Are Returns to Private Infrastructure in Developing Countries Consistent with RisksSince the Asian Crisis?

Estache, Antonio ; Pinglo, Maria Elena

World Bank, Washington, D.C.

关键词: CAPITAL FLOWS;    CAPITAL MARKETS;    CAPITAL STRUCTURE;    CASH FLOWS;    CD;   

DOI  :  10.1596/1813-9450-3373
RP-ID  :  WPS3373

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper presents a basic assessmentof the financial performance of infrastructure serviceoperators in developing countries.It relies on a newdatabase of 120 companies put together to track theevolution of the cost of capital, the cost of equity and thereturn to equity for electricity, water and sanitation,railways and port operators in 31 developing countriesdistributed evenly across low-income, low-middle income andupper middle-income countries.The paper shows that between1998 and 2002, the average cost of capital in developingcountries varied from less than 11 percent to over 15percent across regions and sectors while the cost of equityvaried from around 13 percent to over 22 percent.Low-middle-income countries have recovered relatively wellfrom the East Asia crisis, while low-income andupper-middle-income countries have seen their situationdeteriorate since the crisis.At the regional level, themain story is that East Asia is recovering quite well fromits crisis, and that the financial performance of theoperators in Africa and Latin America has deteriorated.Eastern Europe and South Asia are doing relatively betterbut show a large volatility of returns over time and withinsectors.At the sector level, the railways and the energysectors have seen their performance deterioratesignificantly over the period, while the water and portsectors have done relatively better.In all sectors andregions, the average return to equity has been lower thanthe cost of equity since the Asian crisis.