The Research Of Capital Management Petroleum For DaQing Petroleum Administration Bureau

In this paper, on basis of analyzing the status quo, predominance, and existing problem of super scale state owned enterprise-DaQing Petroleum Administration Bureau, exerting transaction costs theory, tenancy theory, and level-buy out theory of capital operation, comparison to the practice of international oil company, we illustrate the idea, tactic and channel of capital operation for DPAB. Capital operation in DPAB should conform to the framework of domain orientation and property rebuilding, following five principles: the first is advancing optimum of domain structure, efficiency of capital and fluxion of assets through capital operation; the second is prompting multiple-level of property right by financing diversity; the third is obtaining more asset and revenue space through merging and unity; the fourth is bringing out full use and re-assemble of exiting asset via added investment; the fifth is accelerating boost of total economic revenue with combination of industry operation and capital operation.To accelerate corporation's institution reform of following unit, we should take property right reform as emphasis, at the same time, take multiple property structure and normative corporation fathering structure as main content. Through capital connection, DaQing Petroleum Administration Bureau establish mother-son corporation system as whole, become large-scale enterprise group that CNPC serve as holding company and strategic investor sharing the stock. Through enterprise reform, bringing in market entity qualification for capital operation, enhancing their power ability and behavior ability.In strategy of capital management, mainly cultivate the advantage of core competition surrounding the industry of oil developing and petroleum processing. Enforce main competition strength by means of capital management such aslease-contract and lever-purchase.With adopting all kinds of methods, steadily retreat from some industry that is not suitable to the direct management by Daqing Petroleum Administrative Bureau. Finally form the structure of outstanding main industry, reliable specializing-corporation and reasonable resource configure by concentrating the existing resource to main developing direction.There will be three actions in capital management. The first is to conform the resource of light hydrocarbon and natural gas chemical and choice fine assets to capital market for directly financing. By the end of 2010, to hold shares of eight companies, two or three of which to market by issuing stock, five or six of which by buying corporation shares. The second is to do trust financing using excessive fund in second-level stock market, directly investment of national debt, fund investment and so on. The third is to aim at the correlated high-technology serving enterprises and try to develop venture investment and merged-buying.