The financialisation of urban infrastructure: A framework of analysis
The financialisation of urban infrastructure: A framework of analysis
复制标题
城市基础设施的金融化：分析框架
DOI：
10.1177/0042098017751983
复制
发表时间：
2019
期刊：
影响因子：
4.7
通讯作者：
P. O’Neill
中科院分区：
文献类型：
--
作者：
P. O’Neill
有关城市基础设施金融化的文献通常会追溯到基础设施资产的资产负债表是如何(重新)设计以创造金融资产的。文献中忽略的是资产产生城市流量的过程。我们认为，关注这些过程不仅可以更好地洞察基础设施金融化的过程，还可以揭示融资行为如何通过影响基础设施资产的表现来影响城市的运营。文章中提出的论点来自于在纽约、伦敦和悉尼进行的采访中揭示的基础设施投资案例研究。这些材料被用来生成一个框架，用于理解基础设施投资和城市基础设施支持的流动之间的关系。这一框架有三个维度，金融化进程被认为是通过这些维度进行调解的。它们是资本结构、组织结构和监管结构。文章认为，这些夹层级别的概念化使我们能够探索融资和运营城市之间的往返。一个关键的命题是，一个城市的实物流动不仅是设计和实施投资工具的基础，也是其财务生存能力的基础。这种关系的实现改变了投资者将基础设施资产视为投资产品的方式。得出了对城市管理的启示。
The literature on the financialisation of urban infrastructure typically traces how an infrastructure asset’s balance sheet is (re)engineered to create a financial asset. What the literature neglects are the processes by which an asset generates urban flