论文部分内容阅读
企业是从事生产、流通、服务等经济活动,以生产或服务满足社会需要,实行自主经营、独立核算、依法设立的一种营利性的经济组织,以利润和股东权益最大化为目标。一般企业从股票市场融资是建立在其盈利水平高于资本成本的前提之下。而国有企业不应以营利为目标,应以实现社会公益为目标,其适合于市场机制不能得到充分发挥的公共品和准公共品的提供。因此,在一般情况下(不在竞争性甚至营利性领域进行垄断)国有企业无法支付高额的融资成本,即无法在股票市场中生存。
Enterprises are engaged in the production, distribution, service and other economic activities, production or service to meet the needs of the community, the implementation of self-employed, independent accounting, according to the establishment of a for-profit economic organizations, to maximize profit and shareholders as the goal. General business financing from the stock market is built on the premise of its profitability is higher than the cost of capital. However, state-owned enterprises should not aim at profit-making, but should aim at achieving social welfare. They should be suitable for the provision of public goods and quasi-public goods that the market mechanism can not give full play to. Therefore, under normal circumstances (not monopolized in the competitive and even for-profit areas), state-owned enterprises can not pay high financing costs and can not survive in the stock market.