Construction of Value-Creation Oriented Carbon Assets Management System of Oil Companies

As climate change draws more attention globally,the development of low-carbon economy has become an inevitable choice for mankind to achieve sustainable development.The increasingly strict control of carbon emission is making carbon emission rights a scarce resource and endowing the rights with the attributes of assets and commodities.China has announced the goal of“carbon emission peaking before 2030 and carbon neutralization before 2060”.Responding to this goal,as major carbon emitters,oil companies play the role of a driving force for green and low-carbon development.Carbon assets management is a key path for oil companies to achieve emission reduction goals and low-carbon transformation.However,the carbon assets management of China’s oil companies is still in the initial stage,with the system and regulations not yet sound,and the management process not yet closed loop.First the modes and experiences of carbon assets management in major international oil companies is introduced.Then the objective logical relationship and linkage laws between carbon assets management and enterprise value creation are comprehensively analyzed by integrating the basic theories of economics and management.On this basis,a value-creation oriented carbon assets management system for oil companies is constructed,mainly covering aspects such as enterprise strategy,control mechanisms,carbon inventory,and management modes.

Analysis of Factors Influencing the Turnover Efficiency of Quick Assets in Agricultural Companies

We select 34 representative agricultural listed companies as the study object,to analyze the characteristics of quick assets in agricultural companies.The ratio between quick assets and total assets roughly displays normal distribution,with the peak value up to 40%;the distribution figure shape of the ratio between quick assets and liquid asset displays normal distribution,with the peak value up to 63%.Taking the case of typical agricultural company,Yuan Longping High-Tech Agriculture Co.,Ltd.,we analyze the factors influencing turnover of quick assets,and the main factors influencing the turnover of quick assets in agricultural companies are monetary funds and receivables.We establish the multiple linear regression model,and draw the conclusion that the turnover efficiency of quick assets is significantly affected by the ratio between cash assets and income,turnover rate of receivables,and quickness ratio.

The Implementation Mechanism of SocialResponsibility in Chinese State-ownedCompanies

The concept of corporate social responsibility was origined in the United States in the early 1990 s. This theory is put forward,and quickly caused the widespread attention of various disciplines. With the transition of the planned economy to marketeconomy in our country, most of the enterprises in China will still refuse to take care of the social responsibility and a series ofproblems become the biggest contradiction in China＇s economic development and social development. So it is necessary forChina to slove these problems.

Central SOEs and State-owned Assets Management System Witness Great Reform&Development

Since the beginning of 2005, the central SOEs (state-owned enterprises) earnestly carried out and put into effect various strategies and policies as well as work plans of the Central Committee of the Party and the State Council.They kept forging ahead and carved out in an innovative spirit, and made great achievements worth celebrating in their various work.Both sales revenue and total profits of the central SOEs have been growing rapidly and synchronously, and the quality of the stateowned assets have been further improved and appeared a good momentum.……

Chinese Companies Set Sights on Asia-Pacific Oil Assets

Fossil fuels may be out of fashion,but sales of foreignowned resources across Asia are expected to attract a broad mix of bidders.Some of Asia’s biggest foreignowned oil and gas assets,worth more than US$40 billion,are to be sold in 2017,with potential bidders expected to include Chinese energy companies and sovereign funds.Assets to be sold include US-based Chevron’s US$1billion(0.94 billion euros)joint ownership stake with China’s state-owned CNOOC in an offshore oil field.

The Separation of Powers from Functions and the Establishment of a New Structure of Management and Operation of State-owned Assets

The development of the socialist market economy demands the furtherintensification of the reform of the management operating system (MOS)of the state-owned assets, the strengthening of the efficiency in the man-agement of state-owned assets,and the improvement of the operating bene-

30 years of reform of China's state-owned asset management system

Reform of China’s state-owned asset management system is an important component of China’s economic system reform,but also a key factor in rejuvenating the national economy.In this article,the authors analyzed the background of the reform,summarized the reform process and discussed related question on how to deepen the reform.

Discussion on Local Asset Management Companies’ Approach to Revitalizing Uncompleted Real Estate Projects: Taking ZS Asset Management Company as an Example

In recent years,with the vigorous development of the real estate market,the price and scale of real estate have been growing explosively year by year.At the same time,the continuous macro-control of the state and the debt of real estate enterprises are both thundering.The high turnover and leverage operation mode is challenged,and uncompleted real estate projects are constantly emerging.Uncompleted residential buildings are considered scars to developers or cities where these projects are located.If this issue can be solved,uncompleted residential building projects can be revitalized,and the parties involved will also benefit from it.Asset management companies play a key role in the revitalization of uncompleted real estate projects by injecting new vitality into these projects and obtaining relevant policy support from the local government for the pain points and difficulties in these projects,thus promoting the revitalization of uncompleted projects.In order to discuss the approach taken by local asset management companies to revitalize uncompleted real estate projects,this paper takes ZS Asset Management Company as an example.

