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1、0外文翻譯原文ChineseRailwaysCurrentSourcesofInefficiencyMaterialSource:ChineseRailwaysRefmEfficiencyImprovementOpptunitiesAuth:KairinLugerThischapterwillfirstpresentsomehypothesesonthemaininefficienciesinChineseRailwaysoperati
2、onsderivedfromthekeyperfmanceindicatsintroduced.Indertoeaseapplicationtheinefficiencieswillbegroupedaccdingtothebusinessfieldsholdingfreightinfrastructure.InefficienciesShownbyKeyPerfmanceIndicats.TheKPIshavebeensurveyed
3、f11countries15railwaycompaniesplustheUKsroughly25privatepassengertrainoperatingcompaniesitsfourlargestprivaterailfreightoperats.Methan70percentoftherailwaycompaniesinthesamplearestateowned(withoutUK).Overalltheanalysisdo
4、esnotshowacrelationbetweenstateprivateownershipbusinessperfmanceinotherwdsthewidespreadassumptionthatstateownedcompaniesarefinancialunderperfmerscannotbeconfirmedftherailwaysample.ChineseRailwaysfinancialsshowmixedresult
5、s:theyhavethehighestrevenuegrowthover2003(21percent)alsobyfarthehighestEBITgrowth(methan160percentover2003).AcomparisonofEBITmarginshoweverrevealsaprofitabilityproblem:ChineseRailwayshaveanEBITmarginoflessthan3percentwhi
6、chisthelowestofthebenchmarksample(thebenchmarkaverageisalmost11percent)onlytheseventhhighestoftheentiresample.Thereasonscanbemanifold:lowamountofperfmedtransptkilometerslowpricesfpassengerfreightservicesahighcostbasetona
7、mejustafew.Howeverthefinancialsalsorevealapositivefact:ChineseRailwayshavethesecondhighestgrossinvestment(aftertheUSClass1railroads)indicatingthatthemeplansfwkupgradeexpansioninanattempttoenabletherailwayffuturegrowth.Ch
8、ineseRailwayscarrybyfarthelargestamountoffreight(measuredintons)havealsoseenthesecondhighestrightgrowthrate(9percent).MethantwothirdsofthefreightvolumetransptedbyallthebenchmarkrailwaystravelonChineseRailwaystrack.Despit
9、eoftheseastoundingvolumesgrowthratesrevenuesinboththepassengerfreightbusinessaresubstard.If2rollingstocknumbersintoaccountitcanbenotedthatinChinaoneofthelargestfleetoflocomotiveswagonstravelsononeoftheleastdensewksmoving
10、thewldwidelargestamountoffreight(abycomparisonmediumamountofpassengers).Alookatassetproductivityshouldprovidefurtherinsightsonwhetherthistranspttaskisperfmedefficiently:passengerwagonstrackinfrastructurearethehighestutil
11、izedoftheentiresamplefreightwagonsarethesecondhighestutilizedonlysurpassedbytheexclusivelyfreightdedicatedUSClassonerailroads.Thelocomotiveutilizationlagsbehindranksfourthintheentiresampleahinttowardstheearlierhypothesis
12、thatChineseRailwaysoperatelongtrainswithmanywagonsratherthanshtertrainsrunningathigherfrequency.ItisdebatablewhichrolethisfindingplayswithregardtotheseverecapacityshtagesthatareconstantlyobservedinChineseRailways:isthewk
13、justtoosmallIstheamountofpassengerfreightwagonsinsufficientCouldtheutilizationespeciallyoffreightwagonsbeevenhigherifthereweremewkkilometerstooperatethemonTheUSClassonerailroadsfinstancehaveamuchhigherutilizationoffreigh
14、twagonsbuthaveawkattheirdisposalwhichistwoahalftimeslargerthanChineseRailways(sotheUShavethehighestroutedensitybyterrityoftheentiresample).Regardlessofwhethernotmereexpansionofthewkwouldbeawaytoease.ChineseRailwaysbottle
15、necksitcanbenotedherethattheinsufficientcapacityofthewktherollingstockseemtobemeseverethanpoutilizationoftheseassets.FinallyitshouldbediscussedwhichrolethewkfceplaysinoperatingmanagingChineseRailwaysassets.ChineseRailway
16、shavethesecondhighestnumberofemployeesoftheentiresamplebehindIndianRailwayswhichisknowntobethewldslargestcommercialemployer(Lister2004).BothindicatsfChineseRailwayspersonnelproductivityarerelativelylow.Employeeproductivi
17、tyranksfifthovertheentiresamplebutisthethirdhighestincomparisonwiththebenchmarkrailways.Itcouldindicateacommitmenttosocialobligationsratherthanastringentprofitientatione.g.byrunningunprofitablelocallinesinsteadofcommitti
18、ngallefftstothevolumeintensivefreighttranspt.Therelativelylowlabproductivityhintsatahighamountoffreighttranspted(freightkilometersaremelabintensivetoproducethanpassengerkilometers)attheabovementionedpolicyofpreferringlon
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