Research On Performance Evaluation Of Urban Rail Transit Enterprises Based On Vertical Integration Theory Taking Shanghai And Hong Kong As Examples

It is well known that urban rail transit belongs to quasi-public goods.At present,it mainly relies on government financial subsidies to support construction and operation at home.For most of the China's urban rail transit enterprises,their business income mainly comes from ticket revenue,also internal revenue such as advertising and retail sales along rail transit lines and stations.But external revenue such as value-added premium of land and property along the lines has not given feedback to the construction and operation of urban rail transit,which has caused a sustained financial burden to the government after the operation of urban rail transit,and it's not conducive to the sustainable development of enterprises themselves.In addition to the shortages of powerful“self-hematopoietic”function,the development of urban rail transit in China is also restricted by the"uncooperative work"of the leading departments under the current system,and the construction mode of"line following people"has led to its development lagging far behind the actual demand.All of these make it so difficult for urban rail transit stations and lines to effectively connect with the surrounding urban space.It's also hard to realize TOD development model centered on urban rail transit stations,and to play the role of urban rail transit in relieving urban functions,optimizing the overall layout of urban cities and coordinating economic development.If we want to change the disadvantageous situation mentioned above,the vertical integration of urban rail transit enterprises is an effective way.In recent years,urban rail transit enterprises in China's metropolitan area have gradually shown the trend of collectivization(i.e.the result of vertical integration of enterprises).So how to carry out vertical integration scientifically and effectively to help urban rail transit enterprises achieve the goal of providing satisfactory transport services to the public and strengthening their hematopoietic function?Its performance evaluation is the solution.The urban rail transit enterprises in the metropolitan area of the mainland of China are beginning to show the trend of collectivization and integration,which makes the traditional performance evaluation system of private enterprises or public welfare enterprises unable to fully reflect the economic characteristics of the urban rail transit industry,nor to measure the characteristics of the vertical integration of enterprises that can take into account both social and financial benefits.Therefore,this paper trys to innovate and explore the performance evaluation system suitable for vertical integration of urban rail transit enterprises.Firstly,based on the theory and practice,this paper analyses the theory of vertical integration,points out the reasons for the phenomenon of integration in current urban rail transit enterprises,and further analyses the question of "who will lead the process of vertical integration”from the perspective of asset specificity.At the same time,this paper uses the relevant theory of enterprise performance to analyze the inherent logical relationship between performance evaluation indicators,and explains the rationality of the performance evaluation system in the following five aspects:social benefits,finance,customers,business processes,learning and growth by using BSC.Secondly,through the analysis of the comprehensive performance of Hong Kong Metro Group and Shanghai Shentong Metro Group in their business activities,this paper summarizes their performance in social benefits,finance,customers,business processes,learning and growth aspects,and innovatively puts forward the criteria for judging the vertical integration stage of rail transit enterprises.Then,this paper studies the differences in enterprise performance between the two groups based on the difference in the degree of vertical integration.Finally,according to the combination of vertical integration and the characteristics of urban rail transit industry,this paper constructs an appropriate enterprise performance evaluation system by using the analytic hierarchy process(AHP).Taking Hong Kong and Shanghai for examples,this paper makes an empirical study on the relationship between the performance and vertical integration of urban rail transit enterprises in China's metropolitan area by using expert scoring method and fuzzy comprehensive analysis method.The performance differences between the two urban rail transit enterprises are divided into the differences in the performance of relevant indicators.The results show that within a certain range,the higher the degree of vertical integration of enterprises,the better their business performance.At the same time,the management mode and control intensity of the property,and the development mode of the land along the rail transit line and around the station,have a significant impact on the performance of urban rail transit enterprises with vertical integration.Based on this,the paper puts forward some suggestions on how to accurately construct the performance evaluation system and how to promote the vertical integration of urban rail transit enterprises.