37, 2015. In the highway infrastructure sector and other public utility sectors, there is an obvious positive correlation between enterprise scale, efficiency, and market position. Credit Analysis of Chinas Toll Road Operators . T. Li, Study on the Expressway Management System of Jilin Province, Changchun University of Technology, Beijing, China, 2017. Therefore, rationally defining the governments functions in the industry and formulating a scientific reform path is the focus of this research. Market-oriented reform is the path to improve industry economic performance. Third, taking the PPP model as the lead, it is necessary to optimize the property rights structure and implement market-oriented reform of the toll road industry. Evidently, the inherent administrative monopoly in the toll highway sector, if controlled to an appropriate extent, can promote the development of the sector. C. Y. China's road operators left battered by no-toll policy. By. 8186, 2012. Yet, the long-term profitability of toll-road operators isnt easy to judge. H. C. Xu and P. R. Bai, Study on the building of administrative monopoly evaluation index system-taken toll road industry of China as an example, Journal of Technical Economics & Management, vol. F. F. N. Van Hulten, Probing the Limits of the Economic Basement in Northwest Europe, American Association of Petroleum Geologists, International Conference and Exhibition, London, UK, 2005. According to the Outline for Building Chinas Strength in Transportation (dated September 2019), jointly released by the Central Committee of the Communist Party of China and the State Council, the transport sector should adjust its focus from speed and scale to quality and efficiency. 7, pp. Technological Progress Change Index (TC) is 0.9829 while the Efficiency Change Index (EC) is 1.1545. Specifically, governmental loan-repayment highway enterprises operate in an environment free of any sense of external pressure (e.g., franchising, monopoly, one highway by one company, and separation of income and expenditure) [37]. 2, pp. Kenyan President Uhuru Kenyatta on Sunday officiated the commissioning of the expressway, which links the country's main airport to the capital city Nairobi. 605, pp. China's toll road sector is facing two lanes of trouble. Q. Li, Harm and breaking path of the administrative monopoly for tolling road, Highway, vol. In the next five to 10 years these concessions will expire--many of them on top-quality franchise highways. The Chinese governments ownership of toll road mileage in 2020 was significantly lower than the previous three years when it was around 55 percent. Hong Kong, November 09, 2020 -- Moody's Investors Service has affirmed the ratings of six toll road companies and their rated subsidiaries in China. [34] examined the effect of the administrative monopoly tariffs on the regional energy efficiency and proved that administrative barriers not only affect the efficiency and competitiveness of enterprises but also affect the final price of goods and services of final consumers. 5263, 2015. 120-121, 2013. Existing studies and evidence show that the economic performance of governmental loan-repayment highway enterprises is the worst in the toll highway sector (in 2018, governmental loan-repayment highways alone incurred an income deficit of 201.85 billion yuan), and such enterprises are universally insufficiently-motivated to reduce costs and improve efficiency. A paid subscription is required for full access. In the demand of reducing fiscal expenditure and improving the efficiency of public service supply, the application of the user-pays in highways is becoming a reform attempt in many developing and developed countries [1]. 4, pp. They stressed that it is necessary to further break administrative monopoly so as to foster a competitive market environment. This algorithm, in turn, causes the decision units of different periods to lack the benchmark for vertical comparison. Therefore, the transformation from scale and monopoly into operational efficiency may encounter obstacles, resulting in the operational inefficiency of the whole sector. Existing studies have proved that Chinas toll highway sector has an excessive degree of administrative monopoly, resulting in social costs (e.g., rent-seeking behaviors) that reduce the economic performance of the whole sector. 2, pp. Z. Dan, Research on the Reform of Comprehensive Transportation Management System in Shaanxi Province, Changan University, Beijing, China, 2018. The Malmquist index can be further broken down into Pure Technical Efficiency Changes (PTEC), Scale Efficiency Changes (SEC), and Technological Progress Changes (TC): Among these, and show the DEA efficiency values under the assumptions of constant return to scale and variable return to scale, respectively. Table 6 lists the parameter estimation results of equation (6) when the ratio of general budget expenditure in local public finance to regional gross domestic product is used as the proxy variable of administrative monopoly. Wei et al. 37583769, 2019. 