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地炼企业是我国石油化工行业的重要组成部分。2013年以来,发行债券逐步成为地炼企业重要的融资手段之一,其信用风险也成为资本市场关注的焦点。选取8家样本地炼企业,分析研究地炼企业的信用风险特征。受益于原油非国营贸易进口权和进口原油使用权的逐步开放,以及“油头化身高化尾”产业链的形成,近年来地炼企业的经营管理能力、技术水平和盈利能力等均有所提升,同时融资渠道逐步向债券市场拓展,企业信用状况整体改善。但监管升级导致“双权”配额收紧、环保政策趋严、大规模开展项目建设可能造成企业面临资本支出压力以及地区互保现象严重等,都可能导致地炼企业信用水平下降,进而对其偿债能力产生不利影响,甚至引发区域性信用风险事件。建议地炼企业要规范自身经营,政府部门在放权的同时要严格审查监控,金融机构在选择投资标的时充分挖掘企业风险点,在全市场的监督下促使地炼企业完善其经营模式。
To refining enterprises is an important part of China’s petrochemical industry. Since 2013, the issue of bonds has gradually become one of the important means of financing for refining enterprises. Its credit risk has also become the focus of capital markets. Select eight samples of refining enterprises, analysis of refining enterprises to credit risk characteristics. Benefit from the gradual opening-up of the non-state-owned trade of crude oil and the right to use imported crude oil as well as the formation of the industrial chain of the “oil-headed, aggrandizement and tail” industries. In recent years, the operation and management capabilities, technological level and profitability of the refining enterprises As a result, the financing channels gradually expanded to the bond market, and the overall credit conditions of enterprises improved. However, regulatory escalation led to the tightening of quotas and the tightening of environmental protection policies. Large-scale construction projects may cause enterprises to face the pressure of capital expenditure and the serious situation of mutual insurance in the region, which may lead to a decline in the credit rating of the refining enterprises and further Adversely affecting their solvency and even triggering regional credit risk incidents. Proposed refining enterprises to regulate their own operations, while government departments should strictly review and control the decentralization of power, financial institutions in the selection of investment targets fully tap the corporate risk point, under the supervision of the market to promote refined refining enterprises to improve its business model.