【摘要】 我国三大石油公司(中国石油天然气股份有限公司、中国石油化工股份有限公司和中国海洋石油有限公司,分别简称中国石油、中国石化和中海油)在海外上市以来,奉行的股利政策有很大的差异:中国石油和中国石化实行的是平稳的高股利政策,而中海油实行的是低股利政策。这三家公司的股利政策差异很大。从公司战略和公司内部现金流量状况入手分析,造成这种股利政策差异的原因归为下面几点:(1)经营战略不同;(2)自身财务状况不同;(3)资本市场定位不同;(4) 受同行业石油公司股利政策的影响不同。我国三大石油公司实行的股利政策尽管存在着较大的差异,但都是适合公司自身发展与定位的,都在一定程度上支撑了公司的股价,在公司与投资者之间起到了良好的沟通作用。更多还原

【Abstract】 since their overseas listing, China’s three oil giants(PetroChina Company Limited, SinoPec Corp. and CNOOCLimited), have adopted a radically different dividend policy: PetroChina and SinoPec have established a stable, high-dividend policy, but CNOOC has followed a low-dividendpolicy. When we examine their corporate strategies andinternal cash flow situations, it becomes obvious that thefollowing factors contribute to the differences: 1) theirdifferences in operating strategy; 2) their different financialsituations; 3) differences in their capital market positioning;4) differences affected by the dividend policies of theirforeign counterparts. Despite these differences, the dividendpolicies adopted by the three are in compliance with theirrespective growth curves and market positioning, andconsequently support their stock prices to some degree,thus strengthening the three companies ties with theirinvestors.S47更多还原