Private equity and the regulation of financialised infrastructure: the case of Macquarie in Britain's water and energy networks
Private equity and the regulation of financialised infrastructure: the case of Macquarie in Britain's water and energy networks
复制标题
私募股权和金融化基础设施的监管：麦格理在英国水和能源网络中的案例
DOI：
10.1080/13563467.2022.2084521
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发表时间：
2022
影响因子：
4.2
通讯作者：
Bayliss K
中科院分区：
文献类型：
--
作者：
Bayliss K
本文探讨了金融化价值提取的私募股权实践迁移到英国水务部门的方式。在更广泛的金融化文献中，我们展示了私募股权投资者如何找到创新的金融机制，以增加与生产活动无关的投资者回报。由此产生的金融化、高负债的企业结构为公用事业带来了成本和风险，引起了对社会公平的关注。对这些金融创新的监管反应缓慢，效果有限。受竞争叙事支配的监管工具箱一直偏向于投资者，错过了金融化企业开采的大部分范围。对活跃于英国众多基础设施行业的主要私人股本投资者麦格理（Macquarie）的活动进行回顾，说明了基础设施资金在投资和行业之间流动的动态方式，这些方式可以逃避监管程序并增加投资者回报。本文展示了监管机构如何在满足投资者，最终用户和国家的矛盾和有争议的利益方面陷入不可能的困境，以至于我们质疑金融化基础设施的社会公平监管是否可能。
This paper explores the ways that private equity practices of financialised value extraction have migrated to the water sector in England. In line with the financialisation literature more broadly, we show how private equity investors have found innovative financial mechanisms for increasing investor returns that are unrelated to productive activity. The resulting financialised, highly-indebted corporate structures create costs and risks for utilities which raise concerns for social equity. The regulatory response to these financial innovations has been slow and had limited effect. The regulatory toolbox, governed by a narrative of competition, has consistently been biased towards investors and misses much of the scope of financialised corporate extraction. A review of the activities of a major private equity investor, Macquarie, active across numerous infrastructure sectors in the UK, illustrates the dynamic way in which infrastructure funds are moved across investments and sectors in ways that can escape regulatory processes and increase investor returns. The paper shows how the regulator is caught in an impossible bind in meeting the contradictory and contested interests of investors, end users and the state such that we question whether the socially equitable regulation of financialised infrastructure can ever be possible.
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