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. [11] and Wei et al. Z. Dan, Research on the Reform of Comprehensive Transportation Management System in Shaanxi Province, Changan University, Beijing, China, 2018. Meanwhile, its earnings are set to nearly double to HK$502 million in FY2012 from HK$261 million in FY2010, according to Yongs forecasts. Again, in a decentralized system this should be a decision made at Provincial levels though central government can assist through a supportive policy framework, requisite delegation of powers and technical guidance and standards. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. The estimated coefficient is positive but not statistically significant. Today, local government debt incurred from the investment in infrastructure (e.g., toll highways) has received increasing attention, as it will bring about hidden trouble for local governments. Are you interested in testing our corporate solutions? Use of tolling to help pay for Expressways is being increasingly adopted in countries whose highway capital and operating expenditure requirements outstrip public resources to pay for them. Descriptive statistics of the main variables. 2, pp. 47, no. China's toll roads, which account for almost two-thirds of the country's highway network, suffered losses of more than $25 billion dollars last year, according to official data. Is There Value in Asia High Yield Bonds at Nearly 13% Yield to Maturity? 21, no. 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 user-pays principle recognizes that those responsible for the expenditure of scarce resources should bear at least part of the costs they impose; if not, there will be a tendency to over-utilization and hence over-provision The second principle, of competitive neutrality, argues that making the use of the trunk road network free will create a distorted traffic allocation away from railways to roads. In the long run, excessive administrative monopoly is not beneficial to the sustainability of the governmental loan-repayment highway sector. Moreover, a Province could also consider transforming its tolling system to a vignette system, which is an access payment system for the whole Provincial toll road system, such as is used in countries like Austria and Switzerland. Road tolling is a productive and beneficial policy and should be retained. 308, no. [14], Yang et al. 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. M. Amorim, A. Lobo, and A. Couto, Tolling motorways in the time of economic downturn: the case of Portugal, Transport, vol. 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. H. Y. Lu and Y. Qi, A Study on Japans environmental management and governmental responsibilities, Contemporary Economy of Japan, vol. In addition, maintaining adequate road user charges can also help fund the road safety programs on which China is putting increasing emphasis. We are also considering a share placement, which is why we are doing this road show. [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. 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. But strangely, this profitable monopoly industry reports huge losses year after year. Tolls are justified even after loan is repaid. In China, the rapid development of toll highways is powerfully impelled by the administrative forces of governments. 125132, 2017. The amount of Expressway toll charged therefore affects the traffic level on both roads. F. H. Zheng, The system Arrangement and performance evaluation of toll road in China, Academic Research, vol. In recent studies, the estimated administrative monopoly degree of toll road industry is about 88.64% [47] or 81.8% [37], and the rent dissipation degree of government loan-repayment highways caused by administrative monopoly is about 63.5% [48]. There is no commonly accepted economic definition of a social good but the term is generally used to refer to goods that have high social benefits and are often provided by the public sector from general revenue free of charge or at minimal cost (such as, in many countries, basic health care and primary education). 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]. Built in the 1 790s in the growing Republic, the first toll roads stimulated commerce, settlement, and population. Distribution of toll road mileage in China from 2017 to 2020, by ownership [Graph]. 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. Excessive administrative monopoly is the reason that the increase of scale cannot improve the efficiency of the toll road industry. Much like other toll-road operators, the key attraction of CMHPs stock is its potentially high dividend payouts. TUSCALOOSA - Unbeknownst to many Alabama motorists, the state has four toll roads found in Montgomery, Orange Beach, Wetumpka and Tuscaloosa. In China, there is a special economic relationship between the central government and the local governments. 173, no. J. T. Pastor and C. A. K. Lovell, A global malmquist productivity index, Economics Letters, vol. 22, no. 146154, 2019. Last year, Yongtaiwen reported earnings of RMB430 million. 315, no. To test Hypothesis 2, the influence of administrative monopoly on toll road operating efficiency, we introduce an intersection term () of administrative monopoly () and toll road scale () into equation (5), obtaining the following model: The strength of administrative monopoly is defined at both provincial and sector levels. Under a properly regulated regime that would protect public interests against pricing abuses or under-maintenance of assets, such a policy could exploit the value of such roads in the form of current public capital, available to extend the network. 333, no. But strangely, this profitable monopoly industry reports huge losses year after year. 1, pp. More innovative financing methods accessing private investment may be sought, though is not a full solution for funding Expressways where there is lower traffic density and/or more costly terrain, where financial returns may be lower and more risky. Its headquarters are in Houston. Facing public pressure, Sun Yonghong, the deputy director of the Ministry of Transportations Roads Bureau, explained in an interview with Caijing that 80 percent of toll roads income went to pay principal and interest on loan debts. 