Title: Research on changes of international big oil companies' R&D input: the impacts of international oil prices

Authors: Yun-Fei Yao; Yang Zhao; Jing Li; Jian Sun

Addresses: Research Institute of Petroleum Engineering, SINOPEC, 919#Beijing North Star Times Tower, 8# East Road of Beichen, Chaoyang District, Beijing, China ' Research Institute of Petroleum Engineering, SINOPEC, 919#Beijing North Star Times Tower, 8# East Road of Beichen, Chaoyang District, Beijing, China ' Research Institute of Petroleum Engineering, SINOPEC, 919#Beijing North Star Times Tower, 8# East Road of Beichen, Chaoyang District, Beijing, China ' Research Institute of Petroleum Engineering, SINOPEC, 919#Beijing North Star Times Tower, 8# East Road of Beichen, Chaoyang District, Beijing, China

Abstract: Research and Development (R&D) is the foundation and guarantee for scientific and technological innovations of an enterprise. It is important to determine the reasonable scale of R&D input and optimise the structure of R&D input for modern enterprises. This paper applies a panel data model to analyse the changes and impact factors of R&D input of international oil companies. It is found that oil companies carry out huge R&D input, but the intensity is low. R&D input strongly depends on company scale, international oil prices, net profit, debt and other factors. Fluctuations in international oil prices are fully considered in an oil company's R&D input decision-making. If international oil prices rise 1%, an international oil company's R&D input will increase 0.19% and vice versa.

Keywords: international oil prices; oil industry; R&D input; research and development; influencing mechanism; international oil companies.

DOI: 10.1504/IJGEI.2015.069487

International Journal of Global Energy Issues, 2015 Vol.38 No.1/2/3, pp.82 - 92

Available online: 18 May 2015 *

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