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The evolution of infrastructure and utility ownership and its implications

机译：基础设施和公用事业所有权的演变及其影响

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The paper documents the significant changes of ownership since the infrastructure utilities were privatized and, in particular, the shifts from the initial focus on dispersed retail share ownership through takeovers to more concentrated ownership and the emergence of private equity and infrastructure funds. In the process, there has been substantial financial engineering and balance sheets have been geared up towards exhaustion, with major implications for financing future investment. Increased gearing has, on the one hand, introduced the discipline of debt upon management which had engaged in substantive diversification, and on the other provided an arbitrage between the weighted average cost of capital used to calculate the allowed return, and the lower marginal cost of debt. The paper shows how regulation has determined the allocation of risk, and facilitated the observed changes in ownership and financial structures. Three solutions to the exhausted balance sheets are considered to finance future investment: rate-of-return regulation; the split cost of capital; and a collapse back into not-for-dividend, mutual or state ownership. The default outcome already witnessed in the Welsh Water and Network Rail cases is the latter case, which is inferior to the second option.
机译：该文件记录了自基础设施公用事业私有化以来所有权的重大变化，尤其是从最初的重点从分散的零售股份所有权通过收购转移到更集中的所有权以及私人股本和基础设施基金的出现。在此过程中，进行了大量的金融工程，资产负债表也已准备就绪，以尽其用，这对未来投资的筹资具有重要意义。资产负债率的增加一方面引入了进行实质性分散经营的债务纪律，另一方面又在用于计算允许收益的加权平均资本成本与较低的边际成本之间产生了套利。债务。本文展示了监管如何确定风险分配，并促进了所有权和财务结构的变化。考虑了用尽的资产负债表的三种解决方案来为未来的投资提供资金：收益率监管；资金分割成本；然后倒退为不可分红，共同或国家所有。在威尔士水利和网络铁路案中已经见证的默认结果是后一种情况，它不如第二种选择。

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