详细信息
文献类型:期刊文献
中文题名:资本成本与政府规制文献述评
英文题名:A Literature Analysis on Cost of Capital and Government Regulation
作者:汪平[1,2];苏明[3,1];张志[4]
第一作者:汪平
机构:[1]首都经济贸易大学会计学院;[2]山东财经大学公司财务研究中心;[3]河南财经政法大学会计学院;[4]山东财经大学会计学院
第一机构:首都经济贸易大学会计学院
年份:2016
卷号:0
期号:5
起止页码:102-112
中文期刊名:财政研究
外文期刊名:Public Finance Research
收录:CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】;CSSCI:【CSSCI2014_2016】;
基金:国家自然科学基金面上项目"资本成本约束下公用事业企业政府规制研究"(71572117);国家社会科学基金一般项目"资本成本约束下混合所有制公司股权结构优化研究"(15BGL066);北京社会科学规划重点项目"资本成本测算及其应用领域研究"(15JGA010)
语种:中文
中文关键词:资本成本;政府规制;价格上限规制;公正报酬率规制;帕累托最优
外文关键词:Cost of Capital; Government Regulation; Price-cap Regulation; Fair Rate of Return Regulation; Pareto Optimality
摘要:政府规制是市场经济条件下必不可少的,是实现社会公平以及帕累托最优的前提与保障。资本成本是企业投资者要求的报酬率,也是企业投融资决策的基准。资本成本是政府规制的核心。只有实现了投资者要求的报酬率,企业发展才会有持续、稳定的资金来源,也才能促进企业价值最大化目标的实现,进而保障消费者的利益,保障社会福利的实现。政府规制的手段无论是采用公正报酬率规制还是价格上限规制,都离不开资本成本这一量化指标。本文旨在提出一个以资本成本为核心的政府规制理论研究框架,明确政府规制中资本成本的核心作用及相关资本成本应用问题。
Government regulation is an indispensable means of economic adjustment and control in market economic conditions, which also provides premise and guarantee to realize social equity and Pareto Optimality.The cost of capital is the required return rate of investors, as well as a benchmark for enterprise investment and financing decision. The cost of capital has an anchoring effect on government regulation. Only if the required return rate of investors is realized, can the enterprise acquire a sustained and stable source of funds for its development, and the maximization of enterprise value can be achieved, the rights and interests of consumers can be guaranteed, further the Pareto Optimality can be realized. By reviewing the literature, this paper aims to propose a research framework based on the core view of capital cost, and clarify the core role of the cost of capital and other relevant issues on the application of cost of capital.
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