CAJ | 학술논문

剖析石油行业资本结构的特点、影响因素，加快资本结构调整速度对提升我国石油企业国际竞争力日益重要。针对我国三大石油公司资本结构现状及存在问题，借助SPSS19．0统计软件，选取在香港联合交易所上市的中石油、中石化和中海油三大石油上市公司2006～2012年的财务数据，进行实证分析，得出：获利能力、流动比率等四个因素与资产负债率反方向变动，而公司成长性与资产负债率呈正相关关系。从发展石油企业规模经济、投融资角度以及完善企业财务风险控制机制等方面给出了相关建议。
부석석유행업자본결구적특점、영향인소，가쾌자본결구조정속도대제승아국석유기업국제경쟁력일익중요。침대아국삼대석유공사자본결구현상급존재문제，차조SPSS19．0통계연건，선취재향항연합교역소상시적중석유、중석화화중해유삼대석유상시공사2006～2012년적재무수거，진행실증분석，득출：획리능력、류동비솔등사개인소여자산부채솔반방향변동，이공사성장성여자산부채솔정정상관관계。종발전석유기업규모경제、투융자각도이급완선기업재무풍험공제궤제등방면급출료상관건의。
Capital structure is the core of corporate financial decisions, so an in- depth analysis on the factors affecting capital structure will provide a great assistant to enhance the international competitiveness of China~s oil company. Based on the characteristics of the oil industry, this paper dissects the capital structure status of China~ three major oil companies, and then points out the existing problems, on which according research hypothesis are prestented. With the aid of statistical software SPSS 19.0, the financial data from 2006 to 2012 of the three major oil companies, PetroChina, Sinopec and CNOOC, which are all listed in Stock Exchange of Hong Kong, are select- ed for empirical analysis, and concluded that, profitability, company size, collateral value and liquidity ratio of as- sets are negatively correlated to corporate asset -liability ratio, but the growth is posi this paper provide advices on developing economies of scale, financing, investing, financial risk control mechanism. tively correlated to it. Finally, as well as improving corporate