6879, 2013. In particular, governmental loan-repayment highways have such characteristics as franchising, monopoly, and one highway by one company. Hence, this study concentrates on the relationship between economic performance, administrative monopoly, and scale efficiency with respect to toll highways, and explores how the China-specific administrative monopoly affects the transformation of toll highways from scale to efficiency. For the measurement of toll road operating efficiency, the more mature DEA series algorithm is proposed to consider the technological advancement or degradation leading to movement of the production frontier. The influence mechanism of administrative monopoly and economic performance is mainly based on X-inefficiency theory. [11] and Wei et al. The operation management system of toll highways refers to the organizational form and the acting mechanism that are intended to ensure the normal operation of toll highways. In, Ministry of Transport of China. Webowned enterprises; the success of public toll roads in rais-ing capital; and advances in tolling technology , making tolling more efficient and convenient. Included are current and future high-occupancy toll (HOT) lanes, express toll (ETL) lanes, and hybrid systems. The administrative monopoly is a scarce institutional resource. For the panel data selected in this paper, the global reference DEA-Malmquist index is used to measure the operational efficiency of Chinas toll roads from 2010 to 2017. Some governmental loan-repayment highways are directly managed by nonprofit highway authorities under the provincial Department of Transportation; most governmental loan-repayment highways are centrally managed by operating highway group companies under the provincial Department of Transportation or State Asset Regulatory Commission. In addition, in terms of the source of construction funds (particularly capital funds), governmental loan-repayment highways are obviously different from operating highways. Y. Crozet and E. Bougna, Towards a liberalised European rail transport: analysing and modelling the impact of competition on productive efficiency, Research in Transportation Economics, vol. 266271, 2005. Yu et al. Notwithstanding a slightly better economic performance, operating highways are also faced with an income deficit of about 200 billion yuan; in other words, their operating performance is not favorable. At the sector level, two proxy variables are used. Please do not hesitate to contact me. 8995, 2009. Annual car sales worldwide 2010-2022, with a forecast for 2023, Battery electric vehicles in use worldwide 2016-2021, Annual gas prices in the United States 1990-2021, Automotive industry worldwide - statistics & facts, Motorcycle industry in the United States - statistics & facts, Profit from additional features with an Employee Account. 4451, 2019. Since there are no toll roads in general in Hainan and Tibet, after removing the Hainan, Tibet, Hong Kong, Macao, and Taiwan regions, this paper selects the remaining 29 provinces as research samples. But in Anaheim, California, over 30,000 drivers are using the new 91 Express Lanes, a ten-mile automated toll road. The Chinese government's ownership of Among the toll highways, expressways are characterized by the highest technical standard, the highest construction cost, and the highest operation efficiency, and they account for at least 80% of toll highways. Excessive administrative monopoly is the reason that the increase of scale cannot improve the efficiency of the toll road industry. X. D. Zhang and J. Deng, Research on the measurement and promotion of port efficiency in China, Journal of Zhejiang University (Humanities and Social Sciences), vol. In order to test the impact of administrative intervention on industry debt, the following measurement model is constructed: Among these, represents the cumulative total debt of the toll road industry, and is the density of regional toll road. Columns (I) and (II) list the least squares estimation results of heteroscedasticity robustness, and columns (III) and (IV) list the results of panel GMM estimation. The academic literature widely accepts that highway infrastructure can promote regional economic development. That is, the increasing road scale has an effect on the promotion of total factor productivity in the industry, but excessive administrative intervention greatly reduces the economies of scale. The results of the robustness test show that we can still obtain parameter estimation results that are highly consistent with those based on the reference after toll highway density (a proxy variable) is replaced. 3, pp. 11711190, 2020. The concession expiry clock is ticking for China's listed highway operators. China has the largest number of listed toll roads, and the eight I have listed have a total market capitalization of nearly $18bn. 8296, 2018. E. Velinov, Y. Petrenko, E. Vechkinzova et al., t al.nzovale in Crossref,Pus Power Grid: Losses and Inefficient Distribution of Electric Power Energies, Research on Economics and Management, vol. However, whether it is the network DEA model or the traditional DEA model, they can only process cross-sectional data. Moreover, the unique operational organization of the toll road industry with a strong administrative monopoly power is the key to the above problems. Ethiopia has recorded about 13 million U.S. dollars in revenue from two Chinese-built toll roads in a nine-month period, an Ethiopian official said on Friday. 