的权益资本成本与综合资本成本,并通过类比法得出了样本国有企业的权益资本成本与综合资本成本。科学的确定国有企业权益资本成本,即政府股东的要求报酬率,直接关系到国企利润分红的质量,同时也是国企分红的依据。而加权平均资本成本可以很好的反映企业融资结构的合理性,从而体现企业股东财富最大化目标的实现程度。最后,我们指出,权益资本成本作为投资者的要求报酬率,是国有企业确定利润分红比例的一个很好的参照标准。以权益资本成本估算结果为基础,我们分别对不同前提假设条件下的国有企业分红比例进行了计算。在对我国国有企业利润分配改革历史进行回顾与分析之后,我们对建立国有资本经营预算管理制度以及国企利润分红体系提供了政策建议。一般来说,在以政府股东要求报酬作为重要参考的基础上,国企分红还应考虑所在行业的投资机会、企业发展阶段等因素,综合权衡以确定分红比例。此外,由于我国国有企业十几年以来习惯了不交利润,在分红改革初期可以考虑步子放慢一点,从低征收,适度分红。等到各方面条件成熟之后,国有企业需要与其他企业一样,根据政府股东的资本成本,提供满足其报酬率要求的利润分红,真正实现股东财富最大化目标。更多还原

【Abstract】 On the background that China’s State-owned Enterprises (hereinafter called SOEs) are going to say goodbye to the history of not paying dividends and restart distributing profits in dividend, this text indicates that the government shareholder wealth maximization is the rational financial management objective for the SOEs basing on Cost of Capital, the key concept in finance. In order to realize that objective, the SOEs have to make profits distribution to their government shareholder, that is, to satisfy the cost of capital required by the government shareholder. So it is the important reference for making the dividend payout ratio decision for the SOEs to estimate the required rate of return of the government shareholder, that is, the cost of capital of SOEs. On the basis of the above analysis, this text provides the theoretical principle and practical guidance for constructing a SOEs dividend system in our country, to make it in accordance with the enterprises’ objective and possible to be used in practice.Firstly, this text makes an analysis on the financial management objectives of the SOEs, which is the important guidance for the SOEs reform. It is proved by the fact that the government shareholder wealth maximization based on the cost of capital is the rational financial management objective for the SOEs. The cost of capital indicates the required rate of return of the shareholders. On one hand, the government shareholders can only accept those projects which can offer the higher rate of return than what they required. On the other hand, the SOEs have to satisfy the rate of return required by the government shareholders via the profit distribution in dividends and value increment, to realize the financial management objective of government shareholder wealth maximization. From the angle of solving problems existing in our society and economy, it’s necessary and inevitable for the SOEs to offer dividends to the government shareholder. And now the SOEs in our country have been able to distribute profits to the government shareholder.In the following research, on the basis of reviewing and appraising the estimation skills of the cost of capital, we estimate the cost of equity and whole capital of the listed companies in the sample separately by CAPM model and WACC method, and then get the estimation of the cost of equity and whole capital of SOEs in the sample by analogy. It directly relates to the quality of SOEs’ profits distribution and is the principle of paying dividends to make sure scientifically the cost of equity of SOEs, that is, the rate of return required by government shareholder. And the weighted average cost of capital can well reflect the rationality of the financing structure of enterprises, and the extent to which enterprises realize the object of shareholder wealth maximization.Finally, we point out that the cost of equity, as the rate of return required by investors, is a very good reference standard for SOEs to make sure its payout ratio. Based on the estimation results of the cost of equity, we calculate the payout ratio of SOEs in different premises separately. After reviewing and analyzing the history of profits distribution of SOEs in our country, we provide policy suggestions on establishing the state-owned capital management budget system and the SOEs dividend system. In general, on the basis of having the rate of return required by government shareholders as the important reference, SOEs should also consider the investment opportunity of the industry, the development stage of the enterprise and other factors, to make tradeoff between them and then make sure the payout ratio. Furthermore, due to the reason that the SOEs of our country have been used to not distributing profits for decades, we should consider that and slow down the steps of dividend reform at the beginning, setting a properly low payout ratio. But when the necessary conditions are all there, the SOEs should offer the dividends according to the cost of capital of government shareholder to satisfy its required rate of return, so as to realize the shareholder wealth maximization objective in deed.更多还原