全球油气储量并购折扣实证研究

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

《全球油气储量并购折扣实证研究（英文版）》研讨了影响全球石油和天然气资产并购价格的三类主要因素：国际油气市场价格、油气资产所在国家（地区）的政治经济风险、每件并购的具体交易条款和资产属性。作者王强宇以1999年4月至2012年10月间全球公布的1664件油气并购交易为样本，首先对数据进行多重分层和分组，采用非参数检验方法对各组交易的并购价格进行了定性对比分析，在此基础上，继而采用多元线性回归模型针对上述各种影响因素对油气并购价格的解释力（相关系数）进行了量化分析。
　　《全球油气储量并购折扣实证研究（英文版）》中创造性地采用了“单位储量风险”这一核心度量指标，严格遵循了风险/收益对价理论、油气市场现货/期货理论、并购理论等金融理论，是金融方法论在油气能源行业实证应用的一次全新实践。