基于现代财务理论的中国国有企业利润分红问题研究

Study on Profit Dividend of Chinese State-owned Enterprise Based on Modern Financial Theory

国有企业利润分红既是一个事关国民经济发展和调整全局的宏观问题,也是一个事关国有企业自身素质的微观问题。因此,合理的国有企业利润分红制度的设计,应当采用以资本成本估算为基础的利润分红制度,在确保企业可持续发展实力的情况下,保障政府股东合理报酬率要求的顺利实现。通过这样的利润分红制度,可以实现国有企业经营微观效用与宏观效用的双赢,真正实现作为一个国有企业对于国家、对于整个国民经济不可或缺的贡献。

Profit dividend of the state-owned enterprise is not only a macroscopical issue relating to the devel- opment and whole adjustment of national economy,but a microscopical issue relating to the state-owned enterprise s own quality.So,the design of a rational profit dividend system of the state-owned enterprise should take the profit dividend system based on the estimation of the cost of capital,and on the premise of ensuring the enterprise s ability of sustainable development,it should guarantee the realiza...