석유개발기업들의 M&A 행동에 대한 분석 연구
Study on M&A Behavior in Petroleum E&P Industry
0
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
This study analyzes the M&A trends in oil industry, oil companies’ M&A behavior, and case studies for growth made by M&A such as Anadarko, Devon, and Repsol YFP. Oil industry has adopted M&A with other oil companies and purchase oil fields which is producing as well as exploration and production for a stable energy supply and growth. Several oil companies have been stabilized financially in terms of M&A either focusing on specific resources or diversifying several natural resources since 2000. Since Korea has high overseas dependency in energy, it is likely to be affected by international energy market trends and resource nationalism. In this sense, M&A with existing companies could be considered as a promising alternative in terms of reducing the risk of exploration and development and increasing energy security.
Abstract
This study analyzes the M&A trends in oil industry, oil companies’ M&A behavior, and case studies for growth made by M&A such as Anadarko, Devon, and Repsol YFP. Oil industry has adopted M&A with other oil companies and purchase oil fields which is producing as well as exploration and production for a stable energy supply and growth. Several oil companies have been stabilized financially in terms of M&A either focusing on specific resources or diversifying several natural resources since 2000. Since Korea has high overseas dependency in energy, it is likely to be affected by international energy market trends and resource nationalism. In this sense, M&A with existing companies could be considered as a promising alternative in terms of reducing the risk of exploration and development and increasing energy security.
참고문헌 (22)
- 글로벌 산업재편과 글로벌 선도기업의 M&A 특징, "강원", 삼성경제연구소, ~ (2007)
- 세계 인수합병(M&A) 확대요인과 시사점, "오호일", 한국은행 해외조사실 종합분석팀, ~, pp.2006-13 (2006)
- 국제 석유 상류 부문의 M&A 추진 동기 및 사후 효과 분석, "최성희", 에너지경제연구원, ~, pp.07-05 (2007)
- 해외자원개발기업의 역량 강화 방안에 관한 연구 - 지원시스템 구축을 중심으로, "한국지구시스템공학회", 산업자원부, ~ (2007)
- Annual Report, "Anadarko", ~ (1997)
- Auster, E. R., "The Dynamics of Mergers and Acquisition Waves: A Three-Stage Conceptual Framwork with Implications for Practice", Journal of Applied Behavioral Science, 38, pp.216~244 (2002)
- Annual Report 2006, "Devon", ~
- Gort, M., "An Economic Disturbance Theory of Mergers", Quarterly Journal of Economics, 83(4), pp.624~642 (1969)
- Jensen, M., "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review, 76(2), pp.323~329 (1986)
- Jensen, M., "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems", Journal of Finance, 48(3), pp.831~880 (1993)
- Jovanovic, B., "The Q-Theory of Mergers", American Economic Review, 92(2), pp.198~204 (2002)
- Martynova, M., "Takeover Waves: Triggers, Performance and Motives", ECGI Finance working paper, (97) (2005)
- Repsol YPF, "Fact Book 2004, 2006", ~ (2006)
- Rhodes-Kropf, M., "Valuation Waves and Merger Activity: The Empirical Evidence", Journal of Financial Economics, 77, pp.561~603 (2005)
- Rhodes-Kropf, M., "Market Valuation and Merger Waves", Journal of Finance, 59(6), pp.2685~2718 (2004)
- Roll, R., "The Hubris Hypothesis of Corporate Takeovers", Journal of Business, 59, pp.197~216 (1986)
- Schleifer, A., "Stock Market Driven Acquisitions", Journal of Financial Economics, 70, pp.295~311 (2003)
- Sudarsanamm S., "Glamour Acquirers, Method of Payment and Post-acquisition Performance: The UK Evidence", Journal of Business Finance and Accounting, 30(1, pp.2) (2003), 299~341
- Weston, J. F., "Mergers and Restructuring in the World Oil Industry", Journal of Energy Finance and Development, 4, pp.149~183 (1999)
- 鐘築梓, "資源をめくるM&Aの活性化と新興国企業の出現", JETRO 研究ノート, 8 (2007), JETRO
- 立原一成, "石油スーパーメジャーの上流戦略", Mizuho Industry Focus, 39 (2005), みずほコーポレート銀行
- 石油天然カ̏ス・, "石油・天然カ̏スレヒ̏ユー", 41(4) (2007), No.4
