| 摘要: |
| 近年来随着国际油价大幅波动,国际石油公司的市场价值也出现了一定程度的变化。为了确定石油公司的价值和其相关影响因素,将国际大型石油公司的多种财务指标和多方面经营活动信息同公司托宾Q值进行回归分析,可确定哪些价值因素是主要影响因素及它们的影响程度如何。实证研究结果表明,资产回报率能很好地解释石油公司的价值表现,此外油价、公司规模和声誉及石油公司的上下游结构也是重要的影响因素。 |
| 关键词: 国际石油公司 托宾Q值 资产回报率 油价 |
| DOI： |
| 分类号:F407.22 |
| 基金项目: |
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| Research on the Valuation Impact Factors of International Integrated Oil and Gas Companies |
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ZHAO Yi kang, HAO Hong
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(School of Business Administration, China University of Petroleum, Beijing 102249, China)
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| Abstract: |
| With the oil price varying drastically in recent years, the market value of the international oil and gas companies changes to some extent. In order to probe the value of the companies and relevant factors, 14 companies listed on the New York Stock Exchange are taken as research objects herein. For the purpose of determining critical factors and their effect degree, the relationship between financial and operating indicators and the tubin 'Q of the company are studied with the regression analysis method. The results of the empirical work show that ROA can explain the value of the oil company effectively. In addition, oil price, company size and reputation and upstream and downstream structure are important elements by which we can know more about the value of oil companies. |
| Key words: international oil company tubin 'Q return on total asset oil price |
