Infrastructure Finance The Business of Infrastructure for a Sustainable Future
A comprehensive look at the emergence of infrastructure finance. Just as infrastructure development acts as a catalyst for economic growth, it is also changing the landscape for potential investors and the burgeoning field of infrastructure finance. Infrastructure systems for transportation, utilities, and public works are essential for economic growth and have quickly developed into an emerging alternative asset class. Infrastructure Finance examines how the activities associated with updating and creating efficient transportation and communications, reliable and affordable energy, clean wate
Online-Ressource.
9780470597279, 9780470481783, 9781118266182, 9780470596456, 0470597275, 0470481781, 1118266188, 0470596457
795330941
Druckausg.
Preface xiii Acknowledgments xvii CHAPTER 1 An Introduction to Infrastructure Finance 1 What Is Infrastructure Business? 1 Infrastructure Then and Now 3 A System of Systems 7 Sector Structure and Size 9 Estimating the Per Capita Cost 11 Need for New Approaches 11 Summary 13 PART ONE Infrastructure Sectors and Investments CHAPTER 2 Models of the Infrastructure Sectors 19 Classification System 19 Infrastructure and Service Organizations 22 Business Models of Infrastructure Subsectors 24 How Infrastructure Systems Serve the Built Environment 26 Matrix of Owners and Users of Infrastructure Systems 27 Infrastructure and Services: Structures and Equipment 28 Infrastructure Support Sector 30 Summary 33 CHAPTER 3 Infrastructure and the Constructed Environment 37 Land Uses in the Built Environment 37 Growth and Change in Urban Areas 39 Financial Assets in the Built Environment 45 Housing Finance as an Engine of Development 47 Commercial and Central City Development 55 Impact Fees and the Growth-Pays-Its-Own-Way Philosophy 58 Future Cities and Infrastructure 60 Summary of Issues and Outlook 62 CHAPTER 4 Transportation Sector 65 Sector Structure and Size 65 Road and Highway Systems 69 Mass Transit Systems 79 Air Travel and Airports 84 Intercity Rail Systems 87 Intercity Bus Transportation 90 Water-based Transportation 91 Pipelines 92 Sector Issues and Outlook 92 CHAPTER 5 Telecommunications Sector 97 Why Telecommunications Is an Infrastructure Sector 97 Then and Now 99 Sector Structure and Size 100 Internet 102 Telecommunication Companies 102 Sector Issues and Outlook 104 CHAPTER 6 Energy Sector 109 Sector Structure and Size 109 Energy Trends 114 Electric Power Industry 116 Natural Gas Industry 119 Petroleum Industry 121 Coal Industry 122 Nuclear Power Industry 124 Renewables 126 Energy Storage 127 Hydrogen Energy 129 Sector Issues and Outlook 129 CHAPTER 7 Water and Wastewater Sector 135 Then and Now 135 Sector Structure and Size 137 Financial Framework of the Sector 141 Financial Issues 144 Business Profiles 145 Water Industry Support Businesses 149 Privatization in the Water Sector 152 Investing in Water as a Commodity 154 Industry Policy and Regulation 154 Coordination in the Water Sector 155 Sector Issues and Outlook 156 CHAPTER 8 Waste Management Sector 161 Sector Structure and Size 161 Categories of Solid Wastes 162 Recycling and the Materials Industry 169 Sector Issues and Outlook 170 CHAPTER 9 Infrastructure and the Construction Industry 173 Then and Now 173 The Construction Industry Today 175 Organization of the Industry by Function and Sector 179 Organization by Business Lines 180 Project Delivery and Finance 182 Construction Companies 185 Sector Issues and Outlook 191 CHAPTER 10 Investor and Business Opportunities in Infrastructure 193 Then and Now 193 Bond Market 195 Stocks of Infrastructure Companies 198 Infrastructure Funds 206 Infrastructure Indices 210 Commodity Markets 212 Mortgage-backed Securities 213 Private Equity and Infrastructure 213 The Infrastructure Support Sector 214 Infrastructure Investment Media 214 Corruption in the Infrastructure Business 215 International Spending Plans 216 Investment Issues and Outlook 216 PART TWO Financing Infrastructure CHAPTER 11 A Scorecard for Infrastructure Performance 223 Tracking Infrastructure Performance 223 What Systems to Measure? 225 What Are the Performance Standards? 226 How Much Do They Cost? 230 How Ready Are They to Perform? 230 Financial and Economic Data on Infrastructure 234 Infrastructure Scorecard 239 Summary 243 CHAPTER 12 Financial Models for Infrastructure Organizations 245 General Management Model 246 General Financing Model 248 Sector Financing Models 251 How Governments Can Improve Infrastructure Performance 255 Public-Private Partnerships 260 Regulation 262 Summary 262 CHAPTER 13 Capital Markets for Infrastructure 265 Capital Requirements of Sectors 265 Capital Flows of Infrastructure 267 Capital Structure of Infrastructure Sectors 268 Sources of Capital 271 Investment Banking 283 Summary 284 CHAPTER 14 Revenues for the Infrastructure Sectors 287 Flow of Revenues 287 Rate-Setting for Infrastructure-Based Services 289 Rate Regulation 293 Revenue and Cost of Service Analysis 296 Tax Revenues and Subsidies 297 Infrastructure Revenue by Sector 299 Summary 299 PART THREE Toward the Future CHAPTER 15 Opportunities and Risks for Infrastructure 303 Infrastructure as a Policy Sector 303 Infrastructure Policy Elements 304 Sector Issues 306 Transformational Issues 307 APPENDIX A Data Sources 315 APPENDIX B Infrastructure Companies 317 APPENDIX C Acronyms 321 References 327 About the Author 341 Index 343
Lizenzpflichtig