本文選題：油價(jià)下跌　切入點(diǎn)：石油企業(yè)　出處：《國(guó)際石油經(jīng)濟(jì)》2016年02期 　論文類型：期刊論文

【摘要】：J.P.Morgan企業(yè)金融咨詢部對(duì)比研究了1983年以來(lái)石油行業(yè)經(jīng)歷的7次原油價(jià)格跌幅超過(guò)40%的沖擊,發(fā)現(xiàn)資本結(jié)構(gòu)較保守的石油企業(yè)在油價(jià)下跌時(shí)具有融資成本相對(duì)較低的優(yōu)勢(shì)。面對(duì)油價(jià)下跌,石油企業(yè)會(huì)通過(guò)削減資本支出、停止股票回購(gòu)等內(nèi)部融資,或發(fā)行債券和股票等外部性融資方式提高企業(yè)流動(dòng)性,或者進(jìn)行戰(zhàn)略性兼并或收購(gòu),擴(kuò)大規(guī)模,維持其資產(chǎn)負(fù)債表實(shí)力。石油企業(yè)在油價(jià)低迷時(shí)期的融資決策取決于其對(duì)油價(jià)恢復(fù)速度的判斷。當(dāng)前一些石油企業(yè)較保守的融資行為表明,他們認(rèn)為低油價(jià)情形仍將持續(xù)。
[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.
【作者單位】： 中國(guó)石油大學(xué)(北京)工商管理學(xué)院;
【分類號(hào)】：F426.22;F406.7

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