Approaches of Russian oil companies to optimal capital structure

19th International Scientific Symposium in honor of Academician M.A. Usov "Problems of Geology and Subsurface Development"

Ishuk, T.^1 ; Ulyanova, O.^2 ; Savchitz, V.^1

Department of Natural Resources Economics, National Research Tomsk Polytechnic University, 30 Lenin Ave., Tomsk

634050, Russia^1

Department of Foreign Languages for Specialists in Natural Resources, National Research Tomsk Polytechnic University, 30 Lenin Ave., Tomsk

634050, Russia^2

关键词: Capital management;    Capital structure;    Effective capital;    Hydrocarbon product;    Material orientation;    Oil industries;    Population growth;    Russian economy;   

Others  :  https://iopscience.iop.org/article/10.1088/1755-1315/27/1/012066/pdf
DOI  :  10.1088/1755-1315/27/1/012066

来源: IOP

【 摘 要 】

Oil companies play a vital role in Russian economy. Demand for hydrocarbon products will be increasing for the nearest decades simultaneously with the population growth and social needs. Change of raw-material orientation of Russian economy and the transition to the innovative way of the development do not exclude the development of oil industry in future. Moreover, society believes that this sector must bring the Russian economy on to the road of innovative development due to neo-industrialization. To achieve this, the government power as well as capital management of companies are required. To make their optimal capital structure, it is necessary to minimize the capital cost, decrease definite risks under existing limits, and maximize profitability. The capital structure analysis of Russian and foreign oil companies shows different approaches, reasons, as well as conditions and, consequently, equity capital and debt capital relationship and their cost, which demands the effective capital management strategy.