An Empirical Analysis Of The Ratio Of State-owned Monopoly Enterprises' Dividends Based On WACC

Since the implementation of the state-owned capital operating budget system in 2007,the proportion of state-owned monopoly companies' dividends to public finances has continued to increase.However,compared with the huge profits derived from monopolized advantages,the proportion of such paid-in companies remains low,and the proportion of state-owned monopoly companies' dividends is reasonable.Still waiting for research.Based on the perspective of financial management of state-owned monopoly companies,this paper starts from the financial objectives of maximizing corporate value,combines dividend theory,capital cost theory,and capital structure theory to take samples of seven listed companies controlled by energy-based state-owned monopolies as weighted averages.The capital cost model analyzes the proportion of actual dividends of 15%and 20%,the proportion of dividends of 30%in the policy target phase,and the rationality of the proportion of dividends further increased to 50%.The empirical analysis results show that:First,for state-owned monopolistic enterprises,whether it is the steady 15%dividend ratio at the stage,or the 20%dividend ratio during the adjustment phase,or the 30%dividend ratio in the policy target phase,neither is it.The optimal choice,while increasing the proportion of dividends to 50%will make the weighted average cost of capital relatively lowest,relative to the realization of the maximum value of the company;Second,based on the goal of maximizing the value of the company,the determination of the dividend ratio of the state-owned monopoly can not be generalized and should be comprehensive Consider various factors such as the profitability,development status,financing structure,and capital cost of the company.Successful reforms always advance their reform process gradually.Therefore,this paper suggests that under the current reform situation,the phased timetable for reforming the proportion of state-owned monopoly enterprises should be clearly set based on the ratio of 50%dividends.In the future,when the proportion of dividends can be determined by the"one enterprise,one policy"mechanism,the ratio of determining a reasonable state-owned monopoly enterprise should be grasped from three aspects:First,it is necessary to break the traditional"one-size-fits-all"approach to dividend ratios and insist on"one The second is to establish the concept of weighted average cost of capital;the third is to improve the supporting mechanisms to achieve the optimal ratio of dividends,including state-owned capital operating budget system,information disclosure system,incentive and restraint system and auditing system.