Research On Capital Structure Optimization And Financing Strategy Of A Oil Company

Since the reform and opening up, A oil company, a leading enterprise in the country, is facing the development background of the planned economy to the market economy transformation. During this period, the company frequently used mergers and acquisitions, the mode of production scale and market share growing. Compared with foreign similar enterprises, A company showed a very obvious uniqueness. The development of large-scale oil companies in foreign countries, more dependent on the internal force, of course, they will use the capital operation means such as market acquisitions. Overall, foreign enterprises is through the development of "bottom-up",showing obvious market characteristics, industrial structure is very rich, high level of internationalization, and international capital markets has a wide connection. In contrast to China, most of the large-scale enterprises are born in the wave of economic reform of the country, especially the state-owned enterprises, its development is inseparable from the government’s leading, and far from perfect domestic capital market between the contact is not close. The ownership of property, simple structure,is a large enterprise of our country characteristic. In recent years, the state-owned large enterprises to accelerate the pace of restructuring, merger, the structure of property rights in a very short period of time to enrich. But also exposed a series of problems, such as the pace of government reform can not keep up, corporate positioning is not enough concentration, the administrative impact is too large.The capital structure reflects the relationship between the proportion of corporate debt and equity, it in a large extent determines enterprise debt and re financing capacity, determines the future profitability of the enterprise, is an important indicator of the financial situation of enterprises. Reasonable capital structure can reduce the cost of financing, and play the role of financial leverage, so that enterprises have a greater rate of return on its own funds. Funds for an enterprise is the "blood" of the development, under the environment of the global economic downturn, the security in the capital structure of corporate financing pattern selection is particularly important,is a very important issue. To promote the continuous optimization of the capital structure of domestic enterprises, we must fully combine the characteristics of the existing capital structure, choose what kind of financing needs to be taken, in the most appropriate time to carry out financing. Enterprises should be from their own actual situation of in-depth analysis of the advantages and disadvantages of their own,combined with their own needs, the market prediction, in-depth interpretation of the policy, together with the combination of different means of financing, financing cost control in the lower range, eliminate potential risks to the maximum extent. In addition, for a variety of financing methods for comparison, from their own point ofview to weigh the pros and cons of different financing methods, and based on this to determine the best way to finance.In the research of the enterprise as the object, the capital structure and the financing way is a very important topic. Considering the enterprise characteristics in various aspects have certain unique. So, the enterprise should combined with their status to continue to adjust the capital structure and take the best financing and ensure the capital structure with elastic characteristics. The author in this topic research, the choice of A company this case, for its capital structure and financing analysis, to help find the best way of financing to provide ideas. At the same time, taking the case as the breakthrough point, it puts forward suggestions on deepening the reform of state-owned enterprises in China, and believes that it will provide useful reference for the capital operation of state-owned enterprises and the choice of financing methods.