基于EVA的国际石油公司价值驱动因素探析

International oil companies' value driving factors based on EVA

作为一种先进的管理体系,经济增加值(EVA)能够反映企业真实的盈利水平。比较中国石油、中国石化、中国海油以及埃克森美孚、BP和壳牌公司2009-2013年的经济增加值,中国三家石油公司与国际大石油公司相比存在差距。企业的盈利能力(税后净营业利润率)、资本使用效率(资本占用周转率)和资本结构(资本成本率)是经济增加值的直接驱动因素。影响企业经济增加值的间接驱动因素包括四个维度:财务与业务维度、内部流程维度、客户维度、学习与成长维度。勘探、开发、生产和炼油各个板块的运营应统一于经济增加值的创造,中国石油公司要在比较分析中找到价值提升的途径。

EVA（Economic Value Added）, an advanced management system, can reveal the real profitability of a company. Compared the EVA of CNPC, Sinopec and CNOOC from 2009 to 2013 with ExxonM obil, BP and Shell, there is a big gap between three China＇s national oil companies and the international oil giants. Corporations＇ profitability（reflected by net operating profit after tax）, capital efficiency（reflected by capital turnover） and capital structure（reflected by cost of capital rate） drive EVA directly. Meanwhile, the four indirect factors that influence EVA are financial and business dimensions, internal process dimension, customers dimension, and learning and growth dimension. For oil and gas companies, the whole process including exploration, development, production and oil refining should be unified to increase EVA. China＇s oil companies should find out the approach to increase their values by comparative analysis.