Analysis of the Cost-effectiveness and Ways of Improving the Profits of Beijing Public Transit Corporation
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1 Organisation for Economic Co-operation and Development Development Research Centre of the State Council of the PRC Asian Development Bank CORPORATE GOVERNANCE OF STATE- OWNED ENTERPRISES IN CHINA Analysis of the Cost-effectiveness and Ways of Improving the Profits of Beijing Public Transit Corporation Zhi Jun Deputy General Manager & Chief Accountant Beijing Municipal Public Transit Corporation BEIJING, JANUARY 2000
2 Ladies and Gentlemen: I would like to give a speech on Beijing Public Transportation Corporation's cost-effectiveness and ways of improving the profits on behalf of Mr. Zheng Shusen, general manager our corporation. I. Introduction of the Corporation Beijing Public Transportation Corporation is a big state-owned enterprise mainly responsible for the management of ground passenger transportation across the city. With the approval of the municipal government, it will soon be reformed into Beijing Public Transportation Group Ltd., a big public transportation group with 12 branches in the fields of operation, maintenance and equipment as core enterprises, 7 completely owned affiliated companies, 4 affiliated companies with controlling shares, 4 legal entities of enterprises and institutions and 4 share-holding enterprises (refer to the chart). It operates in the fields of passenger transportation, vehicle maintenance, real estate development, public transportation advertisement, equipment sales, communication, vehicle rent, commerce and trade, estate management, employee training and public transportation research. It currently owns 14,694 operation vehicles, including buses and trolleys, taxis, long-distance buses, mini-buses, sight-seeing buses, double-deckers, air-conditioned buses. The total asset of the corporation is billion and the total number of the employees is 69,145. Beijing Public Transportation Corporation is responsible for the asset management, operation and management of the corporation. It formulates the strategies and plans of the corporation's development, designs the network of public transportation, drafts and implements the opening, adjustment and extension of routes, makes decisions on important investments, the change of ownership, investment profits and the appointment and dismissal of managers of the affiliated enterprises and entities, conducts evaluation, auditing, supervision and financial control over the affiliated enterprises and undertakes the responsibility of keeping and adding the value of state-owned asset. Buses and trolleys are the core of Beijing Public Transportation Corporation and the main part of the operation of the Corporation. It is also the main player in Beijing passenger transportation market and occupies 73% of the total volume of annual passenger transportation. The following chart shows the structure of Beijing public transportation. Buses and trolleys: 73% Taxis: 13% Subway: 10% Mini-buses: 4% Up to the end of 1999, the total asset of the buses and trolleys enterprises is 5.34 billion yuan. There are 53,041registered employees and 18,610 retired employees. The number of buses and trolleys are 7,421. There are 377 routes and the length of all the routes are 7,675 kilometers. In 1999, the total mileage is 361 million kilometers and the total passenger number are billion persons. The income in 1999 is 955 million yuan and the financial subsidies is 960 million yuan. The public transportation in Beijing includes the vehicles and related equipment of buses, trolleys, subways, taxis, mini-buses. It is the main form of transportation for citizens in Beijing. Public transportation has become an important field of sustainable development, with its advantages such as big transportation volume, high efficiency, comparatively low energy consumption, less space occupied and light pollution, etc. Its importance in the national economic development has been recognized by the society. Currently, public transportation has not completely entered into the market. On one hand, the enterprise is responsible for the management and operation, on the other hand, the government set the price and allocate necessary financial subsidy for the policy-related loss and the focus is on the social benefits. But along with the establishment of the market economy system, there is growing contradictions among the development of the enterprise, the demand of the market and the limit of the government's subsidy and investment. Dependence on the 2
3 government's investment and subsidy is far from enough to meet the demand of the multi-layer market and the development of the enterprise. Thus, as the state-owned public transportation enterprise, while ensuring the social benefit, we have to try to realize better economic benefit and promote the development of the enterprise. In this way, we can alleviate the financial burdens of the government and better meet the demand of the market. II. Reforming the system of the Enterprise and the Counting and Management of Costeffectiveness 1. Reform the Management System and Establish the Operational System Adapted to the Market In 1998, in order to make better use of resources, promote the optimization of the asset, realize scale profits, build up the enterprise and promote the development of the productive forces of public transportation, according to the request of modern enterprise system, Beijing buses and trolleys enterprises has gone through "4 separations" (separation of market operation from policy-related subsidy, separation of transportation from maintenance, separation of diversified business from the main business and separation of logistics and services from the main business) and "4 adjustments" ( adjustments of operation structure, passenger transportation structure, types of vehicles and the structure of human resources). It has also reorganized the enterprise, redesigned the managerial structure and organizational structure and established a grouped, regionalized, specialized and market-oriented management model with three-layer management and two-layer counting. It has cut one managerial layer, 31 branch-level units and 3000 staffs in the headquarter and has cut 8875 staff from the main business and has got them rearranged. Thus it has achieved good results in cutting employees and subsidies, improving efficiency and increasing profits. The ratio between the staff and the vehicles has lowered to 5.5:1 compared with 7.5:1 before the reform. In 1999, Beijing Public Transportation Corporation along with other 4 enterprises initiated and established Beijing