Study On Profit Dividend Of Chinese State-owned Enterprise Based On Cost Of Capital Theory

With SOE profits turned over rising proportion of public finances, the basis for determining the bonus system design as well as state-owned enterprises turned over to the proportion of state-owned enterprises profit still controversial. From the perspective of the financial management of state-owned enterprises, according to the dividend theory, the cost of capital theory, the theory of sustainable growth, building a state-owned enterprise dividend ratio estimation model, pointing out the one hand, state-owned enterprises profit-sharing should meet national requirements for the cost of equity capital, and the other aspects of sustainable growth must meet their own requirements. To further verify the SOE dividend estimate reasonable proportion of the model, choose the inclusion of state-owned capital operating budget of the second class, third class, fourth class enterprises in the empirical test. The study found:the beginning of the current state-owned enterprises to meet the common interests of the expected net interest cost of equity capital requirements, which shows the profitability of state-owned enterprises, operating conditions are relatively reasonable, but because of the different nature of different types of businesses, and therefore the cost of equity capital is not the same; at the same time, the proportion of state-owned enterprises are generally lower than the reality of sustainable dividend payout ratio. It can be turned over to state-owned enterprises to further improve the proportion of public finances; through sustainable growth indicators compare three samples, indicating that the current collection in different proportions according to the different types of businesses the practice has certain rationality. Finally, the development of scientific and rational SOE dividend policy must take into account the profitability of state-owned enterprises, operating conditions and other assets.