资本成本、公正报酬率与中国公用事业企业政府规制

发布时间：2018-10-10 06:52

【摘要】：公用事业企业是我国国有经济的重要组成部分,也是政府规制的重要领域。公正报酬率规制方法基于资本成本约束被规制企业的收益水平,相较于价格上限规制,具有更为突出的公司治理效应。在我国公用事业企业以国家控股为主、治理水平不高、绩效水平较低的情况之下,公正报酬率规制更适合于目前中国的政府规制实践。资本成本估算的科学性与合理性制约着公正报酬率的公正程度。本研究用CAPM、Gordon、PEG、GLS与Average五种资本成本估算方法对我国公用事业企业2000-2014年的资本成本进行了估算和统计检验,发现CAPM方法能更好地体现公用事业企业的行业特征,Average方法次之,Gordon再次、PEG和GLS方法较差。资本结构对公用事业企业的资本成本有明显的影响,也是政府规制下资本成本估算应予以考虑的重要因素。
[Abstract]:Public utility enterprise is an important part of state-owned economy and an important field of government regulation. The fair rate of return regulation method is based on the capital cost constraint, and has more prominent corporate governance effect than the price cap regulation. Under the condition that the public utility enterprises in our country are mainly controlled by the state, the level of governance is not high and the level of performance is low, the regulation of fair return rate is more suitable for the practice of government regulation in China at present. The scientific nature and rationality of capital cost estimate restrict the fair degree of fair rate of return. In this study, five capital cost estimation methods, CAPM,Gordon,PEG,GLS and Average, are used to estimate and test the capital cost of public utilities in China from 2000 to 2014. It is found that the CAPM method can better reflect the industry characteristics of public utilities. The capital structure has obvious influence on the capital cost of the public utility enterprises, and it is also an important factor that should be considered in the estimation of the capital cost under the government regulation.
【作者单位】：首都经济贸易大学会计学院;山东财经大学公司财务研究中心;
【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”(项目编号:71572117) 国家社会科学基金项目“资本成本约束下混合所有制公司股权结构优化研究”(项目编号:15BGL066) 北京市哲学社会科学规划基金重点项目“资本成本测算及其应用领域研究”(项目编号:15JGA010)的阶段性成果
【分类号】：F235

【相似文献】