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

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。

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

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 estimate the sustainable dividend proportion of state-owned enterprises in China,and through the cluster analysis to evaluate 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.