油气项目融资结构研究

发布时间：2018-05-14 19:34

本文选题：油气项目 + 项目融资　；参考：《东北石油大学》2012年博士论文

【摘要】：项目融资作为近30年来国际金融市场的一个重要创新，不仅为吸引私人资本、商业资本和国际资本提供了更加灵活多样的投资渠道，也为各国能源发展及基础设施建设以及当地经济发展提供了强有力的资金支持。对于油气项目投资来说，其所需资金量及投资风险都比较大，寻求国际合作，探索合作模式，吸引各方资金将是油气项目发展的重要选择。深入研究油气项目融资理论及融资结构问题是要探寻油气项目融资与政府制度环境的关系，融资方式及渠道对油气项目融资结构的影响，油气项目融资各参与方的决策过程等。这些方面的研究无疑会对油气项目资源国政府、石油公司、油气项目公司、投资人等参与者具有一定的指导意义。项目融资问题是一个理论性和实践性都比较强的问题，前人在此方面取得了很多有价值的融资经验，但对油气项目融资结构问题的深入研究还是比较少。论文在前人研究的基础上，通过调研和资料整理，运用逻辑分析、数理分析、实证分析以及定性与定量相结合的研究方法（具体包括层次分析法，关键因素分析法，，主成分分析法，多目标决策方法等），论证了油气项目融资环境，融资渠道及资金来源，融资结构安排，融资结构的影响因素及融资结构形成的决策等方面问题。研究中主要涉及以下内容：（1）在阐述选题背景的基础上，研究了大量有关国内外近年来项目融资及油气项目融资的相关学术资料，总结了油气项目融资结构问题研究方面所存在的不足，在此基础上确定了研究中涉及的主要内容。（2）界定了油气项目融资研究中的相关理论，包括油气项目的含义及特征，油气项目融资及特点，油气项目融资结构和油气项目融资的发展等问题。（3）从制度环境、融资制度、金融环境、政治经济环境的角度分析了影响油气项目融资结构的方式，并运用层次结构分析法和多因素及关键因素评价法，从总体的角度对油气项目融资环境作出了评价和分析。（4）从定性和定量两个方面分析了影响油气项目融资结构的内部因素，在确定了油气项目融资结构合理性的标准和方法后，对主要影响融资结构的因素均采用了较宽范围的考虑，从油气公司（项目发起人）项目融资能力的视角，运用主成分分析法对各因素作进一步分析取舍。确定了5个影响油气公司融资结构的主成分，他们是油气公司规模实力、持续发展潜力、盈利能力、成长能力和生产能力，把这5个主成分分别与3个反映油气公司融资结构的指标（总资产负债率、长期负债率、流动负债率）做相关分析。（5）从金融工程和融资主体视角分析了油气项目融资的方式，并就如何安排和选择好项目的资金构成和来源进行了研究，同时还分析了油气项目融资的渠道，主要包括：全球多边机构、地区开发银行、商业资金等渠道。（6）研究了油气项目融资结构的安排问题，在分析了油气项目融资结构安排原则的基础上，讨论了油气项目融资结构安排的目标及需要解决的关键问题。并从发起人角度和不同资信基础角度研究了几种典型的油气项目融资安排，这其中主要包括油气项目发起人进行直接融资的融资结构安排，油气项目发起人通过独立机构融资的融资安排，以“油气产品支付”为基础的油气项目融资，以油气设施使用协议为基础的油气项目融资，以销售协议为基础的油气项目融资，以油气产品市场销售为基础的油气项目融资等形式。（7）结合油气项目融资的特点，应用博弈论思想建立了油气项目融资的多人多目标协商对策模型，并从不同参与者角度对油气项目融资中所发生的参与者之间的协商关系进行了研究。多目标协商对策模型则是依据项目融资参与者的效用函数，采用交互式协商方式来达到最终融资效果的。
[Abstract]:As an important innovation in the international financial market in the last 30 years, project financing not only provides more flexible and diversified investment channels for attracting private capital, commercial capital and international capital, but also provides strong financial support for energy development and infrastructure construction as well as local economic development. It says that the amount of capital and the investment risk are relatively large, seeking international cooperation, exploring the mode of cooperation, attracting the funds of all parties will be an important choice for the development of oil and gas projects. The research on the financing theory and financing structure of the oil and gas projects is to explore the relationship between the financing of oil and gas projects and the government system environment, the financing ways and channels to the oil and gas terms. The impact of the financing structure of the eye, the decision-making process of each participant in the oil and gas project financing, and so on. These aspects will undoubtedly have a certain guiding significance to the participants of the oil and gas project resource countries, oil companies, oil and gas item company, investors and other participants.
The problem of project financing is a relatively strong theoretical and practical problem. The predecessors have gained a lot of valuable financing experience in this field, but the in-depth study of the financing structure of oil and gas projects is still relatively small. On the basis of previous research, the thesis uses the research and material arrangement, and uses logical analysis, mathematical analysis and empirical analysis. Analysis and qualitative and quantitative research methods (including the analytic hierarchy process, key factor analysis, principal component analysis, multi-objective decision making, etc.), demonstrate the financing environment of the oil and gas projects, financing channels and sources of financing, financing structure arrangement, the influencing factors of financing structure and the decision-making of financing structure.
