高税负下中国石油在哈萨克斯坦实现利益最大化的途径探讨

CNPC's profit maximization strategy in high-tax Kazakhstan

随着中国油气企业在哈萨克斯坦经营规模的不断扩大,哈国逐步调整其战略目标,积极推进经济多元化与资源国有化:一方面加强与中国在能源领域的合作,另一方面出于保护本国资源和利益的考虑不断通过税收、审计、环保、入股等方式降低中国油气企业利益。本文以收入为基本变量构建中国石油在哈萨克斯坦油气业务的综合效益模型,通过单一变量的敏感性分析探索在哈高税负下中国石油实现利益最大化的途径。初步分析表明,在符合哈国法律法规和满足中国石油在哈油气业务发展的前提下,适当增加高税区费用,控制上游企业的利润,将其转移到低税区企业,即通过提高服务企业的服务水平与质量,提高收费而分摊企业收益,将有助于增加中国石油在哈萨克斯坦的整体收益。作者建议今后增加储量规模、产能建设、地缘政治、国际油价变动以及汇率变动等其他影响指标,使分析模型更加完善和符合实际,成为动态研究和战略决策的工具。

In pace with Chinese oil and gas enterprises' expanding operating scale, Kazakhstan adjusts strategic objectives, actively boosting economy diversity and resource nationalization, on the one hand to strengthen energy cooperation with China, but on the other hand out of consideration for protecting national resources and interest relentlessly by means of taxation, audit, environmental protection, acquiring shares, and other means, and as a way to cut down China's oil and gas enterprises' profit. A comprehensive effectiveness evaluation model of PetroChina in Kazakhstan's oil and gas business is constructed on the basis of a single variable——income, using single variable sensitivity analysis to determine the way for PetroChina to maximize profit under such a high tax burden. Initial analysis indicates that, under the requirement that PetroChina be subject to Kazakhstan's laws and regulations governing the oil and gas industry, appropriately increasing expenses in high taxation areas, concentrating profit in upstream enterprises where it falls in low-tax jurisdictions even by raising the service enterprise's service level and quality, and raising fees but apportioning profit among enterprises will contribute to increasing PetroChina's overall profit in Kazakhstan.Henceforth increasing the size of reserves, building capacity, geopolitics, and change in the international oil price are on a par with change in the exchange rate and other causal infl uence targets. If more analysis is applied to explain more perfectly, to a higher degree, and in agreement with practice, it becomes a dynamic research and strategic decision-making tool.