Debt and Optionality in U.S. LNG Export Projects
研究了美国LNG出口项目大量现货交易如何降低债务能力但增加实物期权价值，导致现金流正偏态分布，平均股权回报为正但多数季度可能无法覆盖固定成本。
U.S. liquefied natural gas (LNG) export projects have substantially more spot trading of LNG than traditional projects. While this reduces the debt capacity of the projects, it allows project developers to better exploit many types of real options. Exploiting those options greatly increases the positive skewness of project cash flows. While the modal operating profits for a representative U.S. LNG export project are unlikely to cover fixed costs, interest and taxes at usual leverage ratios, the mean real equity return is likely to be positive. Some quarters could return extremely high profits. Understanding determinants of spot trading of LNG matters because increased spot trading will better integrate global natural gas markets.