The main contents of the study are as follows: (1) on the basis of the background of the topic, a large number of relevant academic data about project financing and oil and gas project financing at home and abroad have been studied, and the shortcomings of the research on the financing structure of oil and gas projects are summarized. On this basis, the main contents of the research are determined. (2) The relevant theories in the research of oil and gas project financing, including the meaning and characteristics of the oil and gas projects, the financing and characteristics of the oil and gas projects, the financing structure of the oil and gas projects and the development of the financing of the oil and gas projects. (3) the ways of influencing the financing structure of the oil and gas projects are analyzed from the perspective of the institutional environment, the financing system, the financial environment and the political and economic environment. By using the analytic hierarchy process and multi factor and key factor evaluation method, the oil and gas project financing environment is evaluated and analyzed from the overall point of view. (4) the internal factors affecting the financing structure of oil and gas projects are analyzed from two aspects of the qualitative and quantitative aspects. After determining the standards and methods of the rationalization of the financing structure of the oil and gas items, the main factors are determined. The factors that affect the financing structure are all considered in a wider range. From the perspective of the project financing capacity of the oil and gas company (project sponsors), the principal component analysis is used to further analyze and trade-off the factors. 5 main components affecting the financing structure of the oil and gas companies are determined. They are the scale strength of the oil and gas companies, the potential for sustainable development and the surplus. The 5 main components are analyzed with 3 indicators (total asset liability ratio, long-term debt rate, and current liability ratio). (5) analysis of the financing methods of oil and gas projects from the perspective of financial engineering and financing, and how to arrange and select the funds for good projects. The composition and source are studied, and the channels of oil and gas project financing are also analyzed, including the global multilateral institutions, regional development banks, commercial funds and other channels. (6) the arrangement of the financing structure of oil and gas projects is studied. On the basis of the analysis of the arrangement principles of oil and gas project financing, the financing structure of oil and gas projects is discussed. The objectives of the arrangement and the key problems to be solved. Several typical oil and gas project financing arrangements are studied from the point of view of the sponsors and the basis of different credit. This includes the financing structure of the oil and gas project sponsors for direct financing, and the oil and gas project sponsors pass through the financing arrangements of the independent institutions to "oil and gas". Product financing based oil and gas project financing, oil and gas project financing based on oil and gas facilities agreement, oil and gas project financing based on sales agreement, oil and gas project financing based on market sales of oil and gas products. (7) combining the characteristics of oil and gas project financing, the oil and gas project is established by using game theory. The multi person multi target negotiation strategy model is used to study the negotiation relationship among the participants in the oil and gas project financing from different participants. The multi-objective negotiation strategy is based on the utility function of the project financing participants, and the interactive negotiation formula is used to achieve the final financing effect.

【学位授予单位】：东北石油大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F416.22;F831

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