雪佛龙公司应对低油价的新战略解析.docVIP

雪佛龙公司应对低油价的新战略解析 邢珺 中国石油化工集团公司经济技术研究院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 2016年, 雪佛龙公司经营业绩惨淡。面对严峻的形势和下滑的运营状况, 雪佛龙公司采取积极措施, 制定了一系列长短期有效配合的新财务战略与新运营战略。本文在详细分析其经营业绩与运营情况的基础上, 认为该公司以为股东提供行业领先的投资回报为最终目标, 以控制现金流风险为主线, 制定了稳健的财务战略, 通过动态调整的运营战略保证财务战略的实现。在财务战略方面, 一方面压缩资本支出, 减少现金流出;另一方面剥离非核心资产, 增加现金流入。在运营战略方面, 上游聚焦发展周期短回报高的项目, 下游发展重点为提升价值链整体盈利性;同时根据市场形势变化, 积极调整投资策略, 布局下游板块。各项战略之间相互影响, 有机配合, 效果叠加, 最终保证公司目标的实现。 关键词： 低油价; 财务战略; 运营战略; 作者简介：邢珺, 博士后, 主要研究方向为国际石油公司管理、国企改革、金融等。 收稿日期：2017-05-31 Analysis of New Strategy for Chevron to Cope with Low Oil Price Xing Jun Sinopec Economics Development Research Institute; Abstract： In 2016, Chevrons business performance was gloomy. Facing severe situation and declining operational status, Chevron took active measures and laid down a series of new financial strategy and operation strategy with effective match of long term and short term. Based on detailed analysis of its business performance and operational status, the article holds that the companys ultimate goal was to provide industry-leading return of investment for shareholders. It also laid down prudent financial strategy and dynamic adjusting operation strategy to control cash flow risk. In terms of financial strategy, on one hand, the company reduced capital expenditure to reduce cash outflow; on the other hand, it divested noncore assets in order to increase cash inflows. In terms of operational strategy, the upstream focused on the development of short cycle and high return projects. The downstream focused to enhance the overall profitability of the value chain. Meanwhile the company actively adjusted the investment strategy of downstream layout according to changes in market conditions. These strategies mutually influenced, coordinated, and stacked with each other, and ultimately ensured the realization of the companys targets. Keyword： low oil price; financial strategy; operation strategy; Received： 2017-05-31 雪佛龙公司是世界领先的一体