摘要:

近年来随着国际油价大幅波动,国际石油公司的市场价值也出现了一定程度的变化。为了确定石油公司的价值和其相关影响因素,将国际大型石油公司的多种财务指标和多方面经营活动信息同公司托宾Q值进行回归分析,可确定哪些价值因素是主要影响因素及它们的影响程度如何。实证研究结果表明,资产回报率能很好地解释石油公司的价值表现,此外油价、公司规模和声誉及石油公司的上下游结构也是重要的影响因素。

关键词:国际石油公司托宾Q值资产回报率油价

DOI：

分类号:F407.22

基金项目:

on the of Oil and Gas

ZHAO Yi kang, HAO Hong

( of , China of , , China)

:

With the oil price in years, the value of the oil and gas to some . In order to probe the value of the and , 14 on the New York Stock are taken as . For the of and their , the and and the tubin 'Q of the are with the . The of the work show that ROA can the value of the oil . In , oil price, size and and and are by which we can know more about the value of oil .

Key words: oil ' on total price