全球油气储量并购折扣实证研究（英文版）

1 Introduction
2 General Literature

3 General Data
3.1 Global Oil and Gas M&A Database
3.2 Oil and Gas Markets
3.3 The International Country Risk Guide
3.4 Data Structure of 1，664 Oil and Gas Deals
3.5 Preliminary Results

4 Methodology
4.1 Group Comparison
4.2 Theoretical Model of Reserve Takeover Discount

5 Oil and Gas Markets
5.1 Further Insights on Oil and Gas Markets
5.2 Backwardation Effect on Reserve Takeover Discount
5.3 Correlation Effect on Reserve Takeover Discount

6 Oil Dominated Deals vs. Gas Dominated Deals
6.1 The Idiosyncratic Behavior of Reserve Takeover Discount in Oil Dom- inated Deals vs. Gas Dominated Deals
6.2 Effect of Gas Reserve Percentage on Oil and Gas Deal Pricing

7 High-Risk Deals vs. Low-Risk Deals
7.1 Comparative Results in High-Risk Deals vs. Low-Risk Deals
7.2 Using A Specific Risk-to-Reserve Metric to Measure Deal Risk

8 Cash Dominated Deals vs. Noncash Dominated Deals
8.1 Comparative Results in Cash Dominated Deals vs. Noncash Domi-nated Deals
8.2 The 'Control' Issue and Choice of Payment Method in Oil and Gas Reserve Acquisitions

9 Equity Purchase Deals vs. Asset Purchase Deals
9.1 Comparative Results in Equity Purchase Deals vs. Asset Purchase Deals
9.2 The Choice of Transaction Structure in Oil and Gas Reserve Acqui- sitions
9.3 Segmentation of Oil and Gas Deals in Cash-Noncash / Equity-Asset Groups

10 Overall Regression Results and Conclusion
10.1 Regression Results
10.2 Conclusion

List of Tables
List of Figures
Bibliography