Value and governance of high-speed railway

doi:10.15302/J-FEM-2017054

Front. Eng

2017, Vol. 4

Issue (4) : 463-482 https://doi.org/10.15302/J-FEM-2017054

RESEARCH ARTICLE

Value and governance of high-speed railway

Xiaoyan LIN(

), Zehua ZHANG, Meng WANG

School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China

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Abstract

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.

Keywords high-speed railway value communication value high-speed railway value governance governance path upgrade

Corresponding Author(s): Xiaoyan LIN

Just Accepted Date: 09 October 2017 Online First Date: 07 November 2017 Issue Date: 14 December 2017

Cite this article:

Xiaoyan LIN,Zehua ZHANG,Meng WANG. Value and governance of high-speed railway[J]. Front. Eng, 2017, 4(4): 463-482.

URL:

https://academic.hep.com.cn/fem/EN/10.15302/J-FEM-2017054
https://academic.hep.com.cn/fem/EN/Y2017/V4/I4/463

Compare items	Labor theory of value	Neoclassical theory of value	Sraffa’s theory of value
Representative person	David Ricardo, Karl Heinrich Marx	Marshall	Piero Sraffa
Research purposes	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 Summary of the three major theoretical characteristics of the value

Fig.1 High-speed railway value formation mechanism

Tab.2 Status of key factors in value creation

Tab.3 Development characteristics of value chain theory

Fig.2 Composition of rents on the value chain

Fig.3 Rent distribution on high-speed value chain

Fig.4 High-speed railway value chain governance

Fig.5 High-speed railway value chain management system

Tab.4 Performance evaluation indicator system on HSR value chain governance

Tab.5 Standardized value of HSR value chain governance indicator system

Tab.6 Spherical degree test of KMO and Bartlett

Tab.7 Common Factor Variance

Tab.8 Interpretation of total variance

Tab.9 Weight of secondary indicators

Fig.6 Rank of governance performance for major high-speed railway manufacturers

Fig.7 Indicator radar map

Fig.8 Updated governance path of China’s HSR value chain

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