CAJ | 학술논문

针对国有企业利润上缴公共财政比例存在的问题，文章从资本成本理论和可持续增长理论出发，构建了国有企业分红比例模型，并进行了相应的实证研究。研究发现，目前国有企业期初权益预期净利率能满足企业资本成本，可以适当提高国有企业利润上缴公共财政比例；同时国有企业必须提高资产营运能力与保持合理的资本结构，制定科学合理的分红政策。
침대국유기업리윤상격공공재정비례존재적문제，문장종자본성본이론화가지속증장이론출발，구건료국유기업분홍비례모형，병진행료상응적실증연구。연구발현，목전국유기업기초권익예기정리솔능만족기업자본성본，가이괄당제고국유기업리윤상격공공재정비례；동시국유기업필수제고자산영운능력여보지합리적자본결구，제정과학합리적분홍정책。
Aiming at the problem as to the proportion of state-ow ned enterprises’ profits paid to the public finance ,the paper starts from the theory of capital cost and the sustainable grow th the-ory ,constructs the model of SOEs’ dividend allocation proportion and conducts a corresponding empirical study ,w hich concludes that the expected net profit margin of SOEs ’ beginning equity can meet the SOEs’ capital cost ,so the proportion of SOEs’ profits paid to the public finance can be appropriately increased and meanw hile ,SOEs must improve their ability of assets operation , keep reasonable capital structure and make scientific and rational dividend allocation policies .