我国上市中央企业平均资本成本分析

发布时间：2018-02-08 11:32

本文关键词： 中央企业权益资本成本债务资本成本　出处：《中国海洋大学》2014年硕士论文　论文类型：学位论文

【摘要】：在竞争激烈的国内外市场经济环境中，中央企业必须不断提高产品质量和服务水平，控制生产成本、各类间接费用，加强财务管理，才能处于不败之地。资本成本作为企业财务管理的核心概念之一，深刻影响着企业的投资、融资、股利分配等财务决策，但是在我国这一概念应用的并不广泛，而且存在一些认识上的误区，很多人将资本成本与筹资成本、资金成本等概念混为一谈，因此需要我们来仔细研究。本文采用定量分析的方法，首先通过对各类资本成本的估算方法进行对比，选择了应用较为广泛的资本资产定价模型作为工具来进行估算。通过对数据较为全面的109家上市央企2003-2012年的财务报告、股价等数据进行分析，结合同期证券市场的收益率水平，对我国上市央企的平均资本成本水平进行了估算。经过估算，我国上市中央企业2003-2012年的平均资本成本为8.19%，其中权益资本成本的平均值为9.50%，税前债务资本成本的平均值为5.92%（10年间一年期银行贷款利率的平均值）。本文通过将上市中央企业的资本成本与企业付出的融资成本、投资者获得的收益率、国内外其他企业的资本成本进行对比分析了我国上市中央企业的资本成本水平高低。我们发现上市央企的资本成本高于企业的筹资成本，同时低于投资者获得收益率，这说明了在我国资本成本不仅与股利、利息相关，同时收到资本利得的影响，印证了我国的股利分配政策不合理，股东更关注股价变动收益。影响资本成本的因素有很多，其中跟中央企业有密切关系的有：企业的资本结构、经营风险水平、信息披露水平、政府关联等等。由于我国央企与国有商业银行从本质上具有同一控股股东，因此借贷时必然存在一定的“关联方交易”；而且中央企业有着隐形的“政府担保”，从而能获得比较低成本的债务资本。通过分析得到央企的资本成本与企业的资产负债率无正相关关系，说明投资者对中央企业的债务水平不敏感。资本成本与公司治理结构有密切相互制约关系，我国中央企业存在的控股投资者的管理缺位，在实行现代企业管理制度的今天，政府要做的更多的不是参与企业的日常经营管理，而是作为出资者对企业进行监督和引导。政府股东通过对最低报酬率的界定，对被投资的中央企业实施严格的权益资本成本约束，促使其改善治理结构，提高经营管理水平。分析资本成本的目的最终是为了提高中央企业的财务管理水平，包括投资、融资决策，引导企业创造更多的财富，，进一步降低资本成本。这又涉及到企业的财务战略，狭义的财务战略主要分为筹资战略、投资战略。中央企业应积极引入机构投资者，实现股权多元化；明确主业，并逐步分离企业办社会的职能；完善绩效考核机制，增加股权激励在薪酬总额的占比；实施“走出去”战略，参与国际竞争，分散各类风险，这样才能进一步降低资本成本，提升企业效益。
[Abstract]:In the market economy environment at home and abroad , the central enterprise must constantly improve the product quality and service level , control the production cost , all kinds of overhead expenses , strengthen the financial management so as to be in a invincible position . The capital cost is one of the core concepts of the enterprise financial management , deeply affecting the investment , financing , dividend distribution and other financial decisions of the enterprise . This paper makes a comparative analysis of the capital cost level of the listed companies in China by comparing the capital cost of the listed central enterprises with the financing cost of the enterprises , the average value of the equity capital cost is 9.50 % , and the average value of the capital cost of the pre - tax liabilities is 5.92 % ( the average value of the one - year bank loan interest rate ) . There are many factors that affect the capital cost , including the capital structure of the enterprise , the level of management risk , the level of information disclosure , the government association and so on . As the central enterprise and the state - owned commercial bank have the same controlling shareholder in essence , there must be a certain " related party transaction " when borrowing and borrowing ; moreover , the central enterprise has the invisible " government guarantee " so as to obtain relatively low - cost debt capital . By analyzing the relationship between the capital cost of the enterprise and the asset - liability ratio of the enterprise , the investor ' s debt level of the central enterprise is not sensitive . The capital cost is closely related to the corporate governance structure , and the management vacancy of the controlling investor in the central enterprise of our country is not the day - to - day management of the enterprise , but today the government wants to do more than participate in the day - to - day management of the enterprise , but as the investor to supervise and guide the enterprise . The government shareholder , through the definition of the lowest return rate , implements strict equity capital cost restriction on the invested central enterprise , and promotes the management structure and improves the management level . The purpose of analyzing the capital cost is to improve the financial management level of the central enterprise , including investment , financing decision - making , leading the enterprise to create more wealth and further reduce the capital cost .

【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.1;F275.3

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