1, pp. Before the administrative monopoly reaches the point of balance, its MR is greater than its MC. Devil is in the details ROADIS disputes such a characterization of its proposed involvement with E-470. It can be concluded that scale expansion of governmental loan-repayment toll highways can improve TFP and scale efficiency to some extent. H. Y. Wei, Y. D. Zhang, and B. Lin, Research on the efficiency risk of military civilian integration resources in national defense science and technology industry, Science and Technology Management Research, vol. 39, no. Many researchers contend that the management system of the infrastructure sector should be reformed by taking the paths of competitive intervention, privatization of public sectors, and diversification of public investors [5254]. These results imply that the total factor productivity of toll road industry will increase significantly with the increase of toll road scale, but this is mainly due to the improvement of pure technical progress efficiency, rather than the improvement of scale efficiency. Thus, we can use the ratio of cumulative capital funds for the construction of governmental loan-payment toll highways to the total investment of the toll highway sector as the proxy of administrative monopoly, to test Hypothesis 2. 9, pp. In the United States the concept of private toll roads is gaining renewed interest after decades of inac - 1, pp. Columns (I) and (II) of Table 6 list the least squares estimation results of heteroscedasticity robustness, and columns (III) and (IV) list the results of the panel generalized method of moments (GMM) estimation. [27], respectively, evaluated the maintenance performance and operational efficiency of toll roads, and the empirical test showed that administrative monopoly is an important factor influencing infrastructure operational and maintenance performance. 1623, 2019. 134142, 2003. 3951, 2013. This is an open access article distributed under the. D. Donaldson, Railroads of the Raj: Estimating the Impact of Transportation Infrastructure, NBER Working Paper, London, UK, 2010. To sum up, the existing research does not systematically and empirically analyze the relationship among administrative monopoly, scale, economic performance, and debt of toll road industry. 06, pp. C. H. Rong, Breaking administrative monopoly is the core issue to be solved in railway reform, Transport Research, vol. 4, pp. A. Ahmadabadi and G. Heravi, The effect of critical success factors on project success in Public-Private Partnership projects: a case study of highway projects in Iran, Transport Policy, vol. 34, pp. Yet, the long-term profitability of toll-road operators isnt easy to judge. There were to be at least US$1.1 billion worth of new and refurbished toll roads: two connected segments in the Katanga region and another from Kinshasa to the countrys main port of Matadi. 34, no. Mao et al. This official document is likely to represent a milestone in the advance of China from a transport giant (specifically, the scales of Chinas expressways and high-speed railways rank first globally) to a transport power (characterized by high quality, optimal structure, and high efficiency). The second is the ratio of cumulative capital funds for the construction of governmental loan-payment toll highways to the total investment of the toll highway sector, since cumulative capital funds are completely sourced from local governments and are highly representative of administrative monopoly. The network DEA model is deep inside the decision-making unit in evaluating the subsystem, and the difficulty is to give weight to the initial investment [63]. Specifically, huge fund investment is required throughout the construction, operation, and maintenance of toll highways, and toll income alone cannot cover the huge debt burden. By end-2010, China had 65,055km of expressways. The government should take the initiative to withdraw from specific business areas, weaken the degree and scope of the administrative monopoly, and focus on industry regulation. The research on administrative monopoly and economic performance has gradually expanded from qualitative analysis to quantitative analysis to empirical testing of specific impact mechanisms. Hypothesis 2 is further verified from the perspective of industrial property structure. 2, no. C. Xu, The fundamental institutions of Chinas reforms and development, Journal of Economic Literature, vol. WebThis report draws on extensive review, examination, and international experience to explore five key areas that impact corporatization and privatization policy: the separation of Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. WebToll road companies operating under long-term concession agreements have developed and now operate nearly all of the urban expressway capacity added since the early 1990s in the country's two largest cities, Melbourne and Sydney. Q. L. Wang, Y. R. Zheng, Z. Y. Qiu, and X. P. Li, Appropriate degree of paternalism in state-owned economy of toll road industry, Economic Problems, vol. 3, pp. The annual compound growth rates of toll roads in the western and northeastern provinces are 0.24% and 7.34%, respectively (the corresponding mileage indices are 1.0024 and 1.0734, respectively), while the annual compound growth rates of the scale efficiency index are 0.99% and 1.62% (corresponding to the SEC index of 0.9901 and 0.9838, respectively). Highway group companies or highway authorities set up branch offices or management offices, which are responsible for the operation management of specific highway sections. When the administrative monopoly reaches a degree where the MR is equal to the MC, the effect of the administrative monopoly on the toll highway sector is optimal or rather appropriate. Sumatra. 