Is Debt Replacing Equity inRegulated Privatized Infrastructure in Developing Countries?

da Silva, Luis Correia ; Estache, Antonio ; Jä ; rvelä ; , Sakari

World Bank, Washington, D.C.

关键词: ACCOUNTING;    ACCOUNTING PRACTICES;    ACCOUNTING PRINCIPLES;    ACCOUNTING SYSTEMS;    AIRPORTS;   

DOI  :  10.1596/1813-9450-3374
RP-ID  :  WPS3374

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The main purpose of this paper is todescribe the evolution of the financing structure ofregulated privatized utilities and transport companies. Todo so, the authors rely on a sample of 121 utilitiesdistributed over 16 countries, and 23 transportinfrastructure operators and 23 transport services operatorsdistributed over 23 countries. They show that leverage ratesvary significantly across sectors, with the highest ratesobserved in transport and the lowest in water. Moreover, theauthors also show that the 1997 Asia crisis led operators toadjust their financial structure differently in differentregions. Overall, the evidence they present shows that debtis replacing equity in financing the investment needs ofutilities and transport services in developing countries.These results raise some questions as to whether theregulator's mandate should be expanded to monitor thefinancial structure of companies and as to whether theinternational community should make a stronger commitment tomore transparent regulatory accounting systems.