Research On Stakeholders Of China Railways Restructuring

With the restructuring reforms of the world railways, China Railway has also started an emotional discussion in the theory and practice community more than a decade ago. Scholars who based on neo-classical economics on the railway scale economies and the density of economic theory, new institutional economics on the changes in the railway system theory, transaction cost economics theory on enterprise organizational boundaries theory, as well as the modern competition theory, carried out the extensive and in-depth discussion about the alterative model of China Railway restructuring, then explained the rationality of each model to be chosen, and also pointed out the drawbacks of each model.The "old" topic railway restructuring in recent years seems to be forgotten. Are the issues involved in the railway restructuring reform resolved completely? Or doesn't China Railway choose restructuring reform any longer? Of course, the answer is no.There is no doubt that China Railway restructuring reform should be carried out. However, why, after the analysis in detail about the pros and cons of each restructuring model, does China Railway still ignore the world railway reform, ignore the reform pace of other network-based industries, and maintain the Ministry of Railways current management model without separating itself from enterprise business in China? People can not help thinking further the "old" restructuring topic that hasn't really solve China railway practical problems, which is worthy of further study by perspective transformation.Considering the condition, by perspective transformation and defining the key stakeholders of China Railway restructuring and their demand, this paper based on the stakeholder theory discusses the key interest demands in China Railway restructuring, so as to provide some new thoughts to China Railway restructuring from the point of stockholders.Although some scholars refer more or less that the railway restructuring reform will have effect on the interests of stakeholders when they discuss China railway restructuring model, they are not able to use stakeholder theory systematically to define specifically the stakeholders involved in China Railway restructuring and analyze concretely their interest requirements.This paper believes that any restructuring model has certain limitations. In different conditions can take different restructuring modes, and this condition will change with the macroeconomic environment and with the development of railway. Previously, it may be not applied model, but with changes in the conditions it is suitable for using again. Therefore, this paper believes that the key to Railway restructuring reform is to identify the key stakeholders, further to analyze their interests and requirements, because these key stakeholders interests often represent the key factor in China railway restructuring. Only if the key factor is analyzed clearly, China railway restructuring model will be able to determine, and only if the key interests is coordinated, China railway restructuring can proceed smoothly.Major research contexts of this paper are as follows:(1) An Overview of China Railway Restructuring-related Research Literature and Stakeholder TheoryFirstly, this paper reviews and summaries the existing research about China railway restructuring. On this basis that, scholars have a more in-depth study on China railway restructuring from theory and models, but the real issue is that China railway still do not make substantial restructuring pace, to some extent, which demonstrates that it is need changing the perspective to study China railway restructuring.Meanwhile, this paper reviews and summaries stakeholder theory to illustrate that it is feasible to study the China railway restructuring stakeholders and their interests based on the stakeholder theory.(2) Definition and Classification to China Railway Restructuring StakeholdersThis paper defines stakeholders of China railway restructuring as 12 types at first,and then form the formal questionnaire about railway restructuring stakeholders based on the trial questionnaire. The questionnaire is distributed to all sectors of the railway, including the Ministry of Railways, railway administrations / companies, and transport stations and depots, while the nor-railway units / companies (including relevant government departments, banks, schools scholars, local government, railway supply department etc., civil aviation and other competitors and ordinary consumers).This paper bases on the questionnaire statistics, using descriptive statistics, mean comparison, paired samples T test and one-factor analysis of variance, from activity and importance two dimensions to classify railway restructuring stakeholders. It eventually is divided into three groups of stakeholders, key stakeholders, important stakeholders and other common stakeholders. Key stakeholders include the Ministry of Railways, the Central Government and railway transportation enterprises. Important stakeholders include local governments, railway managers, railway employees and other investors. Other common stakeholders include competitors, creditors, customers, suppliers and distributors.(3) Analysis of the Interests of the Stakeholdersin the China Railway RestructuringThis paper adopts questionnaire data to do empirical research on the 12 types stakeholders interests. Firstly, sum up the interests of the various stakeholders according to the railway restructuring theory and practical literature, list all the interests in the test questionnaire, then consults 7 experts and scholars who have been studying railway transport enterprise reform for years and high-level practitioners, and the last modify in accordance with the experts opinions to form the final formal questionnaire.According to the questionnaire results, interests of various stakeholders are sorted. Statistical results indicate that the Central Government takes the ensuring railway safety as the first interests, followed by building an orderly competition market of railway transport, to ensure the railway industry safety, maintenance / increase the Government's national defense requirements, maintenance / increase social welfare. The most important interests to local governments during the railway restructuring are to ensure capacity of the regional railway transport, followed by striving for all aspects of policy by the central government. Ministry of Railways put centralized and unified scheduling and command on the most important position to interests of railway restructuring, followed by maintaining the railway industry regulation and a smooth transition. The most important interests of railway transport enterprises is "the state's commitment to public-benefit losses and the corresponding policy", which is significantly different from the other options.The most important interests of railway employees is to maintenance / increase wages and benefits, followed by the dismissal. As for the interests of creditors in railway restructuring , to protect against the loss claims is the most important. Consumers put facilitated purchase / shipping and security on the first place. Other investors in the railway restructuring process are most concerned about profitable prospects of the corporate, followed by favorable industrial policies; transparent, scientific, fair and equitable procedures and rules. Railway managers put "high salaries" and "stable job" as the most important interests. The most important interests of competitors for railway restructuring are to establish transparent, scientific, fair and equitable procedures and rules. The most important interests of suppliers are "stable demand" and "the timely payment", followed by the establishment of transparent, scientific, fair and equitable procedures and rules. The most important interests of distributors are stable policies, followed by " the establishment of transparent, scientific, fair and equitable procedures and rules " and "sustainable development of enterprises".(4) Coordination to Key Interests of Railway Restructuring StakeholdersInterests of Railway restructuring stakeholders are different, and even there may be conflicts, while the key to Railway restructuring is to coordinate interests of stakeholders. This papers bases on of the definition to key stakeholders, important stakeholders, and other common stakeholders, combining the sort results of the interests of various stakeholders to determine the most critical interests of railway restructuring, including①railway transport security requirements;②centralized and unified scheduling and command requirements;③public-benefit transport requirements. It includes both railway transport public-benefit brought about by railway enterprises standardized market operation and central government to meet the requirements of railway transport in the national defense, social welfare increase;④railway transport market construction orderly competition requirements;⑤transparent , scientific, fair and equitable procedures and regulatory requirements. It includes the various sound legal system and trade policies;⑥railway transport capacity requirements. It includes in relation to the overall transport capacity of consumers, and regional transportation capacity in relation to local governments;⑦stakeholders and the railway transport enterprises to maintain their long-term relationship requirements.Towards the key interests requirements of stakeholders, this papers take a in-depth analysis on how to meet and coordinate the key interests requirements of stakeholders, and finally get the result that a key factor which results in slow process of China railway restructuring is for there are irreconcilable contradictions and conflicts on the interests among the key stakeholders of the central government, Ministry of Railways and railway transport enterprises, that is, centralized and unified scheduling and command and railway competition, commitment and compensation for public-benefit transport. This paper believes that the most critical problem of China railway restructuring at present stage is to solve public-benefit transport and insufficient transport capacity, and on this basis to make the principle proposal on the China railway restructuring.