9, pp. How China is buying the world. In China, the rapid development of toll highways is powerfully impelled by the administrative forces of governments. Average operating efficiency and index decomposition of toll roads in 29 provinces (with 2010 as the base period). Turkey-Syria quake toll tops 7,300 as rescuers battle cold. Copyright 2021 Yan Xu et al. In China, there is a special economic relationship between the central government and the local governments. You need at least a Starter Account to use this feature. We believe a failure to extend or replace these concessions will erode operators' business strength. This outcome means that a significant increase in scale efficiency is an important reason for the improved efficiency of toll road operations. [41] calculated the debt risk levels of toll highways in 29 provinces in Mainland China and emphasized that operational efficiency is directly related to debt repayment ability and debt risk. L. Chen and W. P. Zhu, The economic performance of regional administrative monopoly: an empirical research based on instrumental variable method, Comparative Economic & Social Systems, vol. 1627, 2010. The first is the ratio of the scale of governmental loan-repayment toll highways to the total scale of toll highways, since governmental loan-repayment toll highways are affected by administrative monopoly more significantly in terms of fund source, debt structure, and operation, compared with operating toll highways. [3] stated that the operational efficiency of toll highways is the key to reducing operating costs and achieving sustainable infrastructure. WebThis report draws on extensive review, examination, and international experience to explore five key areas that impact corporatization and privatization policy: the separation of owner and service provider functions, competition, value-for-money, contract clarity, and transparency. M. S. Qi, On the entropy effect of public administration systemon the law of decreasing management efficiency, The Journal of Yunnan Administration College, vol. 358367, 2016. 269, pp. As a Premium user you get access to background information and details about the release of this statistic. Toll road operators are likely to seek new revenue 8, pp. 51, no. Therefore we propose: Hypothesis 2. Jiangsu Expressway Company constructs and operates toll roads and bridges in Chinas Jiangsu province. 21, no. Use Ask Statista Research Service, Total length of express ways in China 2009-2021, Number of civil airports in China 2000-2021, Total length of public roads in China 2008-2021, Number of road bridges in China 2010-2021. The US$668 million project was financed by the state-owned China Communications Construction Company, CRBCs parent company. Want to save some money of Updated. In addition, Zhou [40] said that toll road debt is still an unavoidable problem. Based on provincial panel data, this paper then discusses the relationship between toll highway scale and economic performance through system-generalized method of moments estimation and verifies the status quo of the transformation of toll highways from scale to efficiency. H. Y. Lu and Y. Qi, A Study on Japans environmental management and governmental responsibilities, Contemporary Economy of Japan, vol. 565, no. In practice, the excessive administrative monopoly of the toll road industry leads to the coexistence of the offside and the absence of the functions of the government industry authorities. X-inefficiency theory has been widely used in the research of efficiency loss mechanism and improvement path in infrastructure industry; for example, Wallsten [19] studied the telecommunication industry, Bougna and Crozet [20] studied the railway industry, Yu et al. 125132, 2017. Please create an employee account to be able to mark statistics as favorites. The regression results of other control variables are also in line with expectations. 496503, 2015. Wang et al. Hypothesis 2 is corroborated from the perspective of the sector structure. This management system has stimulated the enthusiasm of governments at all levels for the construction of toll highways, but it has various defects. 683708, 2011. A. N. Berger and L. J. Mester, Inside the black box: what explains differences in the efficiencies of financial institutions?, Journal of Banking and Finance, vol. Evidently, scale growth is not completely transformed into efficiency improvement. Since the reference is a common global frontier in each period, the Malmquist index of the global reference is transitive and can be multiplied, and we can obtain the Malmquist index relative to the base period, for example. Toll road building has been so feverish in China that roughly 25,000 miles of toll expressways were built from 1990 to 2005, according to the World Bank. Accessed April 07, 2023. https://www.statista.com/statistics/759688/china-toll-road-length-share-by-road-type/, Ministry of Transport of China. Access to this and all other statistics on 80,000 topics from, Show sources information X. Wei, H. C. Xu, B. Q. Zhang, and J. L. Li, Infrastructure operation efficiency and influential factors in developing countries: evidence from China, Sustainability, vol. Finally, this study conducts an extended analysis of the relationship between operational efficiency and debt in the toll highway sector. Weboll Road Loan Repayment Toll Road (LRTR), state-owned Commercially Operated Toll Road(COTR), PPP Tolling period for LRTR: maximum 15 years for COTR: maximum 25 years 80thAnnual Meeting Class Toll Road & Exhibition,IBTTA road loan repayment toll road(LRTR )state-owned commercially operated toll road(COTR) PPP This study investigates this genuine problem and attempts to find a solution to it. WebFind many great new & used options and get the best deals for Vintage Standard Oil Map Toll Roads