文档介绍：石化行业上市公司筹资政策研究——基于三家上市公司的案例分析
石化行业上市公司筹资政策研究――基于三家上市公司的案例分析
摘要
本文首先介绍了石化行业的行业特点、概况以及当前中国石化企业筹融资的
现状,指出了石化企业筹融资依靠发行股票、向银行借款、利用商业信用、发行公
司债券、融资租赁、利用留存收益等主要方式,指出石化行业属于资金密集型产
业,是需要高投入才能有高产出的行业;是国家重要的经济命脉,属于必须由国家
控制的产业。其次,对三家石化行业上市公司的各自的经营特点和情况进行了回
顾和展望,并认为在油价居高不下的情况下,石化行业在未来几年内将仍然保持高
, 通过对中国三大石化上市公司年报的报表分析并结合它们的股
利政策以及它们之间的资产负债率的对比分析,发现并揭示了石化上市公司的筹
资的来源、构成,和现金流入的结构的组成及其特点,以及固定股利率政策的采
用的好处,以及立足于我国国情的基础上结合理论分析,认为未来几年内在高油价
的支持下行业内部整合以及并购的冲动将导致股权融资与债务融资同等重要,以
及新优序理论与石化行业的实际情况不符是由中国具体国情造成的.
关键词: 石化企业,筹融资, 案例分析,展望
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石化行业上市公司筹资政策研究――基于三家上市公司的案例分析
Abstract
This paper first introduced the petrochemical industry of characteristics, profile
and the current China Petrochemical enterprises raise financing the status , pointing out
that the petrochemical enterprises raise financing rely on issuing shares , bank
borrowings, the use mercial credit, issuance of corporate bonds, finance lease,
the use of Retained earnings, and so on , and the petrochemical industry is
capital-intensive industries, is the need to have high yield and high input from the
industry, it is important to the country as economic lifeline, should be controlled by the
government. Secondly, the three panies in the petrochemical industry in their
respective operating characteristics and circumstances of a review and outlook, and
thanks to the high oil price , the petrochemical industry in the next few years will
continue to maintain prosperity. Third, Through the listing of China's three major
pany annual reports and analysis of the statements of their dividend
policy and their assets and liabilities between the rate parative analysis,
discovered and revealed the panies listed on the sources of
financing, composition, and cash flows The structure of position and
characteristics of shares and fixed interest rate policy adopted by the benefits, and
based on the conditions of our country on the basis of theoretical analysis that the
inherent high o