| dc.description.abstract | Tanker shipping is the primary means of transporting crude oil, which is a necessary energy source for
modem society. As a result, the oil tanker shipping industry has grown to be a vital link in the
worldwide economy. The crude tanker sector is a capital-intensive industry, and the choices of capital
structure of tanker firms directly impact their operating performance and future development.
Therefore, examining the determinative elements of capital structure is valuable for oil tanker
enterprises. By combining the current state of the global oil tanker industry with the characteristics of
the capital structure of shipping enterprises, this thesis conducts an empirical study of the elements
that decide the capital structure of an oil tanker company based on the relevant capital structure
theories. We used the firm fixed effect panel regression method to generate results by selecting the
financial data of 14 listed tanker companies from 2000 to 2021 and the relevant shipping statistics as
samples, we also combined some latest data to present the condition of the entire tanker industry.
According to our research, the oil tanker firm's capital structure is mainly determined by size and
nondeductible tax shield. Debt ratios have a positive relationship with Size, while a negative
relationship with Nondeductible Tax Shield. However, the BDTI index and Asset Tangibility have not
had any effect upon the capital structure of oil tanker enterprises. We also demonstrate that Efficiency
has a positive association, while Profitability and Z-score are adversely correlated with total and longrun
debt level but barely affects short-run debt level. Moreover, Liquidity has an adverse connection
with total and short-run leverage. We especially discover that Growth has an effect upon oil tanker
shipping companies' short-term debt level and the direction is positive. We also identify some
industrial elements, such as Oil Price and Orderbook-to-Fleet Ratio are necessary to be considered.
Our research about the capital structure of oil tanker enterprises addresses a gap within the previous
knowledge, meanwhile validating and complementing existing determinative elements of capital
structure for the shipping industry. Core findings have guiding significance for decision-making
related to the capital structure of oil tanker shipping companies. | en_US |
