Capital Structure Management in Companies of Oil and Gas Sector: Perspective Based on the Pecking Order Theory

This paper tells about a capital structure management on the principals of a pecking order theory. The objects of the study are companies of the oil and gas industry of the Russian Federation. The main objective of the study is to discover the most important ways of capital structure management in companies of Russian oil and gas industry on a basis of pecking order theory. The tasks of the study: 1) to compare the definitions of capital structure, 2) to define basic instruments of capital structure management, 3) to discover the main features of capital structure management in oil and gas industry, 4) to find the different ways of capital structure definition, 5) to calculate main indicators with financial reports, 6) to define the main factors, influencing the capital structure management in oil and gas industry. The value of this paper is in uniting simultaneously more than six decades of studying in sphere of capital structure. The main part starts with a small introduction where the ways of a company financing are revealed. Then in a chapter about the history of studying the question the main steps of developing the theories, including the pecking order theory, are discovered. In practical part the basic calculations are made on the basis of the information from financial reports. Then these calculations become the source on which the main factors defining the capital structure are revealed. The opportunity of mixing all these studies in one special work, on a basis of one practical study, is, no doubt, interesting, due to the possibility of seeing the key features of every theory, model and studying a sphere of the capital structure management.