Study On The Financial Risk Of Chinese Three Oil Listed Companies Based On Cash Flow

In the process of economic globalization,along with the rapid development of economy and the needs of competition,the world energy demand is growing.The oil industry is closely related to the country's economic development and energy safety.Due to the oil industry is a resource monopoly industry;usually the change of external environment makes sensitive response,so the production and the formation of the risk are also more complex.Cash flow risks take an important role in the financial risk.In 2012,2013,2014,according to the 68 and76 central enterprises annual report,cash flow continuously ranked among the top in the risks.Therefore,this paper studies oil financial risks of three listed companies in our country based on cash flow.Take the cash flow indicators in 2001-2014 quarterly financial statements of the three oil listed companies in China as research objects,analysis the elected 168 samples based on the Hong Kong stock exchange financial data of Sinopec,Petro China and CNOOC by SPSS software,evaluating the financial indicator which influences the oil enterprise cash flow risk to reduce financial risk.Based on the above analysis,this paper concludes that,(1)equity cash ratio,net margin cash ratio,current debt ratio,cash flow coverage ratio,all cash flow ratio and gross inflow structure ratio in investment activities are the main indicators affecting the three oil listed companies;(2)The empirical result is valid;(3)The influence made by FI is the highest;(4)It is the operating cash flow that the three oil listed companies in China shall pay close attention to,and is the foundation cash flow of enterprise sustainable development providing guarantee for enterprise operation the implementation of investment plan.