The Analysis To The Financing Influencing Factors Of Oslo B(?)rs-listed Shipping Company And Its Inspiration To China Shipping Company

This thesis is aimed to find out how the different variables influences the financing of Norwegian ship-owners.We take 27 listed ship-owner companies as research examples in the study,from respectively OSLO Shipping Index and OSLO Energy Index.These companies are from four different segments,offshore,LNG and LPG,bulk and tank,therefore this thesis also examine whether there is difference among different segments.The four basis theories of this thesis are pecking order theory,the static trade-off theory and the Miller and Modigliani's propositions.This study is based on quantitative analysis and dichotomous variable was used to define whether there is a financing activity carried out in a ship-owning company in the regression analysis.Hence this study utilize the software of JMP 10 from SAS which is a statistical software provider based in US.The results from the regression analysis are discussed relative to the three theories.The results from the industry regression analysis indicate that interest rate affects companies when considering increasing share capital.The higher interest rate the higher probability of increasing share capital.The segment regression analysis could not prove that there is difference among the segments,due to lack of statistical significance.In conclusion,Miller and Modigliani's propositions seems best to describe financing in the ship-owning industry.i.e.the value of a company does not subject to its capital structure.Furthermore,the interest level is positively related to the activity of increasing share capital.Finally,We discussed how the analysis result may benefit the financing strategy of Chinese ship-owner industry.