Bus Limited Liability Stock Company, which broke the traditional economic model that rely on government's investment to buy vehicles and depend on financial subsidies to cover losses. This was a beneficial exploration and new practice to organically combine the social benefit with market operation. Continue to deepen the system reform, whose core is the reform of the ticket system and ticket price. Vigorously push forward automatic ticket selling. The routes with automatic ticket selling are 34 up to now, which is 9.02% of the total route number. We would like to develop the IC card, implement the system of risk mortgage and contracted responsibility for each bus, deepen the reform in the human resources management, publicly choose the operational and managerial people for the enterprises and establish a moving restructuring mechanism of human resources, etc. Next, along with the establishment of modern enterprise system, we plan to set up public transportation enterprises group, handle well the internal centralization and distribution of power, perfect the legal person corporate governance and the state-owned asset management system, so as to form a managerial structure by corporation and legal person with divided responsibilities, coordinated operation and effective checks and balances. 2. Financial Cost System and Its characteristics (1) Characteristics As a city passenger transportation enterprise, our corporation strictly implement the General Regulations for Enterprise Financial Affairs and Regulations for Enterprise Accounting of the People's Republic of China and conduct daily financial management and accounting according to the financial and accounting regulations for transportation enterprises. The characteristics are as follows: One: The operation procedure of the corporation is not the commodity production procedure. It dose not create material products or sale any products. It achieves the changes of the passenger's location and the transfer of geographical position. Two: In terms of the structure of the total asset of the corporation, since public transportation is laborintensive, the rate of labor cost is relatively high in the total cost and the rate of real asset is high (the current rate is 64.42%). This part of asset has the characteristics of high mobility. Third: The income is scattered. The income of each business is from every passenger through each bus and monthly ticket seller. 3
4 Four: Since the ticket price is set by the government, and in order to encourage the citizens to take public transportation, the government implements the policy of low price, the income of the enterprise can not cover the cost. So the government allocates some financial subsidies to maintain the simple reproduction of the enterprise. (2) Government's Assessment of the Enterprise The government's request and evaluation of the achievement of the public transportation enterprises include the following two aspects: One is the evaluation of indicators of social benefit, such as the routes opened, adjusted and extended in the year, evaluations on the resolution of citizens' transportation problems and the plans and assessment on annual passenger volume, etc. The second is the evaluation on the indicators of economic benefit. In the beginning of the new year, the government will assess the total income and cost of the enterprise and determine a reasonable financial subsidy amount according to the passenger transportation responsibilities of the enterprises in that year. Once the subsidy is determined, it would not be changed. If the loss exceeds the subsidy, there will be no more. But if the loss is less than the subsidy, the part left belongs to the enterprise itself. At the same time, there will be specific assessment on the payment and depreciation of the vehicles in the cost of enterprise, so as to control the payment of labor cost and ensure the money to pay for the depreciation of the vehicles. (3) Financial Subsidy Policy and the Use and Supervision of the Subsidy According to the principle of separation of policy-related loss from operational loss, the government's financial subsidy only covers the policy-related loss of the corporation. Through a series of supervision and calculation method and indicator evaluation system. Beijing Financial Bureau conducts strict calculation and evaluation on the costs of salaries, fuel, electricity, vehicle maintenance, depreciation, operation, indirect cost from operation and management cost, etc. They conduct moving inspection, analysis stage by stage and evaluation at the end of the year. The financial, taxation, labor and other comprehensive departments of Beijing Municipal government regularly inspect and give instructions on public transportation. Every year, Beijing Auditing Bureau comes and comprehensively audits the public transportation enterprises. The corporation's allocation, use and supervision of the financial subsidy is conducted by setting the loss control target (subsidy), strengthening the enterprise's internal loss control effort, completely stripping off the non-policy related loss factors and enhancing the supervision and evaluation. According to different plans (income, kilometers), prices (maintenance, fuel), standards (set the number of posts, staff and the total amount of salary) and targets (fuel, electricity and management cost), the corporation splits different cost indicators, set the distribution method for the average and the good and the loss control target (subsidy) and conduct strict evaluation and supervision on the subsidy indicators. At the beginning of the year, every unit should sign letter of contractual management responsibility and clarify the loss control target of each unit. Quarterly evaluation and analysis, internal mutual auditing, key project auditing and auditing before leaving the post are conducted. The comprehensive auditing by the municipal Auditing Bureau is seriously treated. 3. The Counting and Evaluation of the Cost-effectiveness of Enterprises with Multiple Businesses From the business characteristics, currently our corporations have three kinds of business: ordinary passenger transportation routes that need government subsidy, market oriented passenger transportation routes without government subsidy, multiple Businesses. There are differences among them in the counting and evaluation of the cost-effectiveness. For the market oriented multiple businesses area such as public transportation advertisement companies, real estate companies, multiple businesses, Guang An Commerce and Trade Group, equipment sales companies, every year the headquarter sets the operation target and sign the operation target responsibilities letter with relevant companies. The multiple business companies split the target and implement it stage by stage. The relevant department of the headquarters conduct regular evaluation on the operation and the target realization and give reward to the good and penalty for the bad. In practice, according to the principle of combination of responsibilities, rights and interests, the rights of selfdecision are earnestly implemented in the multiple businesses with balanced consideration of the interest of the state, investors, enterprises and staff. This approach solves the disadvantage that no responsibility occurs if there is a loss, guarantees the turnover of investor's interest, absorbs the staff cut from the main business 4
