摘要
本文以股利理论、资本成本理论与可持续增长理论分析为基础,构建了国有企业可持续分红比例估算模型,并进行了检验和分析。检验结果表明,国有企业在样本期间股东权益报酬率(即留存收益再投资收益率)总体能够满足国有股东必要报酬率(即股权资本成本)的要求,适度留存利润将有利于国有企业的价值创造。文章建议,国有企业应努力提高自身的盈利能力、营运能力,并保持合理的资本结构,在应对和处置市场风险方面发挥积极作用,从而在兼顾国有股权资本成本和可持续增长的基础上制定科学的分红政策。
Based on analysis about dividend policy theory,cost of capital theory and sustainable growth theory,this paper builds and tests a model of SOEs sustainable payout rate.Empirical results show that return on equity capital can reach the level of cost of equity capital in the samples of SOEs.Thus,the moderate retention of earnings will be conducive to the creation of value of SOEs.Then the paper suggests that SOEs should strive to improve its own earning,operating capabilities,,and maintain a reasonable capital structure,and play an active role in dealing with the market risk in order to take the cost of equity capital and sustainable growth into account when making their dividend policies.
出处
《会计研究》
CSSCI
北大核心
2009年第9期58-65,共8页
Accounting Research
基金
国家社会科学基金项目(07BJY014)"基于价值管理的国企分红制度研究"资助