Ill Ind Ohio Penn NY NJ N Eng 1960's . Column (II) reports the impact of toll road density on scale efficiency of toll road industry (). As the effect of the administrative monopoly on toll highways continues to increase, the marginal revenue (MR) of the administrative monopoly increases, whereas the marginal cost (MC) of the administrative monopoly decreases with the improvement of scale efficiency. And the $32 toll for a 66-kilometre, one-way trip collected by the Chinese developer means Administrative monopoly mainly affects economic performance through two paths: scale efficiency loss and technical efficiency loss [36]. Out of all commercially operational toll roads, PT Jasa Marga (Persero) Tbk is dominating the market with 60% market share. Operationally, Chinas toll highway sector is characterized by an administrative monopoly. And by midyear, if shareholders and government authorities approve, this family-owned foreign firm will own the insurer. 218, 2019. 71903016 and 71803147) and MOE (Ministry of Education in China) Project of Humanities and Social Sciences (grant no. As soon as this statistic is updated, you will immediately be notified via e-mail. The estimated coefficient is positive but not statistically significant. The virtual inflation of operating costs has become a bottleneck to the improvement of economic performance in the sector. However, the positive effect is weakened by significant fiscal decentralization. 11, no. The story behind this is G. Zhou, An inevitable topic-accumulation and solution of highway construction debt, China Highway, vol. Then you can access your favorite statistics via the star in the header. H. C. Xu, R. N. Jia, and Y. J. Zheng, Structural reform of supply side for transport infrastructure, Journal of Changan University (Social Science Edition), vol. [15], Zhang et al. Therefore, the premise of the role of the market mechanism is for the government to restructure its functions and role in the toll road industry. Using the globally referenced data envelopment analysis- (DEA-) Malmquist Index, this study first measures the operational efficiency of Chinas toll highway sector from 2010 to 2017. The institutionalized administrative monopoly is not only the critical factor in the institutional environment of the toll highway sector but also primarily accounts for the economic performance, enterprise behaviors, market structure, and property structure of the toll highway sector. [Online]. 448, no. A foreign company now owns six major US toll roads. The road, part of state Route 91, was built and run for $130 million by California Private Transportation Company, partly owned by France-based Compagnie 4, pp. Dai et al. L. Castelli, R. Pesenti, and W. Ukovich, A classification of DEA models when the internal structure of the decision making units is considered, Annals of Operations Research, vol. [22] studied port enterprises, Jia [23] studied listed airport companies. Social costs incurred by the administrative monopoly include external efficiency loss (Harberger Triangle), internal efficiency loss (Leibenstein Quadrilateral), and rent dissipation (Tullock Rectangle) [46]. J. S. Yang and J. H. Yang, Administrative monopoly, political protection and excess cost of state-owned enterprises, Economic Research Journal, vol. In the context of worldwide governmental system reform, Dan [60] discussed the reform model for Shaanxis comprehensive transportation management system. Following the track of Adam Smith, researchers continue to deepen and verify the understanding of how transportation infrastructure provides an effective support for economic development. WebThis is a list of toll roads in the United States (and its territories). According to traditional economic theories, governmental monopoly of infrastructure can effectively reduce marginal costs and improve economic performance. 2, pp. 4, pp. [13]; (2) investigation of economic efficiency based on the basic principle of no waste of resources by integrating X-inefficiency with technology efficiency, allocation efficiency, and scale efficiency, Pu et al. X. H. Li, J. Q. Qin, and L. Sun, Model empirical study of relationship between dynamic changes of commercial bank total factor productivity and the operating environment, Governance Structure, vol. From the provincial and industrial perspectives, this study further verifies how an administrative monopoly restricts the transformation from scale to total factor productivity and scale efficiency through the unique operation pattern in the toll highway sector. [33] conducted an empirical study and found that the impact of private hospital entry on the efficiency of the medical industry is not significant. 13, no. Although Chinas toll highways are world-renowned, they suffer from indisputable operational inefficiencies. Evidently, scale growth and the monopolization of Chinas toll highway sector are backed by nonmarket forces. High centralization of political power and personnel management power is closely combined with the high decentralization of administrative power and economic power. Public data that can be used to measure the operational performance of the toll roads include the 2010 provincial toll road operation data carried out by the Ministry of Transport and five other ministries and commissions in 2011 during the national toll road special clean-up work, as well as the provincial and municipal toll road statistics bulletins from 2013 to 2017. 1, pp. How China is buying the world. 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