5 and covered part of the losses. In the risk mortgage contracted management responsibility system, the operation income and profits are guaranteed and the distribution system links with economic benefit. The income of the multiple business enterprises in 1998 is 296 million yuan, in which the profit reached million yuan. 4. Ways and Means to Improve Benefits Since the character of public transportation enterprises requires the combination of public benefits with market economy, the corporation improves the enterprises operation benefits by improving management, lowering cost, especially the cost of labor, opening market, strive to improve profits and economic performance. The 4 main ways to improve the enterprise's benefit are: improving labor efficiency, improving asset efficiency, improving efficiency by science and technology and creating efficiency through market. The aim of "Improving labor efficiency" is to lower the cost of labor. It sets up the mechanisms of linking payment with profits and efficiency, restructuring the staff and establishing effective and flexible employment system, canceling administrative ranks, publicly choose the managerial candidates, establishing contracted system for the managerial people, setting the number of staff according to posts and employment through competition, so as to achieve the lower labor cost and improvement of efficiency. "Improving asset efficiency" means, through establishing capital operation mechanism and financing mechanism with capital return and optimization of resources at the core, to optimize asset structure, improve asset profits, take full advantage of the policies, efficiently use the stock of asset, clarify operational asset and non-operational asset, make full use of public transportation enterprise's advantage in its investment environment and good credit, further open up, attract foreign investment and loans, bring together well performing asset and finance from the stock market if the time is ripe. In practice, focus on the profit return, set up relevant target of profit return according to the quantity and quality of the asset owned (such as vehicles, equipment, infrastructures and capital), the actual situation of operation and the social economic development and based on it formulate evaluation indicators, evaluation methods and incentive mechanism, arouse the enthusiasm of the managers and staffs at all levels, and improve the efficiency and profits of the asset management. "Improving the efficiency through science and technology" has great potentiality in public transportation sector. According to the characteristics of our business, increase the investment in science and technology step by step, improve the vehicles and infrastructures, such as develop intelligent control, green transportation, increase the science and technology content of the enterprise, transform science and technology through the spread and application of it, so as to lower the cost and increase the effectiveness and efficiency. Such as replace paper monthly ticket with IC card, set up the ticket price system based on number of usage, lower labor cost, strengthen cost counting of the grassroot units, improve management efficiency, and bring convenience to the passengers at the same time. Through establishing ITS, GPS or computer networks, monitor dynamically the operation system, make instructions according to the passenger demand in the region or on the route, improve the efficiency of utilization of the vehicles, arrange the buses according to the number of passengers. Ensure the planned interval time and reduce the waiting time of the passengers. "Creating efficiency through market, means to take advantage of ourselves advantage, achieve good economic benefit both in main business and in multiple businesses through market operation. Strive to expand the scope of business according to the demand of the specific market. In terms of passenger transportation, besides routine routes, try to increase the added value of public transportation service, actively explore market-oriented route, make diversified investment, open new routes on the conditions of equal competition and priority of access, satisfy the passengers need by good service and environment. In terms of multiple businesses, make full use of the natural advantages of buses, stops, signs, great maintenance force and drivers and conductors, develop businesses such as vehicle repair, training, real estate, public transportation advertisement, equipment transportation and vehicle renting, increase the profits of the enterprise. In summery, the public transportation enterprise strives to achieve 6 transformations through reform, improvement, strengthening management and improving efficiency: (1) The system of the enterprise 5
6 transforms from the traditional planning system into modern enterprise system adapted to the market economy system. (2)The enterprise's internal structure transforms from company completely owned by the state-ownership into limited liability stock company and limited liability company with diversified investment. (3) The operational structure transforms from scattered and single structure into grouped, specialized and diversified structure. (4) The internal operation mechanism of the enterprise transforms from dependence on subsidy into self-motivated development based on the asset. (5) The operation and development of the enterprise transform from dependence on investment without return into emphasis on the economic return. (6) The operation and management of the enterprise transforms from extensive mode with low technology content into intensive mode with high technology content. Thus, while performing social benefits, public transportation strives to create better economic benefit and strengthen the enterprise's ability to compete in the market and further develop itself. 6
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