我国石油石化企业合理投资回报率水平研究

Reasonable investment return rate of domestic oil and petrochemical enterprises

我国石油石化企业在"十一五"期间资产规模基本实现翻番,但投资资本回报率与跨国石油公司相比仍存在较大差距。近些年学术研究领域提出了对我国改革开放以来资本回报率的基本判断,并探讨了总资本回报率的计算方法,但这些研究集中在社会总资本回报率方面。2010年国资委提出的经济增加值(EVA)考核办法,体现了加权平均资本成本(WACC)作为中央企业投资回报率的最低要求,但忽视了企业通过市场筹集资金所应得到的风险溢价。本文基于证券市场投资者视角,并结合石油石化企业典型项目经验等,探讨用无风险收益率加上风险收益率(风险收益率=公司风险系数×市场平均风险溢价)来衡量企业的合理投资回报率。研究认为,"十二五"期间我国石油石化企业合理投资回报率应不低于12%,这一数据可为存量资产优化和新增投入控制提供决策参考。

During the '11th Five Year Plan', the asset scale of domestic oil and petrochemical companies basically doubled,but there was still a wide gap between the rate of return of the invested capital of domestic enterprises and that of international oil companies. In recent years, the academic research field not only put forward the basic judgment on the capital return rate since the launch of reform and opening up in China, but also researched the calculation method of the total capital return rate. However, this research still has deficiencies in the following aspects: on the one hand, the existing research mainly focuses on the rate of return of the total social capital, and there is no in-depth analysis of the rate of return of enterprise investment; on the other hand, the economic added value appraisal method that takes WACC as its reference ignores the risk premium due to the enterprise in raising capital through the market. In this paper, the reasonable rate of return of the enterprise is measured by risk free yield rate plus the risk yield rate (risk yield rate = company risk coefficient * market mean risk premium). The research shows that, according to securities markets investors and the typical project experience of oil and petrochemical enterprises, the reasonable rate of return of oil and petrochemical enterprises of our country during the '12th Five Year Plan' shall be not lower than 12%. This conclusion can be a reference for decision-making in inventory asset optimization and newly added controls by enterprises.