Journal of Korean Society of Transportation (대한교통학회지)

Korean Society of Transportation (대한교통학회)
권호 표지

The Analysis of Efficiency and Productivity in the Korean and Japanese Railways: A Stochastic Cost Frontier Approach

확률적 비용변경 접근법을 이용한 한국과 일본 철도산업의 효율성과 생산성 분석

  • Published : 2007.12.30
Download PDF
⟨ Previous Next ⟩

Abstract

This paper evaluates the effects of privatization and deregulation on the firm-specific efficiency and total factor productivity (TFP) growth in the Korean and Japanese railways. Using a stochastic frontier approach and a generalized translog functional form, the paper specifies the equation system consisting of a multiproduct variable cost function and input share equations which is estimated with Zellner's iterative seemingly unrelated regression and the corrected least squares method. The Korean and Japanese railway firms are assumed to produce three outputs (Shinkansen passenger-kilometers, incumbent railway passenger-kilometers, ton-kilometers of freight) using three input factors (labor, fuel, maintenance and rolling stock). A monetary value of the ways and fixed installations held by the railroad firm is also included as a quasi-fixed input. The empirical results indicate that the average estimate of cost inefficiency is 2.57% for the total sample and on the average, JNR and JR Kyushu are found to be worst efficient while the most efficient railway firm in the sample is JR West. Also the cost efficiency levels of seven JRs have been improved after the reform and privatization of JNR. The findings also indicate that TFP growth of the privately-owned JRs are higher than those of the government-owned KNR and JNR. Three-island JRs and JR Freight have slightly higher TFP growth than Honshu JRs as well. Thus, the results suggest that managerial autonomy and increased competition via deregulation have improved efficiency and TFP growth.

본 연구는 한국과 일본의 철도업체를 노동, 동력, 차량 및 유지보수의 세 가지 생산요소를 투입하여 신칸센 인키로, 일반여객 인키로, 화물톤키로의 세 가지 산출물을 생산하는 기업형태로 상정하여 확률적 변경 접근법을 이용한 일반초월대수 함수형태의 가변비용함수모형을 설정하였다. 이 모형의 독립변수로는 준고정요소인 기반시설의 총 가치와 네트워크효과를 나타내는 궤도연장, 타 업체와의 비용구조 차이를 반영하는 더미변수, 그리고 생산성을 분석하기 위한 시간추세변수가 함께 포함된다. 가변비용함수모형은 철도청에 대한 27개 연도별 자료($1977{\sim}2003$), 일본국철(JNR, Japan National Railways)에 대한 8개 연도별 자료($1977{\sim}1984$), 그리고 7개 일본철도주식회사(JR's, Japan Railways)에 대한 17개 연도별 자료($1987{\sim}2003$)를 결합한 총 154개의 불균형통합자료를 이용해 반복결합일반화최소자승법으로 추정하였다. 확률적 변경 접근법을 이용한 비용 효율성 추정 결과 한국과 일본의 철도업체는 표본평균에서 비용 비효율성이 2.57%로 나타났으며, 비용 효율성은 평균적으로 JR서일본이 가장 높고 JNR과 JR구주가 가장 낮은 것으로 분석되었다. KNR의 경우 $1977{\sim}2003$년까지 평균적인 비용 비효율성은 1.80%이고, 특히 $1996{\sim}2000$년에 비용 비효율성이 4.16%로 가장 컸던 것으로 나타났다. 반면 일본의 경우 민영화 이후 비용 비효율성이 전반적으로 상당히 개선된 것으로 나타났다. 한편 비용 효율성 변화, 기술변화, 규모 효율성 변화 및 배분적 효율성 변화에 기인하는 생산성 변화율을 추정한 결과 전반적으로 정부부처형 공기업인 KNR과 공사체제인 JNR의 생산성은 감소한 반면, 민영업체인 JR's의 생산성은 JR동해를 제외하고 증가한 것으로 나타났다.

