研究了美国上市油气公司的储量、产量及其他因素对公司市场价值的影响。研究创新之处在于:一是针对影响因素的相互关系,建立了三个评估模型,根据多模型的实证分析结果总结了各因素的显著性和影响强度;二是研究了油价波动、高油价和低油价三个不同时期,各影响因素对油气公司市场价值的影响。研究结果显示:油气储量和产量对美国油气公司市场价值的影响正在逐渐增强;资产收益率和偿债能力仅在高油价时对美国油气公司市场价值有较大的影响;美国上市油气公司的财务杠杆率有上升趋势,但是投资者并未因此降低对油气公司市场价值的评估;储采比对油气公司市场价值的影响则不确定;在高油价时期,油气公司市场价值基本可以由储量、产量、储采比、资产收益率和偿债能力解释,但是在油价较低时,除了储量和产量外,其他的影响因素均不显著,而油气公司市场价值还有较大部分受到随机因素的影响。

This paper studies the influence of reserves, production and other factors on the market capitalization (market cap) of publicly traded US oil and gascompanies.The paper provides two innovations to the literature. First, based on the relationships among influencing factors, three empirical analytical models are established and the significance and impact intensity of the influencing factors are tested and studied.Second, the effects of various influencing factors on company market cap are studied in three scenarios of oil price fluctuation, high oil price and low oil price.The results show that the impact of oil and gas reserves and production on the market cap of US oil and gas companies is gradually increasing.The return-on-assets ratio and solvency have impact on the company market cap only in high price scenario.The financial leverage ratio of US listed oil and gas companies is on the rising, but investors have not undervaluedthe oil and gas companies because of it.The impact of reserve to production ratio on the market cap of oil and gas companies is uncertain.In the period of high oil prices, the market cap of oil and gas companies can be explained by reserves, production, reserves to production ratio, return-on-assets and solvency.However, when oil prices are low, other factors other than reserves and production are not significant. Besides, the market cap of oil and gas companies is affected by random factors.