US Shale Gas Investment Income Research Under Debt Risk

The development of shale gas in the United States has benefited from the high price of oil and gas.Shale gas companies in U.S.have expanded their production by borrowing money under the background.During the period of high oil price,high debt management of the shale gas industry was maintained.As oil prices fall,the risk of debt begins to show.Debt risk has always been an important factor influencing the development of the shale gas industry.Therefore,it is important to study the development of shale gas industry under debt risk,especially the impact of specific investment returns.In order to analyze the impact of debt risk for shale gas yield,this paper first from the United States the development of shale gas industry,exploitation characteristics,the economic environment and corporate debt risk four aspects to illustrate the shale gas development present situation and existing problems;Secondly,This paper constructs a comprehensive evaluation model of shale gas investment income under debt risk.The comprehensive evaluation model includes three aspects: debt risk quantification model,shale gas investment income model under debt risk and future shale gas investment income prediction model under debt risk;Thirdly,in terms of the selection and definition of relevant parameters,32 shale gas companies are selected as samples in this paper,and the financial statement data of the last seven years are selected to quantify the debt risk,at the same time,the paper investigates the development cost of shale gas,the reserves of shale gas blocks,the historical output of shale gas blocks,the characteristics of single well production and the financing cost,which providing abundant data support for studying the us shale gas investment income under debt risk.Finally,based on the relevant models of investment returns of shale gas companies under debt risk,empirical research and prediction are carried out,and corresponding Suggestions are provided for the development of China's shale gas industry based on the research results.The main contents of the thesis are as follows: In terms of debt risk,small shale gas companies have the highest risk;For large,medium and small shale gas companies to achieve profitability,the demand for natural gas prices rises in turn;The benefits andlosses of shale gas investment could be amplified by debt risk.When the gas price is high price level,debt risk amplifies the gains and aggravates the market competition.When the price is low price level,the loss is amplified and the market monopoly is enhanced.At the present gas price.Large shale gas companies are more likely to survive.While,medium-sized companies face serious challenges and small companies will be easily eliminated.If the gas price remains unchanged for a long time,the market structure of shale gas industry is likely to shift from small and medium-sized companies to large companies.