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The Case of Shanghai Petrochemicals
• Shanghai Petrochemicals is a listed at the Stock
Exchanges of both New York and .
• Its 1994Annual Report shows that the made a
profit of RMB 1.77 billion.
• In that year Shanghai Petrochemicals bought 4.5 million
ton of crude oil at the subsidized price of RMB670/ton
while the crude oil price in the international market was at
average RMB1100/ton.
• Indirect cost savings due to the ernment subsidies
amounted to RMB 1.93 billion.
• The actually lost RMB 150 million in that year.
2020/11/21 3
What Happens Now ？
• The case of the best performing firms in
• Pet
•
•
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1. Firm Performance Measures
• Economic performance and accounting
measures
• Profitability (ROS), ROA, ROE
• Tobin’s Q ratio
• Sales/market share
• Survival
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Economic Profitability
Economic Profit = (Price - Average Cost) x Sales Volume
- Cost of Capital x Capital Invested
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Profitability
• Returns on sales (ROS)
– profitability
– Profit after tax/total sales
• Returns on Assets (ROA)
– ROA = Profit after taxes before interest payment/total
assets
– ROS x Turnover ratio
• Return on equity (ROE)
– Profit after taxes and interest payment/total
shareholders’ equity
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Why Accounting Measures Misleading?
• Accounting returns are subjective to accounting
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