中文摘要：

财务竞争力是企业具有的超过其资本成本水平的价值创造能力，是企业实现投资者利益保护并在一个较长时期内实现股东财富最大化目标的能力。数据显示，在大多数时期，中国国有企业的股东利益没有得到保护，股东财富不增反减，国有资本投资没有实现保值增值的目标。另外，短时期之内的、过大的实现指数（RI）暴露了中国国有企业在投资者利益保护理念方面的非理性状态。提升财务竞争力，实现企业可持续发展与投资者利益保护的双赢．是中国国有企业面临的一个重大课题。

英文摘要：

Financial competitiveness is a company＇ s ability to create value exceeding its cost of capital, it＇ s the ability that a company achieves the protection of investors interests and realizes the objective of sharehold- er wealth maximization in a long period. Data shows that in most of the period, Chinese state-owned enterprises＇ shareholder interests hadn＇ t been protected, shareholder wealth decreased rather than increased, the state- owned capital investment didn＇ t achieve the goal of maintaining and increasing value. In addition, too large real- ization index （RI） within a short period reveals that our state-owned enterprises are in an irrational state in the investors interests protection. Enhancing financial competitiveness to achieve the mutual benefits of sustainable development and investors interests protection is an important issue that Chinese state-owned enterprises are facing.