中文摘要：

水、电、燃气等公用事业公司的政府规制是下一阶段我国国有企业改革的重点,公用事业公司股权资本成本的估算是决定政府规制质量的关键因素。我国公用事业公司多为政府控制,公用事业公司股权资本成本水平显著地低于其他行业公司。但是政府控股公共事业公司比非政府控股公共事业公司的股权资本成本要高,这说明我国目前需要改革的不仅仅是政府规制机制,还有政府股东对于国有资本投资及其要求报酬率的决策机制。

英文摘要：

Government regulation of water, electricity, gas and other utilities is the focus of our SOE reform in the next stage. The cost of equity capital estimation of public utilities is the key factor to determine the quality of government regulation. The research of this paper shows that public utilities in China are basically under control of the government, the costs of equity of public utilities are significantly lower than other industries. But the costs of equity capital of government shareholding utilities are higher than those of non-government shareholding utilities, which indicate that it is not only the government regulation mechanism, but also government shareholders＇ decisionmaking mechanism of state-owned capital investment and its required rate of return, need to reform at present.