比較分析兩岸主要石油公司之經營績效

Abstract

石油為人們日常生活的主要能源來源，為汽油、柴油、與石化工業產品等的原料。台灣長期以來因國內石油資源缺乏與高需求度，故長期以來依賴進口石油。根據經濟部能源局資料，台灣對進口石油依存度高達99百分比，足見石油對台灣石化工業與經濟發展的重要性。由於高建設成本性、高資金投入性，更重要的，石油與石油產業具獨占性與影響市場機制的平衡，需有政府管理與控制，以維護民生經濟。隨著經濟自由化的趨勢，目前約有80個國家實施民營化政策，台灣中油也預計於2016年完成民營化。石油產業有國家安全、軍事、政治等因素之考量，本論文採用比較研究法，分析兩岸主要石油公司的經營績效，包括台灣的公營石油公司-台灣石油，民營石油公司-台塑石化，與大陸的兩大公營石油公司-中石油與中石化，期許提供給投資者或經理人一個參考依據。主要依據各公司2009-2013年的年報，分析其財務數據包含六個面向，獲利能力、經營能力、償債能力、營收與各產品占營收比、財務結構、與員工生產力。發現在償債能力方面 (包含流動比率與速動比率) 與員工生產效率，台灣中油與台塑石化皆優於中國大陸的中石化及中石油。在獲利能力方面 (包含資產報酬率與股東權益報酬率) 及經營能力方面 (包含存貨周轉率與應收帳款周轉率) ，中石化與中石油都優於台灣中油與台塑石化。四間公司的年營收與杜拜國際石油價格走勢皆有正相關性且相關係數皆高達0.95以上。

Owing to the scarce petroleum resource and high demand in Taiwan, we have relied on petroleum import for a long time. According to Bureau of Energy, Ministry of Economic Affairs, the dependence of petroleum import reaches 99 percent during 2003-2012, the petroleum is really important for Taiwan’s economic development. The characteristic of high foundation cost, high capital input, and most importantly, petroleum and petroleum industry have monopoly power and affect the balance of market operation, it is essential that by government control and manage to maintain the livelihood economy. With the trend of economic liberalization, there are around eighty countries promote the privatization policy until now, and CPC would complete the policy by 2016 as well. The petroleum industry has country safety, military, and politics consideration. This study applies the comparative methodology to analyze the performance of major petroleum enterprise in Taiwan and Mainland China, including the Taiwan public petroleum enterprise-Chinese Petroleum Corporation (CPC), private petroleum enterprise-Formosa Petrochemical Corporation (Formosa), and China’s public petroleum enterprises- China Petroleum & Chemical Corporation (Sinopec) and PetroChina Company Limited (PetroChina), hoping to provide a reference value for investors and managers. The research data are on six dimensions including profit capability, management capability, solvency, financial structure, revenue analysis, and employee productivity during 2009 to 2013. CPC and Formosa are both better than Sinopec and PetroChina with respect to solvency (including current ratio and quick ratio) and employee productivity. Sinopec and PetroChina are better than Taiwan’s two enterprises with respect to profit capability (including ROA and ROE) and management capability (including inventory turnover and receivables turnover ratio). The annual revenues of these four enterprises all have highly positive correlations with Dubai crude oil price index for more than 0.95.