Keywords

References

  1. 박진경(2007), '한국과 일본 철도산업의 비용구조와 생산성 분석-철도산업의 구조개편방안 및 민영화방안과 관련하여', 도시계획학 박사학위논문, 서울대학교
  2. 박진경.김성수(2004), '일반초월대수 비용함수모형을 이용한 한국 철도산업의 규모 및 범위의 경제성 분석', 대한교통학회지, 제22권, 제6호, 대한교통학회, pp.159-173
  3. 박진경.김성수(2006a), '톤퀴비스트 지수를 이용한 한국과 일본 철도산업의 총요소생산성 분석', 환경논총, 제4권, pp.77-97
  4. 박진경.김성수(2006b), '한국과 일본 철도산업의 비용구조와 생산성 분석', 대한교통학회지, 제24권, 제2호, 대한교통학회, pp.65-78
  5. 이재훈.정경훈(2004), '우리나라 철도산업의 효율성 분석', 한국교통연구원
  6. 日本国土交通省鐵道局, '각 연도 鐵道統計年報'
  7. 철도청, '각 연도 경영성적보고서'
  8. 철도청, '각 연도 철도통계연보'
  9. 한국은행(2004), '경제통계연보'
  10. 한국철도기술연구원(2004), '일본의 철도투자 확대전략에 관한 조사 분석 연구'
  11. Andrikopoulos, A. A. and J. Loizides(1998), 'Cost Structure and Productivity Growth in European Railway Systems', Applied Economics, Vol. 30, pp.1625-1639 https://doi.org/10.1080/000368498324706
  12. Baltagi, H. B. and J. M. Griffin(1988), 'A General Index of Technical Change', Journal of Political Economy, Vol. 96, pp.20-41 https://doi.org/10.1086/261522
  13. Bitzan, J. D. and T. E. Keeler(2003), 'Productivity Growth and Some of Its Determinants in the Deregulated U.S. Railroad Industry', Southern Economic Journal, Vol. 70, pp.232-252 https://doi.org/10.2307/3648967
  14. Brunker, D.(1992), 'Total Factor Productivity Growth in Australian National Railways-An Application of Shadow Prices', Transportation Research B, Vol. 26, pp.449-459 https://doi.org/10.1016/0191-2615(92)90010-T
  15. Cantos, P.(2001), 'Vertical Relationships for the European Railway Industry', Transport Policy, Vol. 8, pp.77-83 https://doi.org/10.1016/S0967-070X(00)00039-1
  16. Cantos, P. and J. Maudos(2000), 'Efficiency, Technical Change and Productivity in the European Rail Sector: A Stochastic Frontier Approach', International Journal of Transport Economics, Vol. 27, pp.55-76
  17. Cantos, P. and J. Maudos(2001), 'Regulation and Efficiency: The Case of European Railways', Transportation Research A, Vol. 35, pp.459-472 https://doi.org/10.1016/S0965-8564(00)00007-0
  18. Cantos, P., J. M. Pastor and L. Serrano(1999), 'Productivity, Efficiency and Technical Change in the European Railways: A Non-Parametric Approach', Transportation, Vol. 26, pp.337- 357 https://doi.org/10.1023/A:1005127513206
  19. Cantos, P., J. M. Pastor and L. Serrano(2002), 'Cost and Revenue Inefficiencies in the European Railways', International Journal of Transport Economics, Vol. 29, pp.279-308
  20. Caves, D. W., L. R. Christensen, and J. A. Swanson(1981), 'Productivity Growth, Scale Economies, and Capacity Utilization in U.S. Railroads, 1955-1974', American Economic Review, Vol. 71, pp.994-1002
  21. Caves, D. W., L. R. Christensen and M. W. Tretheway(1980), 'Flexible Cost Functions for Multiproduct Firms', Review of Economics and Statistics, Vol. 62, pp.477-481 https://doi.org/10.2307/1927120
  22. Caves, D. W., L. R. Christensen, M. W. Tretheway, and R. J. Windle(1985), 'Network Effects and the Measurement of Returns to Scale and Density for U.S. Railroads', In Daughety, A. F. (Ed.), 'Analytical Studies in Transport Economics', Cambridge University Press
  23. Greene, W. H.(1980), 'On the Estimation of a Flexible Frontier Production Model', Journal of Econometrics, Vol. 13, pp.101-115 https://doi.org/10.1016/0304-4076(80)90045-7
