Finanční analýza vybrané společnosti

Financial analysis is the process of evaluating businesses, projects, budgets and other finance-related entities to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid or profitable enough to warrant a monetary investment. When looking at a specific company, a financial analyst conducts analysis by focusing on the income statement, balance sheet and cash flow statement. The aim of this bachelor thesis is to analyze Sinopec Group. It would be analyzed through three methods:common size analysis, financial ratio analysis and DuPont analysis. Sinopec Group is a large petroleum and petrochemical enterprise group established by the state in July 1998 and is a wholly state-owned company. Companies registered capital is 231.6 billion yuan, the head office established in Beijing. The company's main business areas include: industrial investment and investment management; oil and natural gas exploration, mining, storage and transportation (including pipeline transportation), sales and utilization; coal production, sales, storage and transportation; oil refining; refined oil storage, Transportation, wholesale and retail etc. The thesis is divided into 5 chapters. The first chapter is introduction of the thesis. In chapter 2, financial analysis methodologies，such as financial statements, common-size analysis, financial ratio analysis and DuPont analysis are introduced. Chapter 3 is description of Sinopec Group It includes: The development of Sinopec Group, Corporate Culture of Sinopec Group, Industries, Company Size In chapter 4, We use these analytical methods to analyze its actual situation. In chapter5, Sinopec Group’s company status was concluded.Financial analysis is the process of evaluating businesses, projects, budgets and other finance-related entities to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid or profitable enough to warrant a monetary investment. When looking at a specific company, a financial analyst conducts analysis by focusing on the income statement, balance sheet and cash flow statement. The aim of this bachelor thesis is to analyze Sinopec Group. It would be analyzed through three methods:common size analysis, financial ratio analysis and DuPont analysis. Sinopec Group is a large petroleum and petrochemical enterprise group established by the state in July 1998 and is a wholly state-owned company. Companies registered capital is 231.6 billion yuan, the head office established in Beijing. The company's main business areas include: industrial investment and investment management; oil and natural gas exploration, mining, storage and transportation (including pipeline transportation), sales and utilization; coal production, sales, storage and transportation; oil refining; refined oil storage, Transportation, wholesale and retail etc. The thesis is divided into 5 chapters. The first chapter is introduction of the thesis. In chapter 2, financial analysis methodologies，such as financial statements, common-size analysis, financial ratio analysis and DuPont analysis are introduced. Chapter 3 is description of Sinopec Group It includes: The development of Sinopec Group, Corporate Culture of Sinopec Group, Industries, Company Size In chapter 4, We use these analytical methods to analyze its actual situation. In chapter5, Sinopec Group’s company status was concluded.154 - Katedra financívelmi dobř

Prospects for shale gas production in China: Implications for water demand

AbstractDevelopment of shale gas resources is expected to play an important role in China's projected transition to a low-carbon energy future. The question arises whether the availability of water could limit this development. The paper considers a range of scenarios to define the demand for water needed to accommodate China's projected shale gas production through 2020. Based on data from the gas field at Fuling, the first large-scale shale gas field in China, it is concluded that the water intensity for shale gas development in China (water demand per unit lateral length) is likely to exceed that in the US by about 50%. Fuling field would require a total of 39.9–132.9Mm3 of water to achieve full development of its shale gas, with well spacing assumed to vary between 300 and 1000m. To achieve the 2020 production goal set by Sinopec, the key Chinese developer, water consumption is projected to peak at 7.22Mm3 in 2018. Maximum water consumption would account for 1% and 3%, respectively, of the available water resource and annual water use in the Fuling district. To achieve China's nationwide shale gas production goal set for 2020, water consumption is projected to peak at 15.03Mm3 in 2019 in a high-use scenario. It is concluded that supplies of water are adequate to meet demand in Fuling and most projected shale plays in China, with the exception of localized regions in the Tarim and Jungger Basins

Rationale of internationalization of China's national oil companies: seeking natural resources, strategic assets or sectoral specialization?

The bulk of the existing literature emphasized that China's companies sought strategic assets (technology, brands and access to markets) through internationalization in order to overcome latecomers' comparative disadvantage, while some studies suggested that these firms went after natural resources to address China's rising oil imports. The third argument (which we coin the ‘sectoral strength’ hypothesis) suggested that the upstream firms in extractive business would seek natural resources, whereas downstream ones would seek strategic assets. In this study, we examine the rationale of main overseas investment deals (‘going out’) of China's two largest national oil companies during 2002–2010 which were also China's top two non-financial firms with the largest outward investment stocks during 2004–2010. We conclude that these deals can be best explained by the ‘sectoral specialisation’ hypothesis supplemented with a consideration for strategic assets

