国际LNG产业关系合同的治理模式与启示

An effective world LNG trade pattern:Relational contracts in the LNG industry

长期固定合同是LNG产业的显著特点,对整个产业链有重大影响。通过理论与案例结合,从交易成本理论角度,分析了机会主义和有限理性对贸易模式的影响,研究了LNG产业在高度资产专用性和交易频率背景下关系合同的治理模式。结合广东大鹏LNG项目实例,剖析LNG产业上、中、下游的股权结构,验证其合理性;借鉴国际LNG产业经验,建议通过交叉持股、资本渗透的关系合同,联手国外公司,积极参与油气资源的上游开发;通过股权收购和合资合营,进入成熟的油气领域;引入国外石油公司,加快国内能源市场建设。

The long-term contract,a remarkable sign for the LNG trade different from the other oil or gas products trade in the world,plays an important role in the whole LNG industry.Combining theories with cases of study,we analyzed the influences of opportunism and limited rationality on the trade patterns in terms of Transaction Cost Theory,and pointed out that the relational contract is an effective organizational form in the LNG industry under the situation of high-degree of asset specificity and trading frequency.Taking the Dapeng LNG of Guangdong as a case of study,we analyzed the stock right structure of the LNG suppliers,LNG receiving terminals and transportation,and LNG users,thus to verify our theoretic analysis.In light of the experiences from the relational contracts in the global LNG trade,some suggestions are presented here as follows:(1)we should cooperate with foreign companies to take active part in the exploration and development of oil and gas resources by means of rational contracts with features of cross share-holding and capital infiltration;(2)we should enter into the mature oil and gas fields through the way of share subscription of stock right and joint ventures;(3)we should improve the domestic energy market by introducing more foreign oil and gas companies.