本文選題：油氣行業(yè) + 上市公司�。� 參考：《內(nèi)蒙古財經(jīng)大學(xué)》2017年碩士論文

【摘要】：最近幾年以來,環(huán)境問題已經(jīng)越來越嚴重,開始成為中國能源產(chǎn)業(yè)進一步發(fā)展所需要面對的首要挑戰(zhàn),霧霾問題開始成為大家所關(guān)心的熱門問題,如今能源結(jié)構(gòu)是以煤炭為主,據(jù)估計,2030年,中國的能源消費總量會保持在55億噸標(biāo)煤的這個標(biāo)準,在這當(dāng)中,煤炭所占的比例會減少到45%,石油的比例會在18%保持不變,同時,天然氣的比例也會大幅度的提升。本文選擇石油和天然氣行業(yè)作為研究對象,核心是實證分析影響油氣行業(yè)上市公司資本結(jié)構(gòu)不合理、資金資源配置浪費等問題的主要因素并提出建議。油氣行業(yè)上市公司資本結(jié)構(gòu)的不斷優(yōu)化對企業(yè)實現(xiàn)價值最大化具有重大作用,因此,探討中國油氣企業(yè)資本結(jié)構(gòu)的影響因素具有重要的意義。本文的思路安排:第一部分論述研究背景。中國現(xiàn)有的研究成果說明,中國資本結(jié)構(gòu)當(dāng)前的情狀其與西方的狀況是有所不同的。因此站在某一行業(yè)的角度來講,對于資本結(jié)構(gòu)的優(yōu)化進行相關(guān)的研究是具有重要的作用。第二部分是講述資本結(jié)構(gòu)的相關(guān)理論。把資本結(jié)構(gòu)相關(guān)理論按照時間發(fā)展順序進行相關(guān)論述,這對于之后的實證分析的展開起到一定的理論基礎(chǔ)作用。第三部分是關(guān)于油氣行業(yè)現(xiàn)狀及其上市公司資本結(jié)構(gòu)相關(guān)的現(xiàn)時情況,同時根據(jù)油氣行業(yè)的特點以及發(fā)展所要面對的機遇與挑戰(zhàn)作出論證。這樣更為直觀的認知,有助于理解本文對于油氣行業(yè)研究的重要性。第四部分是有關(guān)于油氣行業(yè)的上市公司,其資本結(jié)構(gòu)的主要影響因素的相應(yīng)分析。我們在理論分析的角度上,將2010年一直到2015年的油氣行業(yè)上市公司的所搜集的財務(wù)數(shù)據(jù)指標(biāo),做相應(yīng)的因子分析,并且在這之后進行主成分因子的提取,與此同時,再對提取的主成分因子來做經(jīng)濟意義的相應(yīng)解釋,并且將其作為解釋變量,進行與資產(chǎn)負債率的多元回歸模型的建立,得出實證分析最終結(jié)果。第五部分是提出相關(guān)的結(jié)論和建議。經(jīng)過建立的最終模型,對于所得實證分析結(jié)果,做出總結(jié),并且得出中國油氣行業(yè)上市公司完善資本結(jié)構(gòu)的主要途徑,同時又進行一定的建議以及相關(guān)的改善措施及對策,這就可以提供相應(yīng)參考。結(jié)論如下:資產(chǎn)流動性、發(fā)展能力、資產(chǎn)管理能力、盈利能力、企業(yè)規(guī)模與資產(chǎn)負債率顯著相關(guān),是影響資本結(jié)構(gòu)的主要因素。資產(chǎn)流動性、發(fā)展能力、資產(chǎn)管理能力、盈利能力與資產(chǎn)負債率負相關(guān),企業(yè)規(guī)模與資產(chǎn)負債率正相關(guān)。以此提出優(yōu)化融資方式、注重企業(yè)規(guī)模、重視公司盈利,提高內(nèi)部積累能力,增強資產(chǎn)流動性、合理安排資產(chǎn)結(jié)構(gòu)以及優(yōu)化股權(quán)結(jié)構(gòu)。
[Abstract]:In recent years, the environmental problem has become more and more serious, and it has become the primary challenge for the further development of China's energy industry. The haze issue has begun to become a hot issue of concern to everyone. Nowadays, the energy structure is dominated by coal. It is estimated that in 2030, China's total energy consumption will remain at the standard of 5.5 billion tons of standard coal, in which the proportion of coal will be reduced to 45 percent, and the proportion of oil will remain unchanged at 18 percent, at the same time, The proportion of natural gas will also be greatly increased. This paper chooses the oil and gas industry as the research object, the core is to analyze the main factors that affect the capital structure of the listed companies in the oil and gas industry and waste of capital resources, and put forward some suggestions. The continuous optimization of capital structure of listed companies in oil and gas industry plays an important role in maximizing the value of enterprises. Therefore, it is of great significance to explore the influencing factors of capital structure of oil and gas enterprises in China. The first part discusses the background of the research. The current situation of China's capital structure is different from that of the West. Therefore, it is important to study the optimization of capital structure from the perspective of a certain industry. The second part is about the theory of capital structure. The related theory of capital structure is discussed according to the order of time development, which plays a theoretical basis for the later empirical analysis. The third part is about the present situation of the oil and gas industry and the capital structure of the listed companies. At the same time, according to the characteristics of the oil and gas industry and the opportunities and challenges to be faced by the development of the oil and gas industry. This more intuitive cognition is helpful to understand the importance of this paper for oil and gas industry research. The fourth part is about the oil and gas industry listed companies, the capital structure of the main factors of the corresponding analysis. From the perspective of theoretical analysis, we make the corresponding factor analysis of the financial data collected by listed companies in the oil and gas industry from 2010 to 2015, and then extract the principal component factors after that, at the same time, Then the extracted principal component factors to do the corresponding explanation of economic significance, and as an explanatory variable to establish a multivariate regression model with asset-liability ratio, and get the final results of empirical analysis. The fifth part is to put forward the relevant conclusions and recommendations. After the establishment of the final model, for the results of empirical analysis, to make a summary, and draw the main ways to improve the capital structure of listed companies in China's oil and gas industry, and at the same time, carry out some suggestions and relevant improvement measures and countermeasures. This can provide corresponding reference. The conclusions are as follows: asset liquidity, development ability, asset management ability, profitability, enterprise size and asset-liability ratio are the main factors influencing capital structure. Asset liquidity, development ability, asset management ability, profitability are negatively correlated with asset-liability ratio, and enterprise size is positively correlated with asset-liability ratio. In order to optimize the financing mode, pay attention to the scale of the enterprise, pay attention to the profit of the company, improve the internal accumulation ability, enhance the liquidity of the assets, arrange the structure of the assets reasonably and optimize the structure of the equity.
【學(xué)位授予單位】：內(nèi)蒙古財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.22;F406.7;F832.51

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