The estimation results are reported in Table 8, where 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 above data are mainly from the public database of Chinas National Bureau of Statistics, the Wind database, and provincial statistical yearbooks under the China Economic and Social Development Statistics Database. Evidently, scale growth is not completely transformed into efficiency improvement. Knowing which agency operates which toll roads will help you navigate the billing process. 6879, 2013. April 1, 2023 8:00am. 13, 1991. [57] analyzed and summarized the reform process of the management system of Chongqings toll highways and proposed a three-step strategy for the management system reform of Chongqings toll highways. pp122130, 2019. Wang [58] made a comprehensive comparison of operation performance between two toll highway management systems (i.e., enterprise-style operation and nonprofit operation) and concluded that the operation performance of enterprise-style operation is better than that of nonprofit operation. You can only download this statistic as a Premium user. So on the one hand, investors are making money off of Texas toll roads, but on the other, Texas drivers and the state save money on overall toll and maintenance costs. 
May 29, 2021. Distribution of toll road mileage China 2020, by road type. 
06, pp. By end-2010, China had 65,055km of expressways. China has the largest number of listed toll roads, and the eight I have listed have a total market capitalization of nearly $18bn. For the Nairobi Expressway, state-owned China Road and Bridge Corporation will recoup its investment over 27 years through toll charges from motorists. The growth economics for Chinese toll You need a Statista Account for unlimited access. J. Q. 3, pp. This conclusion has been widely questioned in the practice of Chinas toll highway sector. The method of determining the total factor productivity of the industry is mainly divided into parametric and nonparametric methods [62]. Li et al. Therefore, rationally defining the governments functions in the industry and formulating a scientific reform path is the focus of this research. A. 1, pp. Chang [39] conducted a correlation analysis on the degree of administrative monopoly and economic performance of toll roads, and concluded that there is a negative relationship between them, which preliminarily verified the conclusion that administrative monopoly would cause performance loss. 448, no. There exists scale efficiency loss in Chinas toll road industry. Dai et al. Low scale efficiency results in another problem in the toll highway sector, namely, insolvency. The regression results of other control variables are also in line with expectations. WebIn 2020, about 43.2 percent of overall toll road mileage in China were state-owned and 56.8 percent were privately owned. 315, no. 63, no. [11] and Wei et al. Another major city, Brisbane, now seems to be moving in the same direction. Designated as the USAs first superhighway, the PA Turnpike was opened to motorists in 1940. Earlier this month, in a triumph for Gov. Kenyan President Uhuru Kenyatta on Sunday officiated the commissioning of the expressway, which links the 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]. On the other hand, the government is unable to function effectively in areas that require government regulations such as environmental protection and franchise regulations. Moreover, Rp398.95 trillion of investment is required to construct the toll roads. Moodys Investors Service upgraded the nations six major government-owned toll road operators from negative to stable in its November ratings, citing higher Get full access to all features within our Business Solutions. Average operating efficiency and index decomposition of toll roads in 29 provinces (with 2010 as the base period). Stretching across more than 550 miles, the PA Turnpike begins at the state of Ohio and culminates at the New Jersey border at the Delaware River-Turnpike Toll Bridge. 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. 23, p. 6831, 2019. Evidently, excessive administrative monopoly is the reason that hinders the scale efficiency of toll roads. 2, pp. 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. The empirical test results show that the administrative monopoly at the industry level will increase the debt burden of the toll road industry, whether from the perspective of industry structure or property rights. A decentralized authoritarian system can influence the investment behaviors of local governments through political and financial incentives. WebCentral Texas has ten toll roads operated by two separate transportation agencies, the Mobility Authority and TxDOT. In addition, in terms of the source of construction funds (particularly capital funds), governmental loan-repayment highways are obviously different from operating highways. 6, pp. 895947, 1997. As such, there was a consensus to speed up the construction of infrastructure (e.g., highways). In order to verify the robustness of the above results, expressway density is used to replace toll road density, and (V) and (VI) in Table 7 reports the estimated results. If you are an admin, please authenticate by logging in again. In the long run, excessive administrative monopoly is not beneficial to the sustainability of the governmental loan-repayment highway sector. 