Research On Valuation Of Oil Service Companies

Petroleum is an important strategic reserve resource for a country.With the deepening of trade liberalization and globalization,Chinese oilfield service enterprises will eventually embark on an international road.Establishing an accurate and rigorous evaluation system has certain research significance.This paper combs the valuation theory and related literature of influencing factors,comparatively analyzes each valuation theory,and it is concluded that the discounted cash flow method is the most suitable method for the valuation of stable development of oil service companies.On this basis,combined with the particularity of the oil service industry being affected by oil prices,a two-factor arbitrage pricing model with oil prices is used in the calculation of the discount rate.At the same time,it focuses on the impact of oil price factors on oil servic companies.In order to make the valuation more accurate and rigorous,the macro environment of the oil service industry is analyzed to provide an important basis for the subsequent valuation.Finally,taking Offshore Oil Engineering Co.Ltd as an example,applying case analysis method,through systematic analysis of own development and the macro environment and future development of the oil service industry,the company conducted two rigorous considerations of oil price factors.It is concluded that the estimation result considering the oil price factor is more accurate.The results prove that the consideration of oil price as a key factor is more rigorous and accurate than that of oil service companies without considering oil prices,and is more in line with the actual market.To a certain extent,it provides a thinking direction for the selection of evaluation methods for oil service companies.