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关于经济的增长以及中国石油业的发展，从九十年代末开始石油化工产品行业的发展速度是令人惊叹的。因为这个行业是由国家控制的，并没有完全形成从国家机构中分离出来。这篇文章主要是研究国内三十一个企业群体（在上海和深圳的)国家石油和石化公司）周期为二零零七年至二零一一年。研究的四个领域的成果还是比较显著的：国家资产重组、国家石油业的多样化发展、企业指导以及关联产业之间的处理形式。形式的关联方法是企业融资,我们要考虑好产权对公司治理的影响。本文揭示了中国石油和石化行业特定企业发展,研究方向,是中国的大企业政策在一个不断发展的社会主义市场经济下如何推进重组状态业务接口的需要。

Tyler Rooker

Peking University Institute of Sociology and Anthropology University of Nottingham School of Contemporary Chinese Studies Publication in the CPI Working Papers series does not imply views thus expressed are endorsed or supported by the China Policy Institute or the School of Contemporary Chinese Studies at the University of Nottingham.

Introduction

The growth and development of China’s oil and petrochemical industry since the late 1990s is astonishing. It is led by state-controlled business groups that only fully formed through institutional separation from the state at that time. This paper probes a group of 31 domestically-listed (in Shanghai and Shenzhen) national oil and petrochemical companies (NOPCs) in the period from 2007 to 2011. Four areas of exploration are highlighted: postrestructuring consolidation or diversification of China’s qiye jituan1 business groups;2 the nature, direction and amount of related party transactions (RPTs); forms of related party corporate finance; and the impact of property rights on corporate governance. This paper sheds light on the particular development of businesses in the oil and petrochemical industry in China and reveals directions that China’s big business policy and further restructuring of the state-business interface will take in an evolving socialist market economy. The following paper starts from the insight that virtually all oil and petrochemical big businesses circa 2007 listed in China are organized in terms of business groups. Yet the business group nature of NOPCs immediately reveals four areas of exploration. First, in the past fifteen years—since the 1997/8 restructuring and reorganization of the state industrial sector—a major reshuffling of industrial and corporate organization in the oil and petrochemical industry is apparent. Second, with this organizational form, the volume of RPTs within the business group is a proxy for the extent to which market-supporting institutions, as well as multi-divisional versus business group firms, have developed in China during this time frame. Third, related party finance—consisting of both internal reallocations of capital within the group and member firms acting on behalf of other group firms to access capital from outside the group—signals the direction of corporate finance and capital market development for national oil and petrochemical companies. Fourth, rethinking property rights, the legal/market nexus that continues to elicit debate, extends debate on the corporate governance of business groups and NOPCs in particular. While the companies reviewed in this paper are some of the most state-owned, most important and most security related companies in China, it remains unclear as to the extent to which they are following the pattern of other non-Western corporate organizational forms throughout the world, as well as those of big businesses throughout China. Research questions ‘Rationali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。