设计一个新的基础设施开发性金融机构

Gulzar Natarajan
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引用次数: 0

摘要

印度在基础设施动员方面面临巨大挑战。不幸的是,认为公私伙伴关系和私人投资将能够在这一努力中承担重任的传统智慧,并没有得到其他国家经验的证实。在不顾现实的情况下制定这种追求的政策,不太可能让我们在动员基础设施为国家经济增长提供动力方面走得太远。因此,本文从发达国家和发展中国家私营部门参与基础设施及其融资的全球经验中总结了一些重要经验。首先,只有某些类型的基础设施资产在商业上是可行的,对私人投资者有足够的吸引力。第二,许多类别的基础设施资产需要公共财政来降低风险,并使其具有商业吸引力。第三,基础设施项目的特点通常是严重拖延和成本超支,以及重新谈判,最终通常使私人供应商受益。第四,没有证据表明,总体而言,在基础设施资产的建设和管理方面,私营部门提供的资金价值高于公共部门。第五,长期基础设施合同存在几个问题——在质量上偷工减料、在投资义务上偷工减料、资产剥离、过度派息等。第六,基础设施融资的特点是资产所有权与管理分离,以及所有权的不断变化,这两者都带来了问责制和不当激励的问题。第七,可用于基础设施投资的国内外长期资金比人们普遍认为的要有限得多。最后,公共政策的努力不应是扩大可用资金的范围,而应是扩大可以降低风险并在商业上足够可行的基础设施资产的范围。综上所述,这意味着公共财政(无论是直接的还是间接的)必须成为基础设施融资的主要来源,政府应该承担很多类别资产的项目风险,而私营部门只能作为提供公共产品的工具来杠杆化。此外,鉴于普遍存在的激励扭曲和与基础设施合同有关的问题,公共政策在制定标准和基准以及鼓励合同管理方面的良好做法方面可以发挥重要作用。发展融资机构作为一种间接公共融资工具,在实现这两个目标方面可以发挥重要作用。简而言之,发展金融机构的目标应该是有效调动基础设施。然而,挑战在于如何有效地发挥这一作用。在印度的情况下,证明开发银行业务有效性的证据充其量是好坏参半。事实上,公平地说,印度试验过的不同发展金融机构模式,在有效吸引基础设施投资方面发挥的作用有限。大多数发展金融机构(无论是公共的还是私人的)没有将自己的角色局限于解决市场失灵问题,而是大多寻求与私人投资者竞争,投资于商业上可行且风险较低的基础设施资产类别。这需要国有的发展融资机构,既能获得大量预算支持,又能获得更廉价的资金来源。发展融资机构应该把精力集中在基础设施本身的有效投入上,而不是仅仅局限于私人资本的投入。在某些商业上可行的项目中,它的投资应限于在基础设施市场内加强标准和促进良好做法方面发挥战略作用。它的优先事项应放在其他类别的项目上,这些项目需要降低风险才能在商业上可行。它应侧重于有效地部署稀少的减让性资本以实现这一目标。它应该避免与私人投资者竞争,而是寻求缓解市场失灵。最后,正如以往工作的经验所表明的,实现这一目标的最大挑战将来自治理问题。好的治理是看不见的,就像坏的治理很容易变得明显一样。DFI能否成功实现其目标取决于其如何处理与政府、市场和监管机构的关系。政府有责任通过扶持法规来支持DFI。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Designing a New Development Finance Institution for Infrastructure
India faces a massive challenge in its infrastructure mobilisation. Unfortunately, the conventional wisdom that PPPs and private investments will be able to do the heavy lifting in this effort is not borne out by experience of other countries. Designing policies in this pursuit, oblivious of the reality, is unlikely to get us much far in mobilising infrastructure to power the country’s economic growth. Accordingly, this paper has documented some important takeaways from the global experience of private participation in infrastructure and its financing from both developed and developing countries. One, only certain types of infrastructure assets are commercially viable and attractive enough for private investors. Two, many categories of infrastructure assets need public finance to de-risk and make them commercially attractive. Three, infrastructure projects in general are characterised by significant delays and cost overruns as well as renegotiations which end up generally benefiting private providers. Four, there is no evidence that, in general, private sector delivers greater value for money than public sector in the construction and management of infrastructure assets. Five, long-term infrastructure contracts are characterised by several problems – cutting corners on quality, skimping on investment obligations, asset-stripping, excessive dividend pay-outs etc. Six, infrastructure finance is increasingly characterised by the separation of asset ownership and its management, and constant changes in ownership, both of which pose problems of accountability and perverse incentives. Seven, the pool of long-term finance available, from both domestic and foreign sources, to invest in infrastructure is much limited than what is widely believed. Finally, the endeavour of public policy should be not to expand the envelope of available finance, but the envelope of infrastructure assets which can be de-risked and made commercially viable enough. Taken together, this means that public finance, direct and indirect, will have to be the major source of infrastructure financing, governments should bear a large share of the project risks for many categories of assets, and the private sector should be leveraged only as an instrumentality to deliver public goods. Further, given the widespread incentive distortions and problems associated with infrastructure contracts, public policy has an important role to play in setting the standards and benchmarks, as well as encouraging good practices in contract management. The DFIs have an important role to play in achieving both these objectives, as an instrument of indirect public finance. In simple terms, the objective of DFIs should be efficient mobilisation of infrastructure. However, the challenge is to perform this role effectively. The evidence of effectiveness of development banking in the Indian conditions is at best mixed. In fact, it is fair to say that the different models of DFIs that India has experimented with have played a limited role in efficient crowding-in of infrastructure. Instead of confining their role to addressing market failures, most DFIs, public and private, have mostly sought to compete with private investors to invest in commercially viable and de-risked categories of infrastructure assets. This requires DFIs which are publicly owned, and with access to both significant budgetary support as well as cheaper sources of capital. The DFIs should focus their efforts on efficient crowding-in of infrastructure itself, rather than be confined to crowding-in of just private capital. In certain types of commercially viable projects, it should confine its investments to play a strategic role in reinforcing standards and promoting good practices within the infrastructure markets. Its priority should be on the other categories of projects which need de-risking to be made commercially viable. It should focus on efficient deployment of scarce concessional capital to achieve this objective. It should refrain from competing with private investors and instead seek to alleviate market failures. Finally, as experience from previous efforts show, the biggest challenge in realizing this objective will come from governance issues. Good governance is not seen, just as bad governance becomes easily evident. The success of the DFI in achieving its objectives depends on how it manages its relationships with the government, markets, and the regulator. The onus is on the government to support the DFI with enabling regulations.
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