政府规制、股权结构与资本成本——兼谈我国公用事业企业的“混改”进路

Government Regulation,Ownership Structure and Cost of Capital ——On the “Mixed-ownership” Reform of Public Utilities Enterprises in China

政府规制是自然垄断行业尤其是公用事业企业独特的外部治理因素。引进社会资本是优化公用事业企业股权结构和内部治理的有效途径之一。本文研究发现:一方面保持“善治”的政府规制和合理的股权结构双重因素共同作用,有利于社会资本深度参与股权结构改进,有助于公用事业企业形成资本成本较低、经营风险波动较小的态势;另一方面公用事业企业的资本“升级扩容”应该有一个“度”,存在一个合理的阈值。

Government regulation is the unique external governance factor for natural monopoly industries, especially those public utilities enterprises. It is one of the effective ways to introduce the social capital for optimizing the shareholding structure and improving the internal governance. After the study, we've got two aspects of findings. On the one hand, it is helpful for attracting social capital in carrying out the further reform of equity structure, those utilities enterprises showing a developing trend with lower capital cost and less business risk of fluctuation to maintain a good government regulation and the reasonable ownership structure as a joint role. On the other hand, there is a limit for the upgrading and expansion of the capital in public utilities enterprises. That is to say, it should be a reasonable threshold value.