Research On The Business Model Of American Transco Companies Based On Financial Perspective

The natural gas industry in the United States has developed for more than 100 years,and it is one of the largest and most mature natural gas markets in the world.Moreover,the pipeline transportation service market with a high degree of competition has formed in the United States,which is the most mature and most market-oriented natural gas transportation market in the world.In 2016,China introduced a new pricing management method for natural gas pipeline transportation,which kicked off the reform.In December 2019,the national petroleum and natural gas pipeline group co.,LTD.(hereinafter referred to as the national pipeline company)was established,marking a crucial step in deepening the reform of the oil and gas system in China.Since the national pipe network company has just been established,the relevant data are not very perfect,but the reform of regulatory methods and the choice of business model are imminent.Therefore,the selection of American natural gas pipeline companies to conduct business model analysis from the financial perspective is of great significance for the supervision and operation of natural gas pipeline transportation companies in China.In this paper,based on the Angle of financial business model theory as the main line,integrated into the commercial canvas theory and the theory of value chain analysis,select the Transco company,petrochina co.,LTD west-east gas pipeline branch and petrochina Beijing natural gas pipeline co.,LTD.,from a profit driven,allocation of resources and value creation of the comparison of the three angles to business model.The study found that the us market competition is fierce,the regulatory system is relatively perfect;And the Chinese market is monopolistic,the regulatory system is gradually improving.Profit driven,Transco revenue driver belongs to the price,profit driven model belongs to the profit driven,Chinese companies due to the height of the Chinese market monopoly management risk is lower,higher gross margin,west to east gas pipeline and gas revenues in Beijing drive mode belongs to the number of drivers drive two-wheel drive with the price,profit driven model belongs to the benefits and cost drivers drive two-wheel drive mode.In terms of resource allocation,all of them are heavy asset allocation.Transco companies are in the transition from low leverage to high leverage.However,due to the low degree of market competition and relatively small investment scale in China,west-east gas transmission and Beijing natural gas are in the low leverage capital allocation.In terms of value creation,due to the different future development potentials of the natural gas pipeline transportation market,the value creation model of Transco companies belongs to the two-wheel drive model with moderate growth rate and yield rate,while the value creation model of west-east natural gas transmission and Beijing natural gas is return-driven.In view of the differences between China and the United States,combined with China's actual situation,put forward the following Suggestions: from the perspective of the country,should improve the gas regulator,perfect gas regulation laws,push the "two" pricing mechanism,the innovation cost regulation,construction operation and networked information public platform construction,realize the standardization of information disclosure.From the perspective of enterprise,can use the way to strengthen cost control such as budget management,optimize pipeline enterprise operation management,speed up the construction of gas pipeline at the same time,the diversification of investment main body,create the marketization and diversified way of resource allocation,to further strengthen market development,improve the growth,build a two-wheel drive way of value creation.