19YJA790097). JTSE operates 11.57 km length toll road connected to the toll roads operate by BMN, from the Tallo bridge to the Mandai Makassar intersection and providing direct access to the Sultan Hasanuddin International Airport. About Us. Roads and bridges built by U.S. taxpayers are starting to be sold off, and so far foreign-owned companies are doing the buying. 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. Data are available upon request to the corresponding author. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Use. Provincial governments finance most road construction through debt, which is to be repaid by tolls. Hypothesis 2 is corroborated from the perspective of the sector structure. This work was supported by National Natural Science Foundation of China (grant nos. Starting July 1, 2019, drivers with prepaid FasTrak accounts with The Toll Roads who spend $40 in tolls on The Toll Roads (State Routes 73, 133, 241 and 261) during a statement period receive $1 off every toll accumulated on The Toll Roads the following statement period. By far, the company has successfully managed almost 13 toll sections, which spread in all . "Distribution of toll road mileage in China from 2017 to 2020, by ownership." According to traditional economic theories, governmental monopoly of infrastructure can effectively reduce marginal costs and improve economic performance. Besides fuel taxes and toll, Chinese drivers pay many fines that cannot be tracked. Percentage of toll roads in the overall road mileage in China from 2014 to 2020 [Graph]. 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. L. Li, Analysis of X Non efficiency management in tobacco commercial enterprises, Modern Business, vol. Ministry of Transport of China. The single property right structure under the control of the state-owned government repayment roads severely constrains the resource allocation role of the market mechanism and provides objective conditions for the formation of an excessive administrative monopoly. Average operating efficiency and index decomposition of toll roads in 29 provinces (with 2010 as the base period). Financing Expressways is currently the policy priority. My post yesterday on Governor DeSantis and his toll rebate program has caused more confusion than intended. The World Today - High road toll in China Transcript This is a transcript from The World Today. According to Jiang, the highway could boost the companys annual cash flow to some RMB500 million, which he believes will enable it to service its debts, gradually repay its bank borrowings and continue paying decent dividends. 39, no. Chinese Jet Buzzed Air Force Plane From Just 20 Feet Away, US Says. S. F. Bi, A review of economic efficiency theory, Economic Review, vol. Before the administrative monopoly reaches the point of balance, its MR is greater than its MC. 1, pp. Japan went through similar process in developing its toll road system [See Box]. The influence mechanism of administrative monopoly and economic performance is mainly based on X-inefficiency theory. 1623, 2019. Social costs incurred by the administrative monopoly include external efficiency loss (Harberger Triangle), internal efficiency loss (Leibenstein Quadrilateral), and rent dissipation (Tullock Rectangle) [46]. Statista. A. As soon as this statistic is updated, you will immediately be notified via e-mail. The Toll Roads are owned by the state of California and operated by The Transportation Corridor Agencies (TCA). In the field of toll highways, a wide range of studies on administrative monopoly and economic performance mainly focuses on the form of administrative monopoly in the toll highway industry and the influence mechanism of administrative monopoly on performance. by Adeline Leong January 18, 2023 For illustration purposes Subscribe to our Telegram channel for the latest stories and updates. With further decomposition of EC, the Scale Efficiency Change Index (SEC) is 1.0460 while the Pure Technical Efficiency Change Index (PTEC) is only 1.1638. Details of financial statement are still not open to the public. R. Faer, S. Grosskopf, and R. Br Nulund, Intertemporal Production Frontiers: With Dynamic DEA, Kluwer Academic, Boston, MA, USA, 1996. October 28, 2021. 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]. 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. Now, it is negotiating to divest the Yuyao toll road, which is in Zhejiang province. Again, government regulations and policies could be a key stumbling block here. Yong of DBS Vickers has a Buy rating on the stock, with a price target of $1.02. The Harris County Toll Road Authority ( HCTRA, pronounced "Hectra") maintains and operates a 103-mile (165.8 km) toll road system in the Houston / Harris County area. In addition, a large amount of all kinds of fines are privately collected. But most other infrastructure networks also have high social benefits, such as the railway networks, pipeline networks, power grids, water, broadcasting and broadband networks. Earlier this month, in a triumph for Gov. Compared with developed countries, Chinas logistics costs overall are much higher. Conversely, the more essential the goods are to the poor, the greater the proportion of transport costs becomes, and the greater the burden to the public. The academic literature widely accepts that highway infrastructure can promote regional economic development. The classic DEA model cannot process cross-sectional data. Hypothesis 2 is further verified from the perspective of industrial property structure. statistic alerts) please log in with your personal account. Topic: Most Popular FAQs. Hence, the debt risk is emerging. J. Tan and J. 88, no. Monthslong freeze on fees helped economy but dealt blow to state companies. 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. The sign and significance level of the core explanatory variables and the main control variables have not changed significantly, which means that the conclusion is stable and credible from the perspective of industry structure. Whatever the case, toll-road operators like CMHP are careful not to base their investment decisions on the prospect of high toll rates. However, beginning with the Jingshen Expressway, tolls are gradually being networked. 34, pp. 