Under the background of the "Double Carbon" goal was clearly put forward and the system reform of state-owned enterprises was carried out in an all-round way, China's major oil and gas enterprises generally carry out the construction of the "oil company" mode with the market-oriented operation mechanism as the core to promote themself. Therefore, to analyze external market-oriented operation risks comprehensively and identify key factors are of great significance to help oil and gas enterprises promote their own sustainable development. Firstly, we identified the risk factors of external market-oriented operation and establish an index system through the literature review and expert interview. Secondly, we applied the grey system theory to improve the DEMATEL-ISM approach to divide the hierarchical structural of risk factors and clarify their logical relationships. Thirdly, the driving force and dependence of each factors were calculated by using the MICMAC approach, so that their attribute characteristics were expressed quantitatively. We identified 18 risk factors, then divided them into 6 layers hierarchical structures, and identified 6 key risk factors among them. The analysis results show that the oil and gas enterprises should take corresponding external market-oriented operational risk prevention and control strategies from three perspectives, which of them are perfecting organizational structure, innovating management system and improving technological operation level.

Liu Hang, Huang Xuefeng, Zhang Yubing, Sun Yilin, Liu Linxuan. Research on Risk Factors of External Market-oriented Operation of Oil and Gas Enterprises. Academic Journal of Business & Management (2022) Vol. 4, Issue 15: 85-93. https://doi.org/10.25236/AJBM.2022.041514.

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