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PetroChina lead the companies in total amount of related party receivables and payables, with 15.4 billion yuan and 10.9 billion yuan in receivables and 64.0 billion yuan and 9.8 billion yuan in payables, respectively. CNOOC’s Offshore Oil Engineering and COSL rank highest among related party receivables with 21% and 18% of revenue. The two companies have a much lower ratio of payables to total operating income, at 3% and 5%, respectively. For Sinopec Limited and PetroChina, none of their related party receivables or payables account for more than 1% of total operating revenue and cost, with the exception of PetroChina’s payables which are 5% of cost. While only slightly increasing from the previous year when it had 63.8 billion yuan in payables, PetroChina has more than doubled the amount it owes to related parties. It has added 10 billion yuan or more in each of the years 2008, 2009 and 2010, suggesting that CNPC is deploying this tactic to keep more cash inside PetroChina. Sinopec Limited is also worthy of mention: shifting from 1.5 billion yuan in net payables in 2007 to 5.6 billion yuan in receivables in 2011. Of the five LSOEs, Yanchang Petrochemical Engineering’s net receivables have skyrocketed, growing from 4.6 million yuan in 2007 to over 1 billion yuan in 2011. In part, this is due to escalating trade with its parent company, Shaanxi Yanchang Petroleum Group, as receivables have increased from 200 million yuan in 2008 to 250 million yuan in 2009, and to 580 million yuan in 2010. The large and increasing balance indicates that other group members are using Yanchang as a source of temporary financing and even outright appropriation of funds. The largest amount of other receivables in 2011 was from Sinopec, who had 1.5 billion yuan. This is predictably followed by PetroChina’s 552 million yuan. Yet these numbers have fallen significantly from 2007, and related party other receivables make up only 21% and 6% of all other receivables for Sinopec and PetroChina, respectively. Excluding Sinopec and PetroChina yields an average of 4.4 million yuan per company in related party other receivables, down from an average of 8.3 million yuan in 2007, pointing to decreasing influence for this informal financing mechanism.

Case Studies Taishan Oil This company is unique among the subsidiaries of Sinopec Group as it is only minority owned (24.57%) by Sinopec Limited. Taishan Oil specializes in selling retail oil, mainly diesel and gasoline, to gas stations in the Taian, Qingdao and Qufu cities of Shandong Province. In 2011 it sold over 10,000 barrels per day. Prior to 2010, 74 to 90% of its annual operating expenses came from related party purchases. By 2011 RPTs dropped to zero. In May, 2009, at the board of directors meeting, Taishan Oil decided to modify its terms of account settlement by using regular banks and withdrew all 5.5 million yuan of its deposits and cancelled its account with Sinopec Finance. On May 12, 2010, at the annual shareholders meeting, the ‘Motion Concerning 2010 Regular Related Party Trading’ was rejected, ending RPTs with Sinopec. Shareholders interviewed at the time emphasized dissatisfaction with company performance, and desire for Taishan Oil to be restructured or ‘privatized’, as had been done with other Sinopec Limited subsidiaries earlier (see discussion above; Qian and Sun 2010; Li 2010). In 2011, with zero RPTs, Taishan increased its revenue from 3.1 billion yuan in the previou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。