PDF《Consolidating炉he燱ater营ndustry》

14 670.00 1130.43 Connections [number] con 911.00 5437.00 10?837.61 262?000.00 22?751.33 Environmental?variables Output density?[ratio] mmw 1.70 6.98 8.14 29.93 4.63 Water?losses?[ratio] losses 0.00 0.11 0.12 0.40 0.06 Groundwater usage?[ratio] ground 0.00 1.00 0.83 1.00 0.31 2012\05\30

7 Data?and?Model?Specification

3 ? Summary?Statistics?(364?observations,?year?2006) 2012\05\30

8 Results?I?C DEA?Efficiency?Scores

4 ? Summary?of?DEA?efficiency?scores ? Low?overall?efficiency?levels ? Significant?increase?in?efficiency?when?controlling?for?operating?environment ? Mostly?low?scale?inefficiencies,?majority?of?observations?operating?under?IRS Obs. Min. Median Mean Max. Std.?dev. Standard?DEA?(VRS) full sample

364 0.2571 0.5988 0.6350 1.0000 0.1911 after outlier?detection

356 0.2862 0.6872 0.7130 1.0000 0.1818 Conditional?DEA?(VRS)

356 0.3107 0.8505 0.8423 1.0000 0.1327 Scale?Efficiency unconditional

356 0.5064 0.9669 0.9283 1.0000 0.0975 conditional

356 0.5348 0.9704 0.9344 1.0000 0.0846 Qualitative RTS #?IRS #?CRS #?DRS unconditional

356 203

20 133 conditional

356 174

47 135 2012\05\30 ? Scale?elasticity?for?frontier?units?and?inefficient?units ? IRS?for?smallest?utilities?(scale?elasticity?>

?1),?CRS?or?DRS?for?larger?utilities ? Scale?elasticity?decreasing?with?increasing?firm?size ? No?clear?conclusion?on?optimal?firm?size?level

9 4 Results?II?C Scale?Elasticity?Results 2012\05\30 ? Horizontal?Integration ? Consolidation?on?county\level?( Landkreise ,?NUTS3\regions) ? In?total:?84?cases?of?horizontal?mergers?of?at?least?2?utilities?(maximum:?6,?total:?227) ? Not?covering?all?water?utilities?in?a?county?(missing?data)? ? Assumption?of?non\decreasing?returns?to?scale ? Summary?of?potential?gains?and?decomposition:

10 ? Most?merger?cases?would?be?(more?or?less)?beneficial!

4 Results?III?C Horizontal?Integration Sym. Min. Median Mean Max. Std.?dev. Overall?gains EJ 0.3596 0.8248 0.8337 1.0703 0.0922 Corrected gains E*J 0.7978 0.9582 0.9592 1.1362 0.0740 Learning effect LEJ 0.4238 0.8743 0.8714 1.0000 0.0924 Harmony?effect HAJ 0.8064 0.9699 0.9761 1.3356 0.0833 Scale?effect SIJ 0.7357 1.0000 0.9839 1.0000 0.0375 2012\05\30 ? High?fragmentation?of?water?supply?in?Germany ? High?levels?of?technical?inefficiency?in?some?cases ? Accounting?for?operating?environment?leads?to?significant?increase?in?efficiency?estimates ? Scale?efficiency?usually?high ? Majority?of?water?utilities?characterized?by?increasing?returns?to?scale ? Horizontal?integration?in?most?cases?results?in?efficiency?gains ? But:?high?gains?from?improving?individual?efficiencies?without?any?merger ? Only?analysis?of?potential merger?gains ? Neglects?possible?drawbacks?of?consolidation?(market?power,?competitiveness,?number?of? firms?for?future?benchmark?studies,…) ? Not?all?firms?can?be?merged?due?to?differing?firm?cultures,?corporate?identities,?political? circumstances,?etc.

11 5 Conclusions Thank you for your interest.?Questions and comments are welcome! DIW?Berlin?― Deutsches?Institut für?Wirtschaftsforschung?e.V. Mohrenstra?e?58,?10117?Berlin www.diw.de Michael?Zschille [email protected] 2012\05\30 Bogetoft,?P.?and?Wang,?D.?(2005)?Estimating?the?Potential?Gains?from?Mergers,?Journal?of?Productivity?Analysis,?23,?pp.?145\171. Daraio,?C.?and?Simar,?L.?(2005)?Introducing?Environmental?Variables?in?Nonparametric?Frontier?Models:?A?Probabilistic? Approach,?Journal?of?Pr........