全面风险管理对油气企业经营绩效的影响

The impact of comprehensive risk management on the operating performance of oil and gas enterprises

随着全球气候问题应对措施推进,已有超120个国家和地区提出了碳达峰碳中和(以下简称“双碳”)目标,全球能源转型进程加速,以传统油气业务为主的油气企业面临多重环保监管和碳减排压力,低碳转型战略受到广泛关注。“双碳”目标的提出使得我国油气企业在转型过程中不仅要努力进行碳减排助力“双碳”目标的实现,同时还要兼顾企业自身绩效。全面风险管理作为油气企业经营生产过程中的一环,承担着为油气企业快速发展保驾护航的重要任务,但其对油气企业绩效的影响常常被忽视。同时,现有的全面风险管理研究主要集中于金融和保险领域,而油气领域全面风险管理研究还未得到足够的重视。此外,经济、科技和社会发展带来了许多新的风险,油气企业传统风险管理正逐渐显示出其不足之处,很难满足现有风险管理的需求。本研究以23家国有油气企业为研究对象,构建了油气行业全面风险管理评价体系,采用DEA-Malmquist指数法测度油气行业绩效,在此基础上采用固定效应回归模型和门槛效应回归模型探究全面风险管理对油气企业经营绩效的影响。研究发现全面风险管理对于油气企业绩效具有显著的提升作用,但企业间的风险管理情况差异较大。具体而言,中国石油、上海石化、中海油服、中国石化和中化国际5家企业全面风险管理实施情况处于行业较高水平,大庆华科、岳阳兴长、陕西建工处于行业较低水平。进一步分析显示全面风险管理主要通过改善技术进步效率促进油气企业经营绩效提高;相反通过规模效率抑制综合技术效率的提升进而阻碍企业绩效增长。其中,全面风险管理对于规模效率的“滞后效应”是主要原因。未来油气企业需根据自身实际进一步实施全面风险管理工作,建立与自身管理制度相契合的全面风险管理体系。

More than 120 countries and regions have set the goal of carbon peak and carbon neutrality target(hereinafter referred to as “dual-carbon” targets) as the global response to climate change moves forward. As the global energy transformation process accelerates, oil and gas enterprises mainly based on traditional oil and gas business are facing multiple environmental regulation and carbon emission reduction pressure, and low-carbon transformation strategy has attracted widespread attention.The proposal of the “dual carbon” target makes China’s oil and gas enterprises not only strive to achieve the target through carbon emission reduction, but also take into account their own performance. As a part of the operation and production process of oil and gas enterprises, comprehensive risk management undertakes the important task of escorting the rapid development of oil and gas enterprises, but its impact on the performance of oil and gas enterprises is often ignored. At the same time, the existing comprehensive risk management researches are mainly focused on finance and insurance, while the oil and gas total risk management studies have not received enough attention. In addition, economic, technological and social developments have brought with them many new risks, and traditional risk management in oil and gas companies is increasingly showing its limitations and failing to meet the needs of existing risk management. In this paper, taking 23 state-owned oil and gas enterprises as the research object, the enterprise comprehensive risk management(ERM) evaluation system for the oil and gas industry is constructed, and then the DEA-Malmquist index method is used to measure the performance of the oil and gas industry. On this basis, the fixed-effect and threshold-effect regression model are used to investigate the influence of ERM on oil and gas firm operational performance. We find that the ERM plays a major role on improving the performance of oil and gas companies, although the ERM situation varies greatly among companies. Specifically, the implementation of total risk management of China National Petroleum Corporation, Sinopec Shanghai Petrochemical Company Limited, China Oilfield Services Limited, China Petrochemical Corporation and Sinochem International Corporation is at a high level in the industry, while Daqing Huake Company Limited, Yueyang Xingchang Petrochemical Co., Ltd and Shaanxi Construction Engineering Group Corporation Limited are at a low level in the industry. Further, the ERM mainly promotes the performance improvement of oil and gas enterprises by improving the technological progress, while it inhibits enterprise performance growth by preventing the improvement of comprehensive technical efficiency. The fundamental explanation is the “lag effect” of the ERM on scale efficiency. In the future, oil and gas enterprises need to further implement ERM according to their own conditions, and establish an ERM system consistent with their own management system.