Research On Rapidly Increase Of Asset-liability Ratio Of "Three Barrels Of Oil"

There have been several different evaluation standards for asset-liability ratios of enterprises in different industries or even with different nature. However, there is one standard that can be in common use, which is to see whether the debt can cause any obstacles to the enterprise’s operation on the basis of adjusting ability of the enterprise and the tolerance level. Faced with such a grim reality and the gap with international counterparts, how to control the asset-debt ratio into a reasonable scope through the inside and outside methods according to the need of development, optimize the capital structure to improve the efficiency, make a sound decision on investment and financing to achieve the desired performance objective and enhance the international competitiveness, all these become new problems of brook no delay in the new environment for China’s oil companies.This paper analyzes the characteristics and influencing factors of petroleum industry capital structure. How to speed up capital structure adjustment is more and more important to improve the international competitiveness of China’s oil enterprises. This paper dissects the capital structure status of Chinese energy companies, and then points out the existing problems. With the aid of statistical software Eviews, the financial data from 2001 to 2013 of the three major oil companies, Petro China, Sinopec and CNOOC, which are all listed in Stock Exchange of Hong Kong, are selected for empirical analysis, and concluded that, profitability, collateral value, industrial concentration and liquidity ratio of assets are negatively correlated to corporate asset-liability ratio, but the growth and company size are positively correlated to it. And discuss on the methods of asset-liability ratio adjustment fatherly. Finally, this paper provides advices on developing economies of scale, financing, investing and improving corporate financial risk control mechanism.