资本成本、公正报酬率与中国公用事业企业政府规制

Cost of Capital,Fair Rate of Return and Government Regulation on Public Utilities Enterprises in China

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。

Public utilities enterprises are an important part of the state-owned enterprises in our country, as well as an important aspect of government regulation.Fair rate of return regulation constrains the profit level of regulated firms based on the cost of capital.Compared with the price cap regulation, it is of more significance to corporate governance. In the case of public utilities enterprises＂ state-controlled and the low level of both governance and performance, fair rate of return regulation is more suitable for practical application of govern- ment regulation in our country.Whether the estimate of the cost of capital is scientific and rational or not restricts the degree of fairness of fair rate of return.ln this paper, CAPM, Gordon, PEG, GLS and AVERAGE were used to estimate the cost of capital of public utilities enterprises from 2000 to 2014 and the estimation results were statistical tested.The results show that public utilities enterprises＇ indus- try characteristics are better reflected by CAPM, after it is AVERAGE, and after is Gordon, PEG and GLS are the worst.The capital structure has obvious effect on the cost of capital of public utilities enterprises, which should be mainly considered by government regu- lation while estimating the cost of capital.