港灣生産性․附加價値生産性․收益性 間의 關聯性 實證硏究

Abstract

Abstract

An Empirical Study on the Relationship of Port Productivity and Value-added Productivity & Profitability by the Busan Port

Seung Hoon, Hyun

Department of Port Logistics

Graduate School of Marine Finance & Logistics

Korea Maritime And Ocean University

Recent global economy recession and China's moderate economy growth pose the threat of a financial crisis. However, the trading volumes are rapidly increased amid fears the economic crisis making international trade have its significance and values gradually. Against the backdrop, shipping lines make all out effort to improve trade competitiveness with ultra large container vessels and ultra speediness in response to potential demand in the future.

When it comes to vessel operation, the punctuality is a critical element of shipping lines operating liners. In order to achieve punctuality, unloading process should proceed smoothly and without interruption in container terminals. Therefore, container terminals put relentless effort to increase productivity seeking continuous improvement in punctuality.

Through a management analysis between Busan New Port and North Port, this study clarified correlation among port productivity, value-added productivity and profitability of terminal operators. It showed us the fact that port productivity is critical indicator to determine the value of a business, terminal operation. In addition, this study aimed to put forward methodologies to enhance port productivity with correlation between development indicators.

With analyzing indicators among port productivity, value-added productivity and profitability, it performed T-Test analysis and conducted a Pearson correlation coefficient in order to verify the hypothesis. In short, the result of the analysis as shown hereunder.

First, as the result of correlation analysis on port performance indicators, it proved that the indicators have closer correlations among them.

Second, by clarifying the correlation between port productivity and value- added productivity, it confirmed that there are numerous similar productivity indicators since the port productivity and value-added productivity are partially related as well.

Third, in accordance with the result of analysis on the correlation between port productivity and profitability indicators, the profitability indicator has only close correlation with NBP (Net Berth Productivity) and GBP (Gross Berth Productivity) indicators. Therefore, this analysis tells us the fact that the profitability indicator doesn’t directly affect port productivity of terminal operators.

It is significant and meaningful research to lay a foundation to find correlation with port productivity through analysis on port productivity and management indicators that have not been explicitly and theoretically studied ever before. It is a priority for terminal operator to increase port productivity in order to enhance profitability. This study showed us that traditional port productivity indicators don’t incorporate business value of terminal operators. Especially, it confirmed that it is necessary to replace or improve traditional port productivity indicator focusing on volume with suggesting new performance indicator incorporated value-added productivity for evaluating port value.

This study presented results from comparison between port productivity and value-added productivity indicators in Busan port, which the issue had never been studied before. Through comparison and analysis, it clarified that port productivity is critical to evaluate value of terminal operation in Busan port. However, limits in this study are as follows.

First, this study was performed by taking 9 container terminals only as the study object, so, therefore, the possibility cannot be excluded that selection bias of sample distribution might have influenced the research results.

Second, it also cannot be denied that business analysis used in this study is still insufficient to cover all matters. The business analysis stemmed from the financial statements based on only quantitative factors amid turmoil in the container terminal operating industry in Busan New Port and North Port. In addition the figures and ratio involved in financial statements is just a part of information on financial status.

Third, there is a limit in this study to include comprehensive results causing from the selection bias of sample distribution as major indicators such as value-added productivity and profitability indicators used for business analysis on terminal operators.

It is considered that, for the time to come, an additional or supplementary study should be carried out to supplement the limits of this study, by performing multilateral analyses on decisive factors of the finance of Korean ports including Gwang-yang and In-cheon ports, while reflecting more numerous productivity indicators and financial ratio analysis to put forward effective methodologies for increasing productivity.