| The Chinese economy is in an age of exiting changes, where the Chinese enterprises are in an unprecedented changing episode. The very theme of our age is the conversion from the traditional planning economy to the socialist market economy. The reform of state owned enterprises is the hottest movement. They change from the passive condition of being planned by the state to the active one of facing the market and operating according to the invisible hands of market. This is the career of socialist enterprises, which never existed before. This is the new dawn light for the development of Chinese enterprises.After 15th National Congress of the Communist Party of China, the Chinese state owned enterprises' reform has entered the last sprint. In his report in the 15th congress, Mr. Jiang Zheming showed us great foresights and pointed out the importance and urgency of reform of the state owned big and medium sized enterprises. He expatiated policies, methods and approaches of deepening the reforms, clearly pointed out the correct direction of the reform.Under this background, China National Petroleum Corporation (CNPC) speeded up the establishing of modern enterprise system, carried out strategic restructuring and set up a stock company. Big changes have taken place occurred in its management system, operation mechanism and management pattern. This is a breakthrough of the reform of our extra-big state-owned enterprises. It is a big, new and general trend event. CNPC restructuring and system changing are the important decision made by the central government and the State Department in state-owned enterprise reform and development. It is a deep change in system conversion and structure adjustment for our petroleum industry. It is a big leap forward of CNPC to establish modern enterprise system. Through optimizing capital structure and resource configuration and widening direct financing, our petroleum industry can enter the international market competition in real sense. This can further enhance CNPC economic and competition strength. Therefore, the restructuring is a re-birth and a new way to survive under the new situation.Through the restructuring and system changing of CNPC, the establishing of the stock company and focusing on thinking of the financial management changes and the related issues, this paper describes that as an important part in modern enterprise management, the financial management changes along with the reforms in economic system and operation mechanism. Among the 4 chapters of this paper, the first briefly introduces basic background of CNPC. The second analyzes the importance of the restructuring. The 3rd analyzes the financial management changes with the management system and operation mechanism changes after restructuring. The 4th thinks about the financial management under the new situation. Basic backgroundAs an extra huge state-owned enterprise of China, CNPC has developed for more than 40 years and has formed an operation pattern of integrated the up and down streams, domestic and foreign trade and production and sales. It possesses strong economic and technical strength and obvious advantages in oil and gas resources. Its total asset is 500 billion Yuan, its annual revenue 250 billion Yuan and its personnel 1.54 million. It has already done a lot of work and made some achievements in reform. However, its operation pattern is still basically an extensive one. Hence, its reform must be deepened for higher efficiency.The restructuring of CNPC separated the core business parts of oil and gas field enterprises, overseas co-operation projects, refineries, pipeline transmission enterprises and research institutes from the non-core business parts. The core parts formed PetroChina Co. Ltd. and got listed in stock market. It is operated in international petroleum corporation mode. Modern enterprise system is set up to follow the international common practices. There are 4 major changes after PetroChina was set up: Emphasize artificial person administration struc... |
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