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目前我国石油企业资产总额年均增长超过10%,仅中国石油一家资产规模就已接近4万亿元。但与资产规模膨胀相反的是,盈利能力逐年递减,总资产报酬率呈下降趋势,这是由于投资的战略意义被过分强调,投资项目的一些关键性约束指标如投资回报率、资产负债率、净资产收益率等被忽视导致的,一批低回报项目上马,形成公司潜在的不良或低效资产。从财务学上看,企业重资产化将导致经营杠杆增加而放大经营
At present, the total assets of China’s oil companies have increased by an average of over 10% each year. Only one asset of PetroChina has approached 4 trillion yuan. However, contrary to the expansion of the scale of assets, the profitability decreases year by year, and the return on total assets shows a downward trend. This is because the strategic significance of the investment is overemphasized. Some of the key constraints of investment projects such as return on investment, asset-liability ratio, Net return on assets was neglected, a number of low-return projects were launched, forming potential bad or inefficient assets of the company. From the financial point of view, re-capitalization of enterprises will lead to increased operating leverage and enlarge management