全球油氣儲量并購折扣實(shí)證研究(英文版) An Empirical Study of Reserve Takeover Discount in Global Oil and Gas Mergers and Acquisitions
定 價(jià):78 元
- 作者:王強(qiáng)宇
- 出版時(shí)間:2015/3/9
- ISBN:9787502790387
- 出 版 社:海洋出版社
- 中圖法分類:S965.334
- 頁碼:135
- 紙張:膠版紙
- 版次:1
- 開本:16K
《全球油氣儲量并購折扣實(shí)證研究(英文版)》研討了影響全球石油和天然氣資產(chǎn)并購價(jià)格的三類主要因素:國際油氣市場價(jià)格、油氣資產(chǎn)所在國家(地區(qū))的政治經(jīng)濟(jì)風(fēng)險(xiǎn)、每件并購的具體交易條款和資產(chǎn)屬性。作者王強(qiáng)宇以1999年4月至2012年10月間全球公布的1664件油氣并購交易為樣本,首先對數(shù)據(jù)進(jìn)行多重分層和分組,采用非參數(shù)檢驗(yàn)方法對各組交易的并購價(jià)格進(jìn)行了定性對比分析,在此基礎(chǔ)上,繼而采用多元線性回歸模型針對上述各種影響因素對油氣并購價(jià)格的解釋力(相關(guān)系數(shù))進(jìn)行了量化分析。
《全球油氣儲量并購折扣實(shí)證研究(英文版)》中創(chuàng)造性地采用了“單位儲量風(fēng)險(xiǎn)”這一核心度量指標(biāo),嚴(yán)格遵循了風(fēng)險(xiǎn)/收益對價(jià)理論、油氣市場現(xiàn)貨/期貨理論、并購理論等金融理論,是金融方法論在油氣能源行業(yè)實(shí)證應(yīng)用的一次全新實(shí)踐。
王強(qiáng)宇,安徽定遠(yuǎn)人,工商管理博士,曾先后在西安交通大學(xué)管理學(xué)院、中山大學(xué)法學(xué)院、哈薩克斯坦KIMEP大學(xué)商學(xué)院學(xué)習(xí)工作。
1 Introduction
2 General Literature
3 General Data
3.1 Global Oil and Gas M&A Database
3.2 Oil and Gas Markets
3.3 The International Country Risk Guide
3.4 Data Structure of 1,664 Oil and Gas Deals
3.5 Preliminary Results
4 Methodology
4.1 Group Comparison
4.2 Theoretical Model of Reserve Takeover Discount
5 Oil and Gas Markets
5.1 Further Insights on Oil and Gas Markets
5.2 Backwardation Effect on Reserve Takeover Discount
5.3 Correlation Effect on Reserve Takeover Discount
6 Oil Dominated Deals vs. Gas Dominated Deals
6.1 The Idiosyncratic Behavior of Reserve Takeover Discount in Oil Dom- inated Deals vs. Gas Dominated Deals
6.2 Effect of Gas Reserve Percentage on Oil and Gas Deal Pricing
7 High-Risk Deals vs. Low-Risk Deals
7.1 Comparative Results in High-Risk Deals vs. Low-Risk Deals
7.2 Using A Specific Risk-to-Reserve Metric to Measure Deal Risk
8 Cash Dominated Deals vs. Noncash Dominated Deals
8.1 Comparative Results in Cash Dominated Deals vs. Noncash Domi-nated Deals
8.2 The 'Control' Issue and Choice of Payment Method in Oil and Gas Reserve Acquisitions
9 Equity Purchase Deals vs. Asset Purchase Deals
9.1 Comparative Results in Equity Purchase Deals vs. Asset Purchase Deals
9.2 The Choice of Transaction Structure in Oil and Gas Reserve Acqui- sitions
9.3 Segmentation of Oil and Gas Deals in Cash-Noncash / Equity-Asset Groups
10 Overall Regression Results and Conclusion
10.1 Regression Results
10.2 Conclusion
List of Tables
List of Figures
Bibliography