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《Accounting Research》 2019-05
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Government Regulation,Ownership Structure and Cost of Capital ——On the “Mixed-ownership” Reform of Public Utilities Enterprises in China

Wang Aiguo;  
Government regulation is the unique external governance factor for natural monopoly industries,especially those public utilities enterprises.It is one of the effective ways to introduce the social capital for optimizing the shareholding structure and improving the internal governance.After the study,we've got two aspects of findings.On the one hand,it is helpful for attracting social capital in carrying out the further reform of equity structure,those utilities enterprises showing a developing trend with lower capital cost and less business risk of fluctuation to maintain a good government regulation and the reasonable ownership structure as a joint role.On the other hand,there is a limit for the upgrading and expansion of the capital in public utilities enterprises.That is to say,it should be a reasonable threshold value.
【CateGory Index】: F299.24;F832.51
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