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and 16%, respectively. When Sinopec Limited, with 12% related sales and 10% related purchases, and PetroChina, with 5% and 22%, are excluded, the weighted averages for the group are 29% and 38%. Excluding all of Sinopec Group and CNPC affiliates brings these averages down to 19% and 26%. Again, the high figures when excluding Sinopec and PetroChina but not their affiliates can be understood since the remaining population of NOPCs includes important affiliates, such as Shanghai Petrochemical and Yueyang Xingchang (part of Sinopec Limited and Sinopec Group, respectively), that rely on the group for inputs of crude oil and comprehensive services as well as output channels for sales. What is not readily apparent is why the ratio of related party purchases to operating cost has risen so dramatically. PetroChina has reduced its reliance on CNPC affiliates to 22% from 36% in 2007, which to some extent explains the overall figure for the group, but excluding Sinopec Group and CNPC affiliates gives a rise in the ratio of related party purchases to operating cost—to 26% from 13% in 2007. One conclusion is that for this group of domestically-listed NOPCs, their development over the past five years has led to an increasing reliance on other companies within their own business groups rather than the external market, for a range of inputs, services and sales outlets. This would support the conclusion that market-supporting institutions are declining in China. Thus increasing inputs from related party suppliers seems to be an important trend, though importantly reversed by both Sinopec Limited and PetroChina.

While the This was the first time any Hong Kong-listed company was “privatized”. The related affiliates of Sinopec Limited are Yueyang Xingchang, Taishan Petroleum, Shanghai Petrochemical, Yizheng Chemical Fibre and Sichuan Meifeng. The related affiliates of PetroChina are Daqing Huake, Kingdream PLC and Jichai Diesel Engine.

Interpretation is mixed, it is clear that for important central state NOPCs such as Liaotong Chemical, Yueyang Xingchang, Daqing Huake, Yizheng Chemical Fibre and Shanghai Petrochemical, tapping related party suppliers is increasingly the strategy of choice. Corporate Finance Finance Companies and Business Group Loans Over the five year period, debt to asset ratios increased from 42.44% to 46.01% (see Appendix 2). Also apparent in the data is a debt to asset ratio that increased some 200% for Sinopec during this period. The CSOEs with finance companies include CNOOC Finance Company, Petroleum Finance Company and Sinopec Finance Company, as well as SinoChem Finance Company, Norinco Finance Company, SinoTrans-CSC Finance Company, and ChemChina Finance Company. These finance companies are all controlled by the group parent company, though the listed company may own shares of them. The final piece of the corporate finance picture explored here is loans or guarantees for related parties and loans, guarantees and short-term borrowing from related parties. In 2007, PetroChina had a total of 46.7 billion yuan in loans, 24.4 billion yuan of which came from the CNPC finance company China Petroleum Finance. One of these loans, for 19.9 billion yuan, originated in November, 2008, and is for a period until April 2032; the other, for 4.5 billion yuan, is until September, 2020. Both are charged a band of interest rates around 5%. In 2007, Jichai Diesel reported that it obtained short-term loans本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。