【作者】 彭民；

【导师】 孙彦彬；

【作者基本信息】 东北石油大学 ， 石油与天然气工程， 2012， 博士

【摘要】 项目融资作为近30年来国际金融市场的一个重要创新，不仅为吸引私人资本、商业资本和国际资本提供了更加灵活多样的投资渠道，也为各国能源发展及基础设施建设以及当地经济发展提供了强有力的资金支持。对于油气项目投资来说，其所需资金量及投资风险都比较大，寻求国际合作，探索合作模式，吸引各方资金将是油气项目发展的重要选择。深入研究油气项目融资理论及融资结构问题是要探寻油气项目融资与政府制度环境的关系，融资方式及渠道对油气项目融资结构的影响，油气项目融资各参与方的决策过程等。这些方面的研究无疑会对油气项目资源国政府、石油公司、油气项目公司、投资人等参与者具有一定的指导意义。项目融资问题是一个理论性和实践性都比较强的问题，前人在此方面取得了很多有价值的融资经验，但对油气项目融资结构问题的深入研究还是比较少。论文在前人研究的基础上，通过调研和资料整理，运用逻辑分析、数理分析、实证分析以及定性与定量相结合的研究方法（具体包括层次分析法，关键因素分析法，主成分分析法，多目标决策方法等），论证了油气项目融资环境，融资渠道及资金来源，融资结构安排，融资结构的影响因素及融资结构形成的决策等方面问题。研究中主要涉及以下内容：（1）在阐述选题背景的基础上，研究了大量有关国内外近年来项目融资及油气项目融资的相关学术资料，总结了油气项目融资结构问题研究方面所存在的不足，在此基础上确定了研究中涉及的主要内容。（2）界定了油气项目融资研究中的相关理论，包括油气项目的含义及特征，油气项目融资及特点，油气项目融资结构和油气项目融资的发展等问题。（3）从制度环境、融资制度、金融环境、政治经济环境的角度分析了影响油气项目融资结构的方式，并运用层次结构分析法和多因素及关键因素评价法，从总体的角度对油气项目融资环境作出了评价和分析。（4）从定性和定量两个方面分析了影响油气项目融资结构的内部因素，在确定了油气项目融资结构合理性的标准和方法后，对主要影响融资结构的因素均采用了较宽范围的考虑，从油气公司（项目发起人）项目融资能力的视角，运用主成分分析法对各因素作进一步分析取舍。确定了5个影响油气公司融资结构的主成分，他们是油气公司规模实力、持续发展潜力、盈利能力、成长能力和生产能力，把这5个主成分分别与3个反映油气公司融资结构的指标（总资产负债率、长期负债率、流动负债率）做相关分析。（5）从金融工程和融资主体视角分析了油气项目融资的方式，并就如何安排和选择好项目的资金构成和来源进行了研究，同时还分析了油气项目融资的渠道，主要包括：全球多边机构、地区开发银行、商业资金等渠道。（6）研究了油气项目融资结构的安排问题，在分析了油气项目融资结构安排原则的基础上，讨论了油气项目融资结构安排的目标及需要解决的关键问题。并从发起人角度和不同资信基础角度研究了几种典型的油气项目融资安排，这其中主要包括油气项目发起人进行直接融资的融资结构安排，油气项目发起人通过独立机构融资的融资安排，以“油气产品支付”为基础的油气项目融资，以油气设施使用协议为基础的油气项目融资，以销售协议为基础的油气项目融资，以油气产品市场销售为基础的油气项目融资等形式。（7）结合油气项目融资的特点，应用博弈论思想建立了油气项目融资的多人多目标协商对策模型，并从不同参与者角度对油气项目融资中所发生的参与者之间的协商关系进行了研究。多目标协商对策模型则是依据项目融资参与者的效用函数，采用交互式协商方式来达到最终融资效果的。更多还原

【Abstract】 Project financing is an important innovation in recent30years in the international financial market. It not only provides more flexible investment channels to attract private capital, commercial capital and international capital, but also provides strong financial support for all countries’energy development and infrastructure construction as well as the local economic development. For oil and gas project investment, the funds required and investment risk are bigger. To seek international cooperation, exploring the cooperation mode and attracting funds will be the important choice of oil and gas development projects. Deep study of oil and gas project financing theory and financing structure problem is to search for the relations between oil and gas project financing and government institutional environment, the impact on financing ways and channels for oil and gas project financing structure, and oil and gas project financing participants in decision-making process. All these research will undoubtedly have certain guiding significance to oil and gas resources government, oil companies, oil and gas Project Company, investors and other participants.Project financing is a relatively strong problem both in theory and practice. The predecessor in this aspect had much valuable experience in financing, but not in the aspect of oil and gas projects financing structure. This paper, based on former research, through research and documentation, using the logic analysis and the mathematical analysis, the empirical analysis as well as qualitative and quantitative research methods(including the hierarchy analysis method, factor analysis method, principal component analysis, multi-objective decision methods), studied the problems of oil and gas project financing environment, financing channels and sources of funds, arrangement of financing structure, influencing factors and formation of financing structure in decision.The study mainly involves in the following contents:(1) On the basis of elaborating research background, it studied a large number of relevant academic information about domestic and overseas project financing as well as oil and gas project financing in recent years. Then it summed up the shortcomings in oil and gas project financing structure and determined the main contents.(2) Defining the related theory in studying oil and gas project financing, including the meaning and the characteristics of oil and gas projects, project financing and the characteristics, oil and gas project financing structure, oil and gas project financing development and so on.(3) From the perspective of the system environment, the financial system, the financial environment, the political and economic environment, it analyzed the influence of oil and gas project financing structure, and used the hierarchy analysis method, the multiple factors and key factors evaluation method to evaluate and analyze oil and gas project financing environment.(4) By qualitative and quantitative methods, it analyzed the main influence factors of oil and gas project financing structure. After determining oil gas project financing structure rational standard and method, the main influence factors of financing structure are used in a wide range of considerations. From the perspective of oil and gas company (the project sponsor) project financing capability, we used the method of principal component analysis for further analyzing factors. Then it identified5main components of the oil and gas company financing structure. They are oil and gas company scale and strength, the potential for sustainable development, profit ability, growth ability and production capacity. The5principal components are respectively connected with the3oil and gas company financing structure reflecting index (total debt ratio, long-term debt ratio, flow the correlation analysis of indebted rate).(5) From the financial engineering and financing body perspective, it analyzed the oil and gas projects financing methods, studied how to arrange and choose good project financing structure and source, and also analyzed the oil and gas project financing channels, mainly including the global multilateral institutions, regional development banks, and commercial funding channels.(6) It studied the oil and gas project financing structure arrangement problem, based on the analysis of oil and gas project financing structure arrangement principle, and discussed the oil and gas project financing structure arrangement target and the key problems which need to be solved. From the promoters and different credit foundation aspect, it studied several typical oil and gas project financing arrangements, which mainly include oil and gas project sponsors direct arranging financing, oil and gas project sponsors through independent institution arranging financing, oil and gas project financing based on "Oil and gas production payment", oil and gas project financing based on oil and gas facility using agreement, oil and gas project financing based on sale agreements, oil and gas project financing based on oil and gas products market, etc..(7) According to the characteristics of oil and gas project financing, it built oil and gas project financing using game theory, and from the angle of different participants, it studied the negotiations among the participants in oil and gas project financing. Multi-objective bargaining game model is based on utility function of project financing participants, using interactive negotiation way to reach the final financing effect.更多还原