本文对美国最大的两家政府赞助企业房利美公司(Fannie Mae)和房地美公司(Freddie Mac)做成本-收益分析,以探讨两家公司的政府赞助背景对市场的影响。由于两家公司的政府赞助背景与中国央企的国有性质有着一定程度的相似性,本文的分析方法对中国央企的未来改革也有一定的参考意义。 This article analyzes the cost-benefit analysis of Fannie Mae and Freddie Mac, the two largest U.S. government-sponsored companies, to examine the market impact of the government-sponsored backgrounds of the two companies. As the background of the government sponsorship of the two companies has a certain degree of similarity with the state-owned nature of Chinese state-owned enterprises, the analysis method of this article is also of some reference value for the future reform of the Chinese state-owned enterprises.