Study On The Excess Earnings Of Petroleum Exploitation Enterprises

The traditional extensive development pattern of economy in our country has a certain extent effect on the resources companies,mainly reflected as the shortage of resource assets compensation,which leads to the existence of excess returns.Natural resource rents and resource scarcity theory suggests that resources exploitation enterprise's profits are higher than the others.The state-owned petroleum exploitation enterprises are typical resources monopoly enterprises in our country,and its high yields have caused the attention of scholars.The state decided to establish the special oil gain levy on petroleum exploitation enterprises for domestic crude oil prices above a certain level of excess revenue since 2006,and improved the tax threshold in 2011 and 2015 respectively.The research on excess returns of oil production enterprises and the windfall tax policy,can provide empirical evidence to the improvement of the resources tax system and the special gain levy policy.On the basis of the predecessors' research,this thesis firstly introduces the definition of windfall tax policy and its new historical context.Then we reveal the evolution and development of that new rule,and the windfall tax policy at home and abroad are compared and analyzed.Secondly the thesis expounds excess earnings from the perspective of natural resource rent and resource scarcity,and inspects the existence of excess returns in petroleum exploitation industry by selecting the sample inspection and data.The following is the analysis of windfall tax policy's impact on of petroleum enterprise by means of event study.Finally some suggestions are put forward about the windfall tax policy,resource tax reform and the oil enterprises cost management.Through the analysis and empirical research in this thesis,the following conclusions are drawn as follows: The first one is that,there are excess revenue in the oil exploitation enterprises compared with the mining enterprises,real estate industry,wholesale and retail trade industry,transportation,warehousing and postal industry.Secondly,a windfall tax does have a certain degree of influence on petroleum enterprise's excess revenue in the short term,but it didn't change the situation that oil companies having excess profits.In the long run,the policy reduced the profitability to a certain extent.The improvement of the windfall tax threshold increased the oil enterprises earnings in the short and long term.At last,the article advice the special oil gain levy policy should establish the differentiation levy and public the application.put forward the Furthermore,this thesis suggest the improvement and reform to the resource tax and accounting system and the strengthen management to the problem that exist in the petroleum enterprises.The innovations in this thesis are as follows :(1)This thesis not only studies excess profits of oil production enterprises,at the same time,combined with the national implementation of windfall tax policy,and studied the policy effects on oil enterprises excess returns according to the time the policy was established and changed.However,few article studied them before.(2)In order to test the existence earnings test the existence of excess earnings in the petroleum exploitation companies,this thesis not only choose matching samples from the mining industry,but also from the other industry in accordance with the relevant standards,which makes the conclusion more reliable.(3)To measure the excess returns,the article selects the gap not only between oil companies return and the market return,but also the gap between the oil companies and the industry return,which makes the conclusion more accurate and more reliable.