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Is debt replacing equity in regulated privatised infrastructure in LDCs?

机译：债务是否取代了最不发达国家受监管的私有化基础设施中的股权？

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The main purpose of this paper is to describe the evolution of the financing structure of regulated privatised utilities and transport companies. To do so, we rely on a sample of 121 utilities distributed over 16 countries, of 23 transport infrastructure operators and 23 transport services operators distributed over 23 countries. The paper shows that leverage rates vary significantly across sectors with the highest rates observed in transport and the lowest in water. Moreover, the paper also shows that the 1997 Asia crisis lead operators to adjust their financial structure differently in different regions. Overall, the evidence presented here shows that debt is replacing equity in the financing of 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 a stronger commitment by the international community to more transparent regulatory accounting systems.
机译：本文的主要目的是描述受监管的私有化公用事业和运输公司融资结构的演变。为此，我们依赖分布在16个国家/地区的121家公用事业公司，分布在23个国家/地区的23家运输基础设施运营商和23家运输服务运营商的样本。该文件显示，杠杆率在各个部门之间差异很大，在运输中观察到的比率最高而在水中观察到的比率最低。此外，本文还表明，1997年的亚洲危机导致运营商在不同地区调整其财务结构。总体而言，此处提供的证据表明，债务正在取代发展中国家公用事业和运输服务投资需求的融资中的股本。这些结果使人们对是否应扩大监管机构的职权范围以监测公司的财务结构以及国际社会是否对更透明的监管会计制度作出更大的承诺提出了一些疑问。

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