油价下跌环境中石油企业的融资决策

发布时间：2018-03-03 00:25

本文选题：油价下跌　切入点：石油企业　出处：《国际石油经济》2016年02期 　论文类型：期刊论文

【摘要】：J.P.Morgan企业金融咨询部对比研究了1983年以来石油行业经历的7次原油价格跌幅超过40%的冲击,发现资本结构较保守的石油企业在油价下跌时具有融资成本相对较低的优势。面对油价下跌,石油企业会通过削减资本支出、停止股票回购等内部融资,或发行债券和股票等外部性融资方式提高企业流动性,或者进行战略性兼并或收购,扩大规模,维持其资产负债表实力。石油企业在油价低迷时期的融资决策取决于其对油价恢复速度的判断。当前一些石油企业较保守的融资行为表明,他们认为低油价情形仍将持续。
[Abstract]:J.P. Morgan's Business Financial Consulting Department has compared seven shocks the oil industry has experienced since 1983, with crude prices falling by more than 40%. It is found that oil companies with more conservative capital structure have the advantage of relatively low financing costs when oil prices fall. In the face of falling oil prices, oil companies will cut capital expenditure and stop internal financing such as share buybacks. Or to issue bonds and stocks and other forms of external financing to increase the liquidity of enterprises, or to carry out strategic mergers or acquisitions, and to expand the scale, Maintaining their balance sheet strength. Oil companies' financing decisions during the oil downturn depend on their judgment on the speed of oil prices' recovery. Some oil companies' more conservative financing behaviour suggests they believe that low oil prices will continue.
【作者单位】：中国石油大学(北京)工商管理学院;
【分类号】：F426.22;F406.7

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