资本成本、股东财富最大化及其实现程度研究--基于中国上市公司的经验检验  

Study on Cost of Capital,Shareholder Wealth Maximization and Its Realization——Based on the Empirical Analyses of Chinese Listed Companies

作　　者：汪平[1] 李光贵[2] 巩方亮[1] 

机构地区：[1]首都经济贸易大学会计学院,北京100026 [2]河南财经学院会计学院

出　　处：《中国工业经济》2008年第4期110-118,共9页China Industrial Economics

基　　金：国家社会科学基金项目“基于价值管理的国有企业分红制度研究”(批准号07BJY014)

摘　　要：本文从资本成本、理财目标的角度论证了企业理财行为与股东财富、股票市场之间的密切关系。文章选取2005年沪市A股制造业486家上市公司为样本,以"股东财富最大化目标实现指数("RI)为重要指标,评价上市公司对于股票投资者和股票市场的贡献。实证结果表明,我国大多数企业没有能够恪守股东财富最大化这一理财目标,对于股东财富的创造没有予以足够的重视;同时,这种情形已经影响到我国股票市场的稳定和效率。This paper aims to demonstrate the close relationships between financial behavior of company and stock market from the prospect of capital cost and financial objective. Based on a sample of 486 A-share listed manufacturing companies of 2005 in Shanghai Stock Exchange and with Realization Index of shareholder Wealth Maximization Objective （RI）, the paper evaluates the contributions made by listed companies to stockholders and stock market. Empirical results show that the majority of Chinese enterprises have not been able to realize shareholder wealth maximization and attach great importance to creation of shareholder wealth. Meanwhile, this situation has affected the stability of Chinese stock market and efficiency.

关 键 词：资本成本 股东财富 实现指数 公司绩效 

分 类 号：F276.6[经济管理—企业管理]