The main purpose of this paper is to
describe the evolution of the financing structure of
regulated privatized utilities and transport companies. To
do so, the authors rely on a sample of 121 utilities
distributed over 16 countries, and 23 transport
infrastructure operators and 23 transport services operators
distributed over 23 countries. They show that leverage rates
vary significantly across sectors, with the highest rates
observed in transport and the lowest in water. Moreover, the
authors also show that the 1997 Asia crisis led operators to
adjust their financial structure differently in different
regions. Overall, the evidence they present shows that debt
is replacing equity in financing the investment needs of
utilities and transport services in developing countries.
These results raise some questions as to whether the
regulator's mandate should be expanded to monitor the
financial structure of companies and as to whether the
international community should make a stronger commitment to
more transparent regulatory accounting systems.
Bibliographic Details
| Main Authors: |
da Silva, Luis Correia,
Estache, Antonio,
Järvelä, Sakari |
|---|
| Format: | Policy Research Working Paper
biblioteca
|
|---|
| Language: | English
en_US |
|---|
| Published: |
World Bank, Washington, D.C.
2004-08
|
|---|
| Subjects: | ACCOUNTING,
ACCOUNTING PRACTICES,
ACCOUNTING PRINCIPLES,
ACCOUNTING SYSTEMS,
AIRPORTS,
ASSETS,
BALANCE OF PAYMENTS,
BANKS,
BONDS,
BOOK VALUE,
BORROWING,
CAPITAL MARKETS,
CAPITALIZATION,
COST OF CAPITAL,
COUNTRIES,
DEBT,
DEBT FINANCING,
DEBT SERVICE,
DEVELOPED,
DEVELOPED COUNTRIES,
ELECTRICITY,
EQUITY CAPITAL,
FINANCIAL RATIOS,
FINANCIAL STRUCTURE,
FOREIGN EXCHANGE,
GAAP,
INTEREST RATES,
INVESTMENT EXPENDITURES,
LEVERAGE,
MARKET VALUE,
MATURITIES,
MATURITY,
PRIVATE SECTOR,
PRIVATE SECTOR INVESTMENT,
PRIVATE SECTOR PARTICIPATION,
PRIVATIZATION,
PROJECT FINANCE,
PUBLIC DEBT,
PUBLIC SERVICES,
RATING AGENCIES,
SHARE CAPITAL,
TECHNOLOGICAL PROGRESS,
TELECOMMUNICATIONS,
TRANSACTION COSTS,
TRANSPORT,
UTILITIES PRIVATIZATION OF INFRASTRUCTURE,
FINANCIAL & PRIVATE SECTOR DEVELOPMENT,
UTILITIES,
EQUITY,
DEBT EQUITY RATIOS,
DEBT EQUITY, |
|---|
| Online Access: | http://documents.worldbank.org/curated/en/2004/08/5069731/debt-replacing-equity-regulated-privatized-infrastructure-developing-countries
http://hdl.handle.net/10986/14161
|
|---|
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
|---|
