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sed operating revenue from 2.19 trillion yuan to 4.81 trillion yuan, an average annual growth rate of 23.85%. The majority of this increase in revenue came from the growth of PetroChina and Sinopec, who together grew from a combined 2.04 trillion yuan to 4.51 trillion yuan, with an average growth rate of 24.21%. Reflecting this dominance by the two industry titans, the CSOEs in the group averaged growth of 23.91%, ahead of the LSOEs at 18.02% and private enterprises with 13.57%. Operating costs for all enterprises increased faster than revenues, growing at an average annual rate of 26.17%, again led by PetroChina and Sinopec who had average growth in operating costs of 26.91%. CNPC and Sinopec Group The organization of CNPC, Sinopec Group and CNOOC Group assets into PetroChina, Sinopec and CNOOC and their subsequent listing on domestic and international stock markets is well known (Zhang 2004; Lin 2008; Wu 2002; Nolan 2001). Of more significance for this paper is the subsequent period of NOPC development from 2001 to 2011, that forms the backdrop for the data under study. The complete list of companies now removed from trading on domestic stock markets during this period is given in Appendix 3. Some eighteen listed companies were disposed of by CNPC/PetroChina and Sinopec Group/Sinopec in the period 2002-2009, with the buybacks from the stock market concentrated in 2005-6. In addition to PetroChina, CNPC, the parent of the business group, still holds controlling ownership of three other listed companies, while Sinopec Group and Sinopec together control five other listed companies (see Appendix 1). CNPC has 3.03 trillion yuan in assets in 2011, up from 2.63 trillion yuan in 2010 and 2.22 trillion yuan in 2009. Its debt-to-asset ratios in these years were 14.78%, 14.99% and 14.51%, respectively. In terms of ROE and ROA, CNPC averages 7.25% and 20.97% over the three year period. According to Lianhe Credit (2012a: 4), CNPC has 78 enterprises designated as second-grade subsidiaries that it includes in its consolidated income sheet. In 2011, PetroChina’s assets amounted to only 63.33% of CNPC’s assets, but provided 84.15% of operating income (see Chart).

This is the lowest ratio over the 5-year period, declining slowly but steadily from 66.77%. While the pace of change is slower than in the case of Sinopec Limited and Sinopec Group below, there is still an indication that CNPC’s asset growth is outpacing PetroChina, at a rate of 17.9% versus 15.9%, respectively. CNPC versus PetroChina, 2011 Assets (bn RMB) CNPC 3,027.88 Liabilities (bn RMB) 1,327.19 Debt-Asset Ratio 43.83% Operating Income (bn RMB) 2,381.28 Operating Cost (bn RMB) 1,716.45 1,425.28 ROE 7.68% 13.60% ROA 21.96% 30.17%PetroChina 1,917.53 834.96 43.54% 2,003.84 Source: Lianhe Credit (2012a), PetroChina 2011 Annual Report.

Sinopec Limited accounts for 64.75% of Sinopec Group’s total assets, but provided a much larger percentage - 98.12% - of the Group’s operating income. The percentage of assets held in Sinopec Limited is also declining, from a high in 2007 of 73.31%, and dropping each successive year by 2-3%. This indicates that, as the assets of Sinopec Limited are growing, those of Sinopec Group are growing even faster—11.0% versus 15.1% annually. Sinopec Group versus Sinopec Limited, 2011 Assets (bn RMB) Group 1745.307 Liabilities (bn RMB) 1022.965 Debt-Asset Ratio 58.61% Operating Income (bn RMB) 2551.951 Opera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。