国有企业利润上缴:国外运行模式与中国的制度重构

The Payment of State-owned Enterprises′ Profits:Foreign Operation Model and the Reconstruction of the Chinese System

国有企业向包括政府股东在内的股权持有者分红是各国通行的做法,但国有企业具体管理体制的不同,造成了各国在分红政策设计和运行模式上的差异。中国国有企业长期以来利润不上缴的格局,不仅助长了企业过度投资,而且维护并强化国有企业的垄断地位,导致巨大的社会福利净损失。现行国有企业红利分配政策存在难以保障国有资本出资人权益等局限性,必须从国有企业理财目标的设定、自由现金流量假说、利润分配模式的选择以及建立有效的激励约束机制等方面,防范国有企业规避利润上缴行为,重构国有企业利润上缴制度。

It′s a current practice for state-owned enterprises to divide the shares to the shareholders,including government stake holders,but there are differences in dividend policies and operation modes between countries resulting from different specific management system.The fact that China′s state-owned enterprises needn＇t pay interest,not only contributes to excessive investment,but also maintains and strengthens their monopoly which results in a huge net loss of social welfare.The existing dividend distribution policy is difficult to protect the rights and interests of capital investors.Therefore,to reconstruct the system of profit turn-over should set goal,use financial free cash flow hypothesis,choose profit allocation model,establish an effective incentive and restraint mechanism and prevent the behaviors that these enterprises circumvent the profits.