Australian Government Assets Privatization Brings Golden Opportunities for Chinese Enterprises

Australian business investment is expected to be weak throughout 2015.The Westpac/Melbourne Institute Leading Index predicts the Australian economy is still"sluggish"and will grow at 2.75 percent in 2015.The Index,which indicates the likely pace of economic activity over the next three to nine months,rose by 0.30percentage points in January.Being fiscally challenged,the current Australian Federal and State governments are fiscally

Chinese Oil Companies＇ Overseas Cooperation in 2016

The paper analyzed the development and features of China's oil companies' overseas business in 2016.Despite the plummeting crude price and a weak global economy,these companies managed to do well in foreign countries.They steadily increased their shares of oil and gas in overseas oil and gas projects with their distinctive and unique ways:the three state-owned oil companies had focused on the countries involved in the One-BeltOne-Road Initiative,and others had been stressed more on international cooperation in a broader sense and areas.The small-and middle-scale companies had been matured and grew during the process.The central and local governments also played indispensable roles by providing need support for the cooperations.

The Announcement Effects of China＇s Listed Companies＇ Divestitures

By utilizing the mean adjusted return model of the event study, this paper examines the announcement-period abnormal returns of a sample of 44 divestitures of China＇s listing companies completed during 1998-2002. The findings are that sample firms have positive cumulative average abnormal returns in the event windows of [-1, ＋1] and [0, ＋7], and that, as for any individual firm, almost half of the sample firms get positive cumulative abnormal returns in a narrow event window. Those results show that the corporate divestitures of China are able to increase shareholders＇ wealth in a short period around the announcement date.

出资义务加速到期规则的解释论

面对注册资本完全认缴制所产生的问题,2023年修订后的《公司法》对有限责任公司改采了限期认缴制,并引入了催缴失权、加速到期等规则予以完善。《公司法》第54条规定,公司不能清偿到期债务的,公司或者已到期债权的债权人有权要求已认缴出资但未届出资期限的股东提前缴纳出资。该条款简明扼要,涵盖了加速到期条件、请求权主体、出资财产入库公司等三重面向。本条规定体现了立法机关的价值判断,实质上系对公司、股东、债权人利益的衡量安排,以公司利益为该制度构建的基点和本旨。该利益衡量方案契合公司法的价值体系,在构成上包括三项旨意:以停止支付而非支付不能为加速到期标准;以公司资本需求为本位允许公司要求加速到期;以入库规则为通道保障公平清偿债权。在规范适用上,出资义务加速到期规则衔接董事催缴义务和催缴失权制度,可以协同保障公司的资本需求和公司利益。

论公司外部表示行为的法律逻辑

公司法以调整公司的设立、运营和解散为主要目的,其规范构造也主要采用内部生效规则,与合同法等交易法主要关注外部合同如何成立、生效有明显不同。这种公司法与合同法分野的逻辑,虽有利于区分不同部门法律规范的调整任务及分工,却忽视了交易实践的复杂性,以及公司内部治理干预特定交易之成立对于维持公司法人格的重要性。公司法依托合同工具而成立,对于公司这一拟制主体,仍需解决基于董事或经理等自然人之代理行为而成立的交易如何归属于公司的问题。公司法首先建立了代理行为的“合法原则”与“职务原则”。同时,区分常规交易与特定交易,前者仅需董事、经理或雇员等自然人的个人行为即可成立,后者尚需取得公司内部机构的审议或同意即私法上的批准行为方可成立。因此,公司交易可能是由一元性的表示行为构成,也可能是由二元性或多元性的表示行为构成。公司股东会或董事会等内部治理机构的批准行为,不仅具有形成公司内部意思的效果,还具有决定外部交易是否成立生效的表示行为的力量。合同行为造就了公司,公司也不应完全游离在合同效力之外。唯此,才能形成控制公司代理人行为的有效机制。

企业碳风险、环保资产投资与就业吸纳——来自A股污染类上市企业的经验证据

减污降碳与稳定就业并重,是新时代中国经济发展面临的艰巨任务。本文以沪深A股429家污染类上市企业为研究对象,实证检验污染类企业碳风险、环保资产投资与就业吸纳的关系。研究发现,污染类企业碳风险对企业就业吸纳行为的影响呈先促进后抑制的倒“U”形关系;污染类企业碳风险水平大多位于倒“U”形曲线拐点的左侧,即大多数污染类企业碳风险对企业就业吸纳行为起促进作用;企业环保资产投资在碳风险促进污染类企业就业吸纳的关系中发挥部分中介效应。异质性检验还表明,碳风险对企业就业吸纳的促进作用,以及碳风险与企业就业吸纳的倒“U”形关系,仅体现在重污染企业,而非存在于非重污染企业中。研究结论为中国建立和完善企业环保资产投资的长效激励约束机制,进而推动污染类企业减污降碳和就业吸纳提供了实证依据。

