The Study On Investment Return Rate Of Oil And Gas Pipeline Transportation In China Under Price Control

October 12^th,2015 the State Council promulgated the"CPC Central Committee and State Council's a number of opinions on the promotion of marketization reform of gas price",which clearly pointed out that"accelerate the energy price marketization".According to the idea of"keep the middle,let go of two ends",promote natural gas market reform and choose to open the oil market.China's oil and gas industry has the characteristics of vertical integration,and more than 90%of the long-distance pipeline is in the hands of three barrels of oil.In order to realize the direct transaction between the gas supplier and the user,it is necessary to realize the indiscriminate third party's access for the pipeline transportation.As oil and gas pipeline transport has a strong natural monopoly,it must be regulated to prevent pricing the pipeline transport too high,hinder third-party fair access.Oil and gas pipeline transport industry has a representative way of price control,divided into two kinds:namely the rate-of-return regulation of the US and the price-cap regulation of Britain.Based on the analysis and comparison of the development and supervision of natural gas and natural gas pipeline in the United States and the United Kingdom,combined with the situation in China,this paper argues that the rate-of-return regulation method is more suitable for China.the rate-of-return regulation method is to control the rate of return on investment to indirectly control the price of pipeline transportation.This paper uses the weighted average cost of capital?WACC?combined with the capital asset pricing model?CAPM?to estimate that the reasonable return on investment of the oil and gas pipeline transportation industry in China is 8.01%.The result is basically same with what the Chinese National Development and Reform Commission issued,with a natural gas pipeline capacity of 75%,the control standard is the investment rate of return of 8%.And then through the comparison of 2006-2015 China's oil and gas pipeline transportation industry investment rate of return,capital costs,China's overall market return on investment,capital cost,it is found that China's oil and gas pipeline transportation industry's capital costs is higher than the industry investment rate of return in long-term,and the capital cost of China's oil and gas pipeline transportation industry is higher than the overall capital cost of the Chinese market,which seriously hinders the investment and development of China's oil and gas pipeline industry.This paper estimates that the calculated return on investment 8.01%can cover the capital cost of oil and gas pipeline transportation enterprises,not higher than the overall market capital return rate in China,with a certain rationality.Finally,through the analysis of the influencing factors of capital cost and return on investment,the adjustment direction of investment return rate of China's oil and gas pipeline transportation industry in the future is forecasted.