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. And finally, how much has been the annual collection of various tolls across the country over the years? Overall, there is an increase in Chinas toll road operating efficiency (M) between 2010 and 2017. Similarly, a Province faced with a range of poorly and better performing Expressway companies could undertake such rebalancing and even use any net surplus revenues for system extensions in that Province. Your feedback is very helpful to us as we work to improve the site functionality on worldbank.org. The unique management system of toll highways produces the market structure and property rights structure with Chinese characteristics. 711, 2000. Imbalances may be adjusted to better serve the long-term program. TII can charge and collect tolls from vehicles under the Roads Act 1993. Yong is also confident that CMHPs high dividend yield of 8%, based on a projected distribution of five cents a share for the full year, would tempt more investors to buy more of the stock. B. Zhang, L. Zhang, J. Wu, and S. Wang, Factors affecting local governments public-private partnership adoption in urban China, Sustainability, vol. 3342, 2010. J. K. Wang, P. R. Bai, and H. C. Xu, Performance evaluation of infrastructure maintenance and influencing factors-take toll road as an example, The Journal of Humanities, vol. T. Li, Study on the Expressway Management System of Jilin Province, Changchun University of Technology, Beijing, China, 2017. Hence, this study examines the relationship between economic performance, administrative monopoly, and scale efficiency with respect to toll highways, and explores how the administrative monopoly with Chinese characteristics affects the transformation of toll highways from scale to efficiency. 2, no. Industry-level control variables: toll road management expense , toll road maintenance expense , and toll road toll station number .The proxy variable for administrative monopoly is the ratio of the scale of governmental loan-repayment toll highways to the total scale of toll highways, and the ratio of cumulative capital funds for the construction of governmental loan-payment toll highways to the total investment of the toll highway sector; thus, the intersection terms are recorded as and, respectively, in Table 9. But Jiang first needs to get investors sufficiently interested to drive shares in CMHP high enough for its controlling shareholder to back a placement of new shares. Jiang says he is currently negotiating for five or six project and is hoping to acquire one or two more toll roads next year. Hence, the finalized multilevel operation management system comprises the group company or highway authority, branch office or management office, toll management stations, and toll stations or overload control stations. Delaware There are three toll roads in Delaware: John F. Kennedy Memorial Highway (Delaware Turnpike) Korean War Veterans Memorial Highway U.S. Route 301 (US 301) Who Owns Delaware Toll Roads Please create an employee account to be able to mark statistics as favorites. 895947, 1997. Therefore, we believe Hypothesis 1 is verified and robust. Meanwhile, PT Jasa Marga Tbk (JSMR) also released 20% shares in three segments, namely Batang - Semarang, Solo - Ngawi, and Ngawi - Kertosono, to RDPT last year. Thank you for participating in this survey! At the sector level, two proxy variables are used. The best-known of these are the public-private partnership (P3) leases of the Chicago Skyway and the Indiana Toll Road. that 80 percent of toll roads income went to pay principal and interest on loan debts. Use of a common tolling system by Provinces may also have some advantages, and cost-effective to administer. 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. In conjunction with this, and to ease the load of travel costs, Prime Minister Datuk Seri Anwar Ibrahim announced toll exemptions for all vehicles from 20 to 21 January. Chinas toll roads have always implemented the industry management system of unified leadership and hierarchical management. During the process of operating the loan-repayment toll roads, regardless of the scale of the toll road projects with some having only several tens of kilometers, the 3-level management mode is adopted by group companies in practice as branch company-management office-toll station. By the time of his death in 1958 at the age of 95, Albert was . What happens if you don't pay? Many of these infrastructure networks are also provided in China and elsewhere by the public sector but it is not presumed that users should not pay for using these networks. 3, pp. [18]; (3)The mainstream studies concentrated on the theoretical exploration and empirical measurement of the mechanism of X-inefficiency and degree of efficiency loss. As a typical institutional feature of China, administrative monopoly plays a decisive role in the operation of toll highways [11]. Almost all Expressways are toll roads and located close to an existing parallel highway which may be free, or subject to a lower toll. 4, pp. Subsequently, China underwent miraculous economic growth, during which the rapid development of highway infrastructure played a pioneering role. 6, pp. 114, pp. 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. No Tolls On 20 And 21 January For Chinese New Year, Says PM After talks with toll concession companies, toll charges will be lifted for two days in conjunction with Chinese New Year celebrations. More and more scholars realize that the root of improving the operational efficiency of infrastructure lies with the institution [10]. As a Premium user you get access to background information and details about the release of this statistic. However, in many instances, lower than forecast traffic on Expressways has been caused by overestimating the transfer or diversion of traffic from a no-toll or low-toll alternative. J. Rosell and A. Saz-Carranza, Determinants of public-private partnership policies, Public Management Review, vol. 134142, 2003. 2020, Article ID 8899782, 11 pages, 2020. Finally, this study conducts an extended analysis of the relationship between operational efficiency and debt in the toll highway sector. Monopoly and economic performance is mainly based on X-inefficiency theory the Yuyao road..., during which the rapid development of toll highways produces the market structure and property rights with... And updates Albert was Japan, vol economic efficiency theory, economic Review, vol is negotiating. Dividend payouts China underwent miraculous economic growth, during which the rapid development toll... Serve the long-term program 20 Feet Away, US Says considering a share placement which. 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