国资监管体制改革与国有企业投资效率

国资监管体制已由“管资产与管人管事相结合”的模式向以“管资本”为主的模式转变,这为国有企业的高质量发展提供了制度保障。本文以2009—2019年中国沪深A股上市国有企业为样本,实证检验国资监管体制改革对国有企业投资效率的影响。研究结果表明,国资监管体制改革显著提升了国有企业投资效率,代理成本降低与政府干预弱化在其中发挥了中介作用。进一步研究发现,政府治理水平在国资监管体制改革与国有企业投资效率之间具有正向调节作用。异质性分析发现,在非西部地区和金字塔层级低的国有企业中,国资监管体制改革对其投资效率的提升作用更显著。经济后果检验表明,国资监管体制改革通过提高国有企业投资效率提升了国有企业价值。研究结论为进一步深化国资国企改革提供了经验证据。

国资监管体制改革与国企费用粘性——来自“两类公司”改革试点的证据

改组组建国有资本投资公司和国有资本运营公司(以下简称“两类公司”)是深化国资监管体制改革的重点任务。从成本费用管控视角,利用2008—2021年“两类公司”改革试点数据,探讨以设立“两类公司”为核心的国资监管体制改革对国有企业费用粘性的影响。研究发现,“两类公司”改革能够显著降低控股国有企业的费用粘性,其内在机制是“两类公司”改革通过强化经营预算管理和嵌入党组织治理实现控股国有企业费用粘性的降低。进一步分析表明,“两类公司”改革对费用粘性的抑制作用在由多家“两类公司”协同控股、控股链条较短、股权制衡度较高以及所属类型为中央企业时更显著;限制政府债务大规模扩张和加强产品市场竞争,均能有效提高“两类公司”改革对费用粘性的抑制作用。文章从政治观和经理人观视角揭示了国资监管体制改革降低国有企业费用粘性的内在机理,为完善“两类公司”改革、推动“有为政府”与“有效市场”有机结合、降低国有企业费用粘性提供了重要参考。

资产经营公司对校属企业绩效考核体系研究

绩效考核评价改革一直被视为改革的关键领域和深水区,它不仅是影响校属企业组织发展的重要手段,更是一项涉及多方面、关联多要素的复杂工程。在当前国有资产管理体制改革浪潮之下,如何构建科学合理的考核评价指标体系是我们亟待解决的重大问题,也是校属企业管理研究的重要课题。文章主要探讨了如何在实际操作中加强资产经营公司对学校下属企业绩效考核体系的研究和关注。希望通过科学的框架和明确的标准来完善学校下属企业的绩效考核体系,从而充分发挥绩效考核的潜在价值。

将巴西打造成海外深水石油核心产区的思考

当下,全球深水、超深水已经成为国际石油公司跨国油气勘探开发的重要领域。在分析巴西国际油气合作基础、发展现状及趋势的基础上,通过计算全球主要深水油气资产的单桶盈亏平衡油价,认为巴西深水-超深水极具勘探开发成本优势。对比分析6大国际石油公司和中国石油公司在巴西的布局策略,认为中国石油公司在作业者身份获取及勘探资产部署两方面有所欠缺。提出了新形势下中国石油公司在巴西的投资策略,即通过深化与巴西国家石油公司的战略合作,将巴西项目打造成海外深水石油核心产区。具体措施包括:提前购买多用户地震数据,超前评价,有效支撑未来永久招标模式的投标决策和优质项目获取;通过参股、联合作业到独立作业“三步走”战略,补足深水作业短板;以多种方式获取勘探开发各类资产,快速培植核心产区。

国内外碳资产政策下油气企业应对措施研究

随着全球气候治理进程的推进,全球碳市场的建设不断完善,越来越多的国家开始建立国家或地方层面的碳交易体系。油气企业作为碳排放大户,做好碳资产管理成为其绿色低碳转型发展的关键。文章基于国际和国内碳资产政策现状研究,分析了国内外强制碳市场和自愿碳市场发展态势,碳边境调节机制(CBAM)和碳税实施的影响,碳捕集、利用与封存(CCUS)项目进入碳市场的交易方式和国内外大型能源企业参与碳资产管理的发展形势。结合油气企业碳资产管理特点,文章提出油气企业应加强碳排放管控水平、夯实碳排放量数据基础、组建碳资产开发专业机构以及推动CCUS项目获得国家政策支持等发展建议。

油气田企业资产风险评级的因素权重方法探讨

油气田生产是典型的高风险行业,为转移资产损失风险,企业往往会投保相应的财产保险。财产保险的费率厘定通常以标的面临的风险为参照,风险越高,费率越高,反之亦然。提出一种油气田企业资产风险评级方法,按照油气田企业资产在点状和线状两种损失因素中的损失程度,并综合考虑油气影响因素和自然灾害影响因素,对资产的这四种因素分别赋分,再合理设置各因素权重,通过各因素分值与相应权重的综合计算,得出资产的高风险、中风险、低风险分级结果。根据该方法,结合各油气田生产企业资产明细,可以统计出企业资产高、中、低风险分布情况,为不同油气田企业财产保险差异化费率厘定提供依据。