国有企业分红比例的评估与再思考——基于资本成本的国企理财目标  

The Evaluation and Rethinking on the Dividends Proportion of State-owned Enterprises: Based on the State-owned Financial Goals of Capital Cost

作　　者：李丽琴[1] 

机构地区：[1]福建江夏学院会计学院,福建福州350108

出　　处：《首都经济贸易大学学报》2015年第3期103-110,共8页Journal of Capital University of Economics and Business

基　　金：国家社会科学基金重点项目"国企红利征缴比例倍增目标下的国资预算支出民生化研究"(14AGL007);国家社会科学基金青年项目"公共资源收益合理共享视角下的国有企业红利分配研究"(13CGL024);教育部人文社会科学研究规划基金项目"民生财政导向下的国有资本经营预算支出结构与绩效评价研究"(13YJA630007)

摘　　要：以资本成本的国有企业理财目标为研究视角,从兼顾股权资本成本及企业可持续增长的角度出发,通过构建可持续分红比例模型对中国国有企业的可持续分红比例进行估算,并通过聚类分析评估现行分类执行的比例标准。研究发现,中国国有企业的现实分红比例低于可持续分红比例,现有的分类标准并没有将资本成本及企业可持续增长纳入考量指标。在实证分析的基础上,提出了完善国有企业分红制度的政策建议。Starting from the state-owned financial goals of capital cost and considering from both the perspective of equity capital cost and enterprise sustainable growth,this paper built a sustainable revenue sharing model to esti-mate the sustainable dividend proportion of state-owned enterprises in China,and through the cluster analysis to e-valuate the current classification standard.The study found that the reality of state-owned enterprises pay dividends proportion was lower than the sustainable dividend proportion,the classification of the existing standards did not make the cost of capital and the enterprise sustainable growth index into account.On the basis of empirical analysis, this paper put forward the policy suggestions to perfect the system of state-owned enterprises pay dividends.

关 键 词：国有企业 分红比例 资本成本 

分 类 号：F276.1[经济管理—企业管理]