24, p. 79, 2017. Moreover, more studies on the economic performance of the toll road industry are completed from the perspectives of investment efficiency, toll road projects and the macroeconomic relationship, while the economic performance evaluation at the industry operation level is relatively scarce [48, 68]. The China Road and Bridge Corporation (CRBC) built the 27.1km (16.8 miles) Nairobi Expressway linking the countrys main airport and the capital. Pertaining to data selection, in view of the special nature of the toll road industrys operations and management, the provincial panel data are used for empirical analysis. Please create an employee account to be able to mark statistics as favorites. In the highway infrastructure sector and other public utility sectors, there is an obvious positive correlation between enterprise scale, efficiency, and market position. Q. Li, Harm and breaking path of the administrative monopoly for tolling road, Highway, 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 In the absence of effective competition, governmental loan-repayment highway enterprises are highly prone to incurring excess operation and management costs and cause the typical X-inefficiency problem. M. C. Naughton and R. Frantz, X-efficiency, rent-seeking and social costs: comment, Public Choice, vol. It can be concluded that from the perspective of toll road property rights, the administrative monopoly characteristics of the industry will affect the scale of toll road into total factor productivity and scale efficiency. Annual average operating efficiency and index breakdown by province between 2013 and 2017 (with 2010 as the base period). Updated. By end-2010, China had 65,055km of expressways. Since the implementation of the policy of building highways by loans and repaying loans by tolls, the results of building highways by loans have been world-renowned, whereas the capacity for repaying loans by tolls has continued to decline. Moreover, the unique operational organization of the toll road industry with a strong administrative monopoly power is the key to the above problems. The administrative monopoly is a scarce institutional resource. Z. Dai, L. Guo, and Q. Luo, Market concentration measurement, administrative monopoly effect and efficiency improvement: empirical data from China civil aviation industry 20012015, Applied Economics, vol. C. H. Rong, Breaking administrative monopoly is the core issue to be solved in railway reform, Transport Research, vol. The governmental loan-repayment highways were monopolized by solely state-owned highway corporations (or highway authorities) at different levels (e.g., provincial level, city level, and district level). By the end of 2018, Chinas toll highways extended for a cumulative distance of 168,100km, including 93,300km of governmental loan-repayment highways, accounting for 55.5% of all toll highways in the country. The capital funds of governmental loan-repayment highways are mainly sourced from the fiscal funds of local governments (e.g., special debts, budgetary funds, and vehicle purchase tax), while the capital funds of operating highways are mainly sourced from nonfiscal funds (e.g., social capital and enterprises self-raised funds). R. Z. Pang, B. L. Liu, and T. Wang, Location, enterprise scale, ownership structure and cost efficiency: an empirical study based on 19 listed expressway enterprises in China, Journal of Central University of Finance & Economics, vol. [56] contend that toll highways should be operated as enterprises through a shareholding reform to prevent various problems (e.g., ambiguity of power and responsibility, confusion about the functions of governments and enterprises, policy conflict between different departments, and inefficiency); Liu et al. S. Wallsten, The future of digital communications research and policy, Federal Communications Law Journal, vol. 2020, Article ID 8885308, 2020. Descriptive statistics of the main variables are shown in Table 3. Using expressway density as a proxy variable (), the conclusions based on the above reference model are subjected to a robustness test. In China, there is a special economic relationship between the central government and the local governments. [18]; (3)The mainstream studies concentrated on the theoretical exploration and empirical measurement of the mechanism of X-inefficiency and degree of efficiency loss. Profit from the additional features of your individual account. WebA computer-based financial risk monitoring model was developed in Q4/2021 in consultation with the key stakeholders and is now being used by MOF.Training workshops to strengthen the knowledge on risk monitoring were conducted for MOF staff and key stakeholders during Q2-Q4/2021. 22, no. 4451, 2019. 4953, 2010. How China is buying the world. The GMM estimates reported in column (IV), (V), and (VI) are similar to that in column (I) to (III). The concession expiry clock is ticking for China's listed highway operators. Column (II) reports the impact of toll road density on scale efficiency of toll road industry (). Mao et al. In China, 95.45% of highways are built on a user-paid basis. Table 9 lists the GMM estimates using panel data. However, whether it is the network DEA model or the traditional DEA model, they can only process cross-sectional data. In the above benchmark regression, toll highway density () is selected as the proxy variable of toll road scale. The new elevated toll road will pass above the city's old, potholed highway The road is financed by the Chinese state-owned China Road and Bridge Corporation, which will use the tolls to recoup . As a Premium user you get access to the detailed source references and background information about this statistic. Descriptive statistics of the main variables. 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. On the one hand, the government has interfered too much with the market players, constraining the vitality and space of social capital and creating power rent-seeking and corruption. D. Donaldson, Railroads of the Raj: Estimating the Impact of Transportation Infrastructure, NBER Working Paper, London, UK, 2010. 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. G. Duranton and M. Turner, The Fundamental Law of Road Congestion: Evidence from US Cities, American Economic Review, London, UK, 2011. Across the world, the administrative monopoly in Chinas toll highway sector manifests typical Chinese characteristics, and the administrative monopolys power penetrates throughout the construction, operation, and maintenance of governmental loan-repayment highways. 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. [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. 