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PPPs - True Financial Costs and Hidden Returns

机译：购买力平价-真实的财务成本和隐性收益

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The cost of using private finance is at the centre of the public private partnerships (PPPs) debate, but until now most works considered only the direct financial costs such as the loan interest rate and the shareholders return on equity and were based on various secondary sources. This paper focuses on seven shadow toll deals closed in Portugal between 1999 and 2002 and reports the financial costs of the PPP model considering also the associated transaction costs and is based on detailed information included in each concession's financial base case. The transaction costs include financial costs such as banking fees, due diligence costs and the impact of all cash distribution traps, such as reserve accounts or minimum- level of debt ratios. The PPP financial costs were then compared with the costs arising from raising public debt through a government or a public agency bond. Our analysis shows that the PPP ` true' financing costs are, on average, 370 basis points above the cost of raising public debt and that the ` transaction costs' account for around 40% of that financial premium.
机译：使用私人融资的成本是公私合伙制（PPPs）辩论的中心，但是直到现在，大多数作品都只考虑了直接财务成本，例如贷款利率和股东的股本回报率，并且都是基于各种二手资料。 。本文重点介绍了1999年至2002年间葡萄牙完成的7宗影子通行费交易，并报告了PPP模式的财务成本，同时还考虑了相关的交易成本，并基于每个特许权的财务基础案例中包含的详细信息。交易成本包括财务成本，例如银行手续费，尽职调查成本以及所有现金分配陷阱的影响，例如储备金帐户或最低债务比率水平。然后将购买力平价的财务成本与通过政府或公共机构债券筹集公共债务而产生的成本进行了比较。我们的分析表明，购买力平价的“真实”融资成本平均比筹集公共债务的成本高370个基点，而“交易成本”约占该财务溢价的40％。

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