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推动混合所有制经济的健康发展,需要遵循企业和资本的发展规律,实现各种所有制资本取长补短、相互促进和共同发展,要明确各种资本的特点和规律。资本的要求回报率取决于投资企业的经营和财务风险大小以及资本所有者对风险的估值。投资者的要求回报率决定了企业的资本成本,成为财务决策的标准。国有资本的规模和范围优势能够分散资本运营的风险,政府和金融系统的支持能降低国资企业的经营和财务风险,国有资本运营的社会收益也能够降低政府对国有资本的要求回报率。虽然政府干预和委托代理问题可能增加国资企业的经营和财务风险,但随着现代企业制度的完善和政企政资分开改革的推进,国有资本的成本优势将越来越明显。通过对A股上市公司的实证研究,发现国有股比例越高,公司的资本成本水平越低。研究结论对国有企业如何发展混合所有制具有重要意义,也为国有资本的运营提供了一个新的研究角度。
To promote the healthy development of the mixed ownership economy, we must follow the laws governing the development of enterprises and capital and realize the complementarity and mutual promotion and common development of all kinds of ownership capital. We must clarify the characteristics and laws of various kinds of capital. The required rate of return on capital depends on the size of the operating and financial risk of the invested enterprise and on the valuation of the risk by the capital owner. The rate of return on investors’ requirements determines the cost of capital for the business and becomes the standard for financial decisions. The scale and range advantage of state-owned capital can diversify the risk of capital operation. The support of the government and financial system can reduce the operation and financial risk of state-owned enterprises, and the social benefits of state-owned capital operation can also reduce the rate of government demand for state-owned capital. Although government intervention and agency commission problems may increase the operational and financial risks of state-owned enterprises, the cost advantage of state-owned capital will become more and more obvious with the improvement of the modern enterprise system and the separate reform of government, enterprise and government. Through empirical research on A-share listed companies, it is found that the higher the proportion of state-owned shares, the lower the capital cost of the company. The conclusion of the study is of great significance to the development of state-owned enterprises how to develop mixed ownership. It also provides a new perspective for the operation of state-owned capital.