The Chinese government's new approach to ownership and financial control of strategic state-owned enterprises

This paper reviews recent regulatory and policy changes that affect the Chinese central government's ownership and authority over the capital allocations of strategic state-owned enterprises (SOE). The paper examines the reform of the central government's relationship with key SOEs as a consequence of the establishment of the State Assets Supervision and Administration Commission of the State Council (SASAC) in 2003, the coming introduction of a centralised operating and budgeting system for SOEs, and the government's ongoing re-evaluation of its ownership policy. SASAC appears to have the potential to develop into a major actor in China's domestic capital allocation, with an active role in strategic financing and restructuring of key sectors of the Chinese economy. The data reviewed for this paper strongly suggests that the Chinese central government aims to retain significant ownership control over key SOEs and, by extension, over a major part of the domestic economy. The new operating and budgeting system is set to significantly enhance central government control over SOEs' capital allocation.state-owned enterprises; privatisation; corporate governance; China

Evaluation and Analysis of Administrative Monopoly in China's Oil Industry

China's oil and petrochemical industry is under administrative monopoly. Administrative monopoly, according to the Unirule Institute of Economics, refers to trade monopoly from concessions granted and the monopolistic power conferred by administrative departments through administrative documents on business entities—enterprises or administrative institutions that are also engaged in profit-making activities. Administrative monopolies come in various forms, including barriers to entry, special privileges and price regulation, which lead to multi-level monopolistic powers and status. The administrative monopoly in China's oil and petrochemical industry has evolved from the previous planned economy. Although the central government has the motivation to reform state-owned enterprises to increase revenue, which has been mainly from taxation, it lacks the impetus to break the administrative monopoly. This article shows that the barriers to entry form high monopoly prices and transfer the consumer surplus into business profit, which is unfair and distorts income allocation. After analysing the forms and origins of administrative monopoly in China's oil and petrochemical industry, the article demonstrates that administrative monopoly causes distorted factor prices, compromises fair trade, reduces efficiency and causes loss of social welfare and degradation of business ethics. This article also proposes judicial, administrative and market-oriented reform solution

A case study on foreign investment in PRC's lubricants industry.

by Ha Fu-Lam.Thesis (M.B.A.)--Chinese University of Hong Kong, 1989.Bibliography: leaves 61-63

What Constitutes the Success or Failure of Multinational Corporations (MNCs) in Foreign Markets? A Case Study of Chinese and American MNCs

Scholars have identified multinational corporations (MNCs) as increasingly important and influential actors in international politics. However, mainstream international studies scholarship has failed to explain why MNCs succeed or fail in entering foreign markets. Market entry is a particularly vexing question for U.S. and Chinese firms seeking to compete for each other\u27s consumers. As this study shows, surprising differences in success among U.S. firms in China, as well as Chinese firms in the U.S., suggest that statist and market factors interact with corporate strategies in confounding ways. Through case studies in the internet, automobile and fast food industries, this dissertation builds a theoretical framework that better explains why some MNCs succeed in foreign markets while others fail. Empirical studies show that two contrasting cultures (universalism vs. particularism, individualism vs. collectivism, and rule-based vs. relation-based governance) make it more difficult for Chinese MNCs and American MNCs to adapt to their counterpart\u27s market. Although the study finds some support for the cultural dissimilarity argument, it finds that culture alone is an insufficient explanation. The results suggest that statist and market factors like ownership, sector industry, interest groups, entry mode and choice of location are also determinants of a MNC\u27s success in a foreign market. Based on those findings, the study provides suggestions for both Chinese MNCs and American MNCs seeking to compete in each other\u27s markets

Výkonnost akcií vybraných společností v Číně

As an integral part of financial market, the stock market plays an essential role in the development of economics. The main objective of this thesis is to introduce the situation of Chinese stock market and evaluate the stock returns of the some selected Chinese companies during 2006 to 2015. The two selected companies are China Petroleum and Chemical Corporation which is a monopoly company and Suning Holding Group which is a competitive company. The results of their stock return will be calculated by the data of their financial statements and historical stock price.Jako nedílnou součást finančního trhu hraje akciový trh zásadní roli v rozvoji ekonomiky.Hlavním cílem této práce je představit situaci na čínském akciovém trhu a zhodnotit výnosy některých vybraných čínských společností v letech 2006 až 2015. Dvěma vybranými společnostmi jsou společnost China Petroleum and Chemical Corporation, která je monopolním podnikem a Suning Holding Group která je konkurenceschopnou společností. Posouzení výnosnosti je v práci provedeno na základě údajů jejich účetních výkazů a historických cen akcií.154 - Katedra financívelmi dobř