兩岸主要公營石油公司之利潤比較分析

Abstract

本論文以企業獲利分析為基礎，採比較研究法分析兩岸主要公營石油公司之利潤，研究對象包括台灣的台灣中油及中國大陸的中石油及中石化，並藉此了解兩岸公營石油企業獲利瓶頸，並試著對台灣中油及台灣政府提出改善建議，提昇其國際競爭力。依據各公司2005-2009年這五年間的年報之主要財務資料六個面向包括獲利能力、經營能力、營收、成本及稅費、財務結構、員工生產力。分析這些財務資料發現，兩岸也都有一定程度的軟預算限制的現象，包括成品油如汽柴油價格管制及各種不同的補貼機制，台灣包括浮動油價及價格管制機制、石油基金外銷補助及高油價時貨物稅減徵的機制，顯示目前台灣的法令還是以鼓勵外銷創造外匯及維持物價穩定為重點，中國大陸則透過石油價格管理辦法及在高油價的補貼政策的部份，中油面臨虧損時向政府要求增資500億以彌補虧損等，為提昇台灣中油及台灣的競爭力台灣政府應漸漸取消這些軟預算的現象，及不合理的外銷補貼或外銷免徵貨物稅等政策。 在獲利能力方面中國大陸的中石油及中石化包括總資產報酬率、股東權益報酬率都大幅的超過台灣中油，在經營能力方面有關存貨週轉率、應收帳款週轉率同樣也大幅的超過台灣中油，分析台灣中油成本結構，原料佔了將近平均達銷貨成本82%，在員工產值方面台灣中油則遠高於中國大陸的中石油及中石化，營業費用分析則台灣中油的管控優於中國大陸的中石油及中石化。

In this paper, based on analysis of corporate profits, comparative analysis of cross-strait major state owned oil company profits, the subjects, CPC Corporation Taiwan and PetroChina and Sinopec, and to understand the profit bottleneck of state-owned oil companies in the two sides and try to make recommendations for CPC Corporation Taiwan and Taiwan government to enhance its international competitiveness. The five-year (2005-2009) annual reports of these oil companies are used to obtain the six key financial data, including profitability, management ability, revenue, costs and tax, financial structure, and employee productivity. After analyzing their financial information, we find that they all show the syndrome of soft budget constraints. For example, on both sides products such as gasoline and diesel oil are under price controls and there is a variety of subsidy mechanisms. In Taiwan, there are a floating oil price control mechanism, export subsidies and high oil fund reduction of excise duty when oil prices mechanism. Mainland China has the oil price control law and oil subsidy policy. PetroChina and Sinopec have higher the total return on assets and return on equity than the CPC Taiwan. The CPC Taiwan has lower operating capacity on inventory turnover and accounts receivable turnover ratio than PetroChina and Sinopec. The raw materials accounted for nearly 82% of average cost of goods sold of CPC Taiwan. The CPC Taiwan’s labor productivity is much higher than those of PetroChina and Sinopec.