The Study On The Capital Structure Of Oil And Gas Listed Company In China

In recent years,the environmental problem has become increasingly serious,and it began to become a primary challenge to China’s energy industry to further develop,we all know,the Haze problem began to become a hot topic of concern,it play a bad role on the people’s Physical and mental health.In today’s energy structure,the coal is the main part,and it is estimated that in 2030,China’s total energy consumption will remain at 5.5 billion tons of coal.In this proportion,the coal will be reduced to 45%,the oil proportion will remain at 18%,while the proportion of natural gas will be greatly improved.This paper chooses the oil and gas industry as the research object,the core is the empirical analysis of the impact of oil and gas industry listed companies unreasonable capital structure and waste of capital resources,then make some recommendations.The 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 idea of this article:The first part discusses the research background.China’s current situation of capital structure is different from the situation in the West.Therefore,it is important to study the optimization of capital structure.The second part is about the theory of capital structure.The relevant theory of capital structure in accordance with the order of time to carry out the relevant discussion,which for the subsequent empirical analysis of the play a certain theoretical basis.The third part is about the status of oil and gas industry and the capital structure of listed companies,according to the characteristics of the oil and gas industry and the development of the opportunities and challenges,then make some argumentation.This is more intuitive to understand the importance of this paper for the study of oil and gas industry.The fourth part is about the empirical analysis of the main influencing factors of the capital structure of listed companies in the oil and gas industry.We analyze the financial data collected by the listed companies of the oil and gas industry from 2010 to 2015,then we will do the corresponding factor analysis,and after that,we will extract the principal component factor.At the same time,The corresponding factors of the extracted principal component are used to explain the economic significance,and they are used as the explanatory variable to carry out the establishment of the multiple regression model with the asset liability ratio.So we can analyze the corresponding relationship between capital structure and influencing factors of oil and gas industry,and obtain the final result of empirical analysis.The fifth part is the relevant conclusions and recommendations.After the establishment of the final model and the result of the empirical analysis,we can make some summary.we can also let the Chinese oil and gas industry listed companies to improve the main way of the capital structure,while some suggestions and related improvement measures and countermeasures will be provided.The conclusion is as follows: asset liquidity,development ability,asset management ability,profitability,enterprise scale and asset-liability ratio are significantly related to the main factors affecting the capital structure.Asset liquidity,development capacity,asset management capacity,profitability are negatively related to the asset-liability ratio.Enterprise size and asset-liability ratio are positively related.In this way,we propose to optimize the financing mode,so that we must pay attention to the scale of the enterprise and profitability of the company,improve the internal accumulation ability,enhance the liquidity of the assets,arrange the asset structure reasonably and optimize the ownership structure.