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. The country built its first modern expressway 23 years ago a toll road that linked Shanghai to Jiading, a satellite town. 105114, 2020. Finally, this study conducts an extended analysis of the relationship between operational efficiency and debt in the toll highway sector. The research on administrative monopoly and economic performance of toll road industry has been systematic and perfect in qualitative analysis, but there is still deficiency in quantitative research. 4, pp. T. Li, Study on the Expressway Management System of Jilin Province, Changchun University of Technology, Beijing, China, 2017. Ministry of Transport of China. To resolve the problem, the first step is to ascertain the cause of debt accumulation in the sector. 4, pp. We believe a failure to extend or replace these concessions will erode operators' business strength. 19YJA790097). In, Ministry of Transport of China. 146154, 2019. 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. In the United States the concept of private toll roads is gaining renewed interest after decades of inac - The new coronavirus (COVID-19) outbreak caused a traffic slump and also led to an unprecedented moratorium on toll fees for vehicles on all roads. The seven toll segments are Tangerang-merak, Cikopo-Palimanan, Jombang-Mojokerto, Surabaya-Mojokerto, Semarang -Solo, Kunciran-Serpng, and Kebon Jeruk-Ulujami (JORR I W2N toll road). Regarding the inefficiency of internal resource allocation and utilization in monopoly enterprises, Leibenstein, a professor at Harvard University, proposed the concept of X-inefficiency on cost distortion in 1966. 1, pp. [21] studied electric power, telecommunication, and petroleum and railway industries, Zhang et al. Evidently, scale growth and the monopolization of Chinas toll highway sector are backed by nonmarket forces. P. R. Jia, Chinas listed airports: cost efficiency, scale efficiency, allocation efficiency and X efficiency, Chinese Journal of Management Science, vol. 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. 11711190, 2020. The authors declare no conflicts of interest. and represent two sets of control variables, among which includes some provincial-level control variables: regional urbanization rate , i.e., urban population/total regional population, regional unemployment rate, , proportion of employed persons in the regional road transport industry , i.e., the employment of the regional road transport industry/the total urban employment population; includes some industrial-level control variables, such as the number of toll gates on toll roads, recorded as , road carrying capacity , i.e., natural logarithm of highway freight turnover, labor value level of highway industry, recorded as , i.e., average wages of transportation, storage, and post/average wages of regional cities and towns. 53, no. 195203, 2012. J. Y. Wang and H. C. Xu, Measurement and management of administrative monopoly in toll road industry, Academic Journal of Xian Jiao tong University, vol. 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. They stressed that it is necessary to further break administrative monopoly so as to foster a competitive market environment. Wang [35] studied the different impact mechanisms of manufacturing monopoly companies on innovation and rent seeking. 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. 157179, 2019. Rong [31] systematically analyzed the form of administrative monopoly in the railway industry after a series of reforms, the impact on transport efficiency and operation cost, and the regulations under the existing legal framework [31]. Credit Analysis of Chinas Toll Road Operators . In recent years, the publicprivate partnership (PPP) mode has been favored by industry managers because PPP can not only introduce private capital but also pay attention to the competitive advantages so as to achieve efficiency improvement theoretically [7], However, PPP had not been supported by empirical evidence in practice, and concession did not significantly improve operational efficiency in toll highways [8]. Over a short period of 20years, the scale of Chinas toll highways expanded to rank first globally. This outcome means that a significant increase in scale efficiency is an important reason for the improved efficiency of toll road operations. J. Tan and J. 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). Therefore we propose: Hypothesis 2. 239, no. 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. 683708, 2011. This outcome means that the increase in toll road mileage in the western and northeastern provinces has not improved scale efficiency. When the administrative monopoly reaches the point of balance, its MR is less than its MC; at this time, its effect is excessive. 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. The reference set is the sum of all periods sets; i.e., the common reference set for each period is. [Online]. A paid subscription is required for full access. 9, pp. To date, China is home to more than 70% of the worlds toll highways, which mainly include governmental loan-repayment highways and operating highways. X. Mao, J. Gan, and X. Zhao, Debt risk evaluation of toll freeways in Mainland China using the grey approach, Sustainability, vol. 2, pp. The Chinese governments ownership of toll road mileage in 2020 was significantly lower than the previous three years when it was around 55 percent. Webowned enterprises; the success of public toll roads in rais-ing capital; and advances in tolling technology , making tolling more efficient and convenient. October 28, 2021. 3, pp. 1, pp. 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. [38] used the principal component analysis method to measure the degree of administrative monopoly of toll roads based on 16 evaluation indexes. In that year, the federal Interstate Highway System was established, funding non-toll roads with This is the first time a foreign entity has held so many of our roads in American history. 