中外大石油公司股利政策对比分析

The dividend policies of China's national oil companies and international oil companies

中国三大石油公司均为上市公司。中国石油采取固定股利支付率政策,分红比例维持在净利润的45%;中国石化和中国海油采取了稳定增长型股利政策。埃克森美孚、雪佛龙、康菲、BP、壳牌、道达尔6家国际大石油公司均采用稳定增长型股利政策,即使遇到油价大幅下跌和公司经营困难,也保持其股利政策。与国际石油公司相比,中国三家石油公司的分红比例处于前列,但主要由母公司获得,因为其母公司持有上市公司60%以上的股份。中国三大石油公司的每股股利不高;相比之下,国际石油公司的股利水平基本稳定且稍有增长。中国三家石油公司的股息率处于同业公司的较低水平。在当前不利的外部经营环境下,中国三大石油公司应积极应对低油价带来的经营压力,降本增效,做大可供分配的净利润总额;在遵守监管机构要求、兑现对资本市场承诺的基础上,灵活利用股利政策,兼顾公司扩大规模、可持续发展和股东收益的多重目标。

China＇s three major oil companies are all listed in stock market. When it comes to the dividend policy, while Petro China distributes a fixed 45% of net income to its shareholders; Sinopec and CNOOC adopt the stable growth dividend policy. IOCs, including Exxon Mobile, Chevron, Conoco Phillips, BP, Shell and Total, also have adopted the stable growth dividend policy, which is maintained even during the hard times when confronted with drastic oil price decline or severe financial difficulties. Compared with IOCs, in terms of dividend-net income ratio, China＇s three major oil companies maintain relatively higher ratio, but since each of their parent company holds more than 60% of total shares in the listed company, the dividends mainly go to the parent companies. While the dividends per share of China＇s three major oil companies in quite low level among the peers, IOCs＇ return per share is basically stable and slightly increases year on year. Under the current serious external operating environment, China＇s three major oil companies should positively respond to operation pressure under low oil price, decrease cost and increase profits, improve the total net profit available for distribution; comply with regulatory requirements, fulfill commitment to the capital markets, use dividend policies flexibly, and take into account of business expansion, sustainable development and shareholders＇ return.