国有企业、政府股东与资本成本——对国有企业深化改革的理财学思考

投资者、董事会与管理层以及企业价值的创造和分配等概念及它们相互之间的关系历来都是学界研究的热点,自然也是我国国有企业改革进程中不容忽视的问题。深入理解并科学运用资本成本理念,对于深化我国国有企业改革具有极其重要的意义。本文以资本成本概念为核心,对于国有企业的财务性质、国有企业治理、政府股东以及国企理财目标等问题进行了分析,并在此基础上对我国国有企业的深化改革从理财的角度进行了思考。

State -owned Enterprises, Government Shareholder and Cost of Capital:Financial Thoughts on Deepening SOE Reform

The concepts and the relationships of investors,broad of directors,management,the creation and distribution of firm’s value,are always the research focus,and are naturally unignorable problems in the process of our SOE reform.Deeply understanding and scientifically using the idea of cost of capital will have a vital role in deepening the SOE reform.In this paper,from the core point of the concept of cost of capital,we analyzed the nature of SOE,state - owned corporate governance,government shareholder and financial objectives of SOE, thus gave some thoughts based on deepening SOE reform from corporate finance perspective.