This paper considers multiple perspectives to explore the concept of high-speed railway (HSR), rationally abstract its value formation mechanism, and quantitatively measure its actual performance. This paper analyzes the governance potential of major countries in the high-speed railway value chain and studies the feasible ways and development strategies to enhance the high-speed railway governance in China. Findings of this paper are as follows. First, the government, as the early manager of high-speed railway governance, has given way to Siemens and other integrated enterprises. Second, the high-speed railway standard output has become the core competitiveness that embodies high-speed railway. Third, the global high-speed railway market presents a hierarchical high-speed railway governance model and changes to a modular approach to governance.
In addition to reflecting the values of the people, the fundamental purpose of this theory is to reveal the most essential laws of the operation of the capitalist economy, analyze the inherent contradictions of capitalism, and explain the inevitable causes of capitalism
This theory aims to study the efficient rather than fair allocation of resources and improvement of the welfare of the participants in the market rather than discussing class antagonism. The theory is exploited by the bourgeoisie and becomes a defense tool for them because the theory itself avoids a few of the problems
This theory aims to restore the theoretical study of labor theory of value based on the criticism of marginal analysis method
Essence of value
The value reflects indiscriminate human labor that condenses in the commodity. The two goods can be exchanged with each other because they have the same social labor time necessary
The value of the commodity is simultaneously determined by supply and demand. The value considers not only the power of demand but also the extent of the scarcity of goods and other factors
The value reflects the proportional relationship between a commodity and another commodity exchange when the economy is balanced, and this ratio is determined by technology, labor, and capital. However, labor is not an indispensable factor
Relationship between value and price
Value and price are two different concepts. Value is the basis of price, while price is the form of value. Value determines the price, and price fluctuates around the value
Value is equal to price
Quantitative form of value
Social labor time necessary is the measure of value quantification considering the supply and demand factors.
Marshall first finds the supply and demand according to a few necessary conditions and then directly analyzes the value of the decision.
The amount of value is determined by a series of simultaneous input-output equations. The left side of the equation is the input and the right side is the output. The power of demand is not considered.
Tab.1
Fig.1
Process
Elements
Status
Creation process
Labor
Source
Technology, capital, and other elements
Necessary condition
Manifestations
Time and space value
Cornerstone
Value of communication
Conversion hub
Employment value, ecological value, and other value forms
Essential demand
Tab.2
Corporate value chain
“Fragment” value chain
Global commodity chain
Global value chain
Characteristic
Porter first analyzed the links between the basic and ancillary activities of a single company and later extended to the company
Kaput analyzes the “fragmented” production network, thereby resulting in a global distribution of value across regions
To the product-centric global production organization system research
A study of value added and value chain coordination by global production organizations connected by products or services
Tab.3
Fig.2
Fig.3
Fig.4
Fig.5
First level indicators
Second level indicators
Explanation of indicators
Condition of assets
Total assets
Absolute size of the enterprise
Asset-liability ratio
Reflect the corporate liability situation
Market performance
Sales revenue in the railway sector
Reflect the power of market competence
Per capita sales revenue
Reflect the income level
Market distribution
Reflect the global allocation of HSR
Market demand
New adding order amount
Reflect the condition of future market
Human resource input
Amount of staff
Reflect the total workers of railway industry
Profitability
Net profits
Reflect the profitability
Profits of per capita
Equal to total profit/worker number
Technique
Intangible assets
Reflect the patent, intellectual property can be standardized
Intangible assets ratio
Intangible assets / total assets
Number of patents that can be retrieved
Reflect the development level of governance standards
R&D
R&D input
Reflect the capability to occupy the upper reaches of the value chain
R&D investment intensity
R&D investment/sales
Internationalization
Output country/region
Reflect its standard output
Number of overseas institutions
Foreign branch, the number of R&D institutions
External benefit
Government subsidies
Reflect the high-speed railway enterprises to capture the external rent from the government
Tab.4
Siemens
Alstom
KHI
CRRC
1.42778
- 0.3728
- 0.89215
- 0.16283
- 0.40217
1.18215
0.36387
- 1.14385
1.43304
- 0.6866
- 0.6866
- 0.05985
- 0.37484
- 0.36388
- 0.73839
1.47711
0.6065
0.72067
0.1213
- 1.44847
0.50764
0.55754
- 1.49803
0.43285
0.48107
0.58797
- 1.49666
0.42762
- 0.472
- 0.39494
1.49306
- 0.62612
- 0.55487
- 0.63359
1.4843
- 0.29584
1.25268
- 0.12865
- 1.18752
0.06349
0.23836
1.1021
- 1.31449
- 0.02596
1.45323
- 0.48583
- 0.78713
- 0.18027
1.37334
- 0.04571
- 1.00334
- 0.32429
0.38476
- 0.70186
- 0.91595
1.23304
1.4921
- 0.35262
- 0.56351
- 0.57598
1.42257
- 0.81076
- 0.56261
- 0.0492
1.34073
0.0398
- 1.04235
- 0.33818
Tab.5
KMO measure
Bartlett test
Approximate chi-square
Df
Sig.
0.677
320.175
23
0.000
Tab.6
Initial
Extract
VAR00001
1.000
0.992
VAR00002
1.000
0.844
VAR00003
1.000
0.998
VAR00007
1.000
0.997
VAR00008
1.000
0.957
VAR00009
1.000
0.999
VAR00010
1.000
0.9380
VAR00015
1.000
0.900
VAR00016
1.000
0.994
VAR00017
1.000
0.924
Tab.7
Initial eigenvalues
Extraction sums of squared loadings
Amount to
PC
CPV
Amount to
PC
CPV
7.120
71.202
71.202
7.120
71.202
71.202
1.885
18.847
90.049
1.885
18.847
90.049
0.995
6.951
97.000
0.187
0.921
97.921
0.162
0.914
98.835
0.081
0.623
99.457
0.046
0.455
100.000
Tab.8
Indicator
W1
W2
W3
W4
W5
W6
Weight
6.93%
4.12%
6.37%
3.42%
3.31%
6.28%
Indicator
W7
W8
W9
W10
W11
W12
Weight
6.18%
6.48%
6.25%
7.47%
4.70%
6.69%
Indicator
W13
W14
W15
W16
W17
Weight
7.08%
5.52%
6.14%
5.94%
7.09%
Tab.9
Fig.6
Fig.7
Fig.8
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