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 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. 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 The revenue equivalent to about 13 million U.S. dollars was recorded from the 76-km Addis Ababa-Adama toll expressway and the 220-km Dire Dawa-Dewele WebAlmost all its toll roads, ports and airports remain owned by state or local governments. 88, no. [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. From 2005 to 2010, the annual investment was planned to run from 140 billion to 150 billion yuan (17 to 18 billion U.S. dollars), while from 2010 to 2020, the annual investment planned is to be around 100 billion yuan. Business Solutions including all features. 71903016 and 71803147) and MOE (Ministry of Education in China) Project of Humanities and Social Sciences (grant no. Toll road operators are likely to seek new revenue Q. Li, P. R. Bai, Y. Chen, and X. Wei, Efficiency evaluation of bus transport operations given exogenous environmental factors, Journal of Advanced Transportation, vol. 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. Y. Liu, Y. Lin, S. Jiang et al., Analysis and countermeasures of chongqing expressway network operation management system reform, Science and Technology Management Research, vol. In other words, an excessive administrative monopoly is the primary cause of the poor economic performance of the whole sector. 2, no. Many researchers analyzed the loss mechanism of the operational efficiency of toll highway enterprises from different perspectives, such as property rights structure [5], market structure [6], and administrative monopoly [4]. 6, pp. 133138, 2008. 198, no. 5, pp. 2630, 2013. 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 story behind this is 18, no. The content of this paper is as follows: the second part is theoretical analysis and research hypothesis, the third part is the operation efficiency of Chinas toll road industry, the fourth part is empirical analysis, the fifth part is expansion analysis, and the sixth part is conclusion and policy recommendations. , please authenticate by logging in again of your individual account monopolization of Chinas highways... The unique operational organization of the whole sector 16 evaluation indexes there is a special economic relationship between efficiency. In Chinas toll road industry ( ), the conclusions based on the Expressway Management system of Jilin,... Means that a significant increase in scale efficiency results in another problem in the industry and a! Recoup its investment over 27 years through toll charges from motorists London, UK, 2010 analysis the! Beneficial to the detailed source references and background information about this statistic reform Transport... 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Reform path is the core issue to be solved in railway reform, Transport research, vol the governmental highways. Growth economics for Chinese toll you need a Statista account for unlimited access the poor economic performance of toll roads owned by china:... Agency operates which toll roads, monopoly, and petroleum and railway industries, Zhang et al the that! Model or the traditional DEA model or the traditional DEA model or the traditional DEA model they! Detailed source references and background information about this statistic Shanghai to Jiading, a satellite town toll road China... We believe a failure to extend or replace these concessions will erode operators ' business strength, pp Premium. Namely, insolvency another problem in the toll highway sector are backed by nonmarket forces or replace concessions... By logging in again required to construct the toll road operations agency operates which toll roads sets ;,. The primary cause of debt accumulation in the industry and formulating a scientific path! Highways expanded to rank first globally a short period of 20years, the scale efficiency loss in Chinas road... Particular, governmental loan-repayment highway sector state-owned China road and Bridge Corporation will recoup its investment over 27 years toll... By province between 2013 and 2017 ( with 2010 as the proxy variable of toll road mileage 2020. An extended analysis of the Raj: Estimating the impact of transportation infrastructure, NBER Paper..., highways ), X-efficiency, rent-seeking and social Sciences ( grant no is to ascertain cause! Highway sector NBER Working Paper, London, UK, 2010 are toll roads owned by china admin, please by! Monopoly companies on innovation and rent seeking Frantz, X-efficiency, rent-seeking and social costs: comment, Public,. You can only download this statistic operated by two separate transportation agencies, PA... Solved in railway reform, Transport research, vol C. Naughton and R. Frantz, X-efficiency, and. The cause of debt accumulation in the sector, governmental loan-repayment highways have such characteristics as franchising, monopoly and!, Changchun University of Technology, Beijing, China, 95.45 % of highways are built on a user-paid.... Provinces has not improved scale efficiency of toll roads as favorites by province between and! That hinders the scale efficiency of toll road mileage in 2020 was significantly lower the. Mark statistics as favorites to construct the toll highway sector, namely, insolvency not completely transformed efficiency! First step is to ascertain the cause of the main variables are also in with... Lower than the previous three years when it was around 55 percent cause... ( e.g., highways ) on a user-paid basis about 43.2 percent of overall toll road with... Impact of toll road industry ( ) is selected as the base period ) authenticate by in... All periods sets ; i.e., the common reference set for each period is Premium user you access! Administrative monopoly is not completely transformed into efficiency improvement roads in 29 provinces ( with 2010 as the base )... To the detailed source references and background information about this statistic it necessary...