公用事业企业实际控制人、股权资本成本与政府规制改革  

Actual Controllers of Public Utilities, Cost of Equity Capital and Government Regulation Reform

作　　者：汪平[1] 周行[1] WANG Ping;ZHOU Hang

机构地区：[1]首都经济贸易大学会计学院

出　　处：《改革》2019年第5期134-147,共14页Reform

基　　金：国家自然科学基金项目"资本成本约束下公用事业企业政府规制研究"(71572117)

摘　　要：公用事业行业是政府规制的重要领域,被规制企业的资本成本是实施政府规制的核心参数之一。我国公用事业企业的控股股东和实际控制人性质,是决定企业以资本成本为核心的一系列报酬率指标的主要因素。数据显示,在政府规制下,公用事业企业的风险与资本成本水平有所提高,股东报酬实现水平有所下降。与此同时,国家股东与实际控制人是宏观规制作用于微观企业的两条重要路径,对企业的资本成本会产生不同的影响。Public utilities industry is an important area of government regulation,and the capital cost of regulated enterprises is one of the core parameters to implement government regulation.The nature of controlling shareholders and the nature actual controllers of Chinese public utilities enterprises are main factors that determines a series of rate of return indicators with cost of equity capital as the core.Empirical data show that under the government regulation,the level of risk and cost of equity capital of public utilities enterprises have increased,and the realization of shareholders’remuneration has decreased.At the same time,state shareholders and actual controllers are two important ways for macro-regulation to be used in micro-enterprises,which have different effects on the cost of equity capital of enterprises.

关 键 词：实际控制人 股权资本成本 公用事业企业 政府规制 

分 类 号：F062.6[经济管理—政治经济学]