  24. Hensher, D. A., R. Daniels and I. Demellow(1995), 'A Comparative Assessment of the Productivity of Australia's Public Rail Systems 1971/72-1991/92', Journal of Productivity Analysis, Vol. 6, pp.201-223 https://doi.org/10.1007/BF01076976
  25. Ivaldi, M. and G. J. McCullough(2001), 'Density and Integration Effects on Class I U.S. Freight Railroads', Journal of Regulatory Economics, Vol. 19, pp.161-182 https://doi.org/10.1023/A:1011149324027
  26. Kim, H. Y.(1987), 'Economies of Scale and Scope in Multiproduct Firms: Evidence from US Railroads', Applied Economics, Vol. 19, pp.733-741 https://doi.org/10.1080/00036848700000105
  27. Kumbhakar, S. C.(1988), 'On the Estimation of Technical and Allocative Inefficiency Using Stochastic Frontier Functions: The Case of U.S. Class I Railroads', International Economic Review, Vol. 29, pp.727-743 https://doi.org/10.2307/2526830
  28. Kumbhakar, S. C.(1991), 'The Measurement and Decomposition of Cost -Inefficiency: The Translog Cost System', Oxford Economic Papers, Vol. 43. pp.667-683 https://doi.org/10.1093/oxfordjournals.oep.a042023
  29. Laurin, C. and Y. Bozec(2001), 'Privatization and Productivity Improvement: The Case of Canadian National', Transportation Research E, Vol. 37, pp.355-374 https://doi.org/10.1016/S1366-5545(01)00003-5
  30. Loizides, J. and E. G. Tsionas(2002), 'Productivity Growth in European Railways: A New Approach', Transportation Research Part A, Vol. 36, pp.633- 644 https://doi.org/10.1016/S0965-8564(01)00027-1
  31. Oum, T. H., and C. Yu(1994), 'Economic Efficiency of Railways and Implications for Public Policy: A Comparative Study of the OECD Countries' Railways', Journal of Transport Economics and Policy, Vol. 28, pp.121-138
  32. Oum, T. H. and Y. Zhang(1991), 'Utilization of Quasi-Fixed Inputs and Estimation of Cost Functions', Journal of Transport Economics and Policy, Vol. 25, pp.121-134
  33. Pulley, L. B. and Y. M. Braunstein(1992), 'A Composite Cost Structure for Multiproduct Firms with an Application to Economies of Scope in Banking', Review of Economics and Statistics, Vol. 74, pp.221-230 https://doi.org/10.2307/2109653
  34. Schmidt, P. and C. A. K. Lovell(1979), 'Estimating Technical and Allocative Inefficiency Relative to Stochastic Production and Cost Frontiers', Journal of Econometrics, Vol. 9, pp.343-366 https://doi.org/10.1016/0304-4076(79)90078-2
  35. Sloboda, B. W.(2004), 'Performance Measurement of U.S. Class I Railroads, 1980-2001', International Journal of Transport Economics, Vol. 31, pp.229-246
  36. Smith, A. S. J.(2006), 'Are Britain's Railways Costing Too Much? Perspectives Based on TFP Comparisons with British Rail 1963-2002', Journal of Transport Economics and Policy, Vol. 40, pp.1-44
  37. Tretheway, M. W., W. G. Waters II, and A. K. Andy(1997), 'The Total Factor Productivity of the Canadian Railways, 1956-91', Journal of Transport Economics and Policy, Vol. 31, pp.93-113
  38. Wang, S. E. and C. H. Liao(2006), 'Cost Structure and Productivity Growth of the Taiwan Railway', Transportation Research E, Vol. 42, pp.317-339 https://doi.org/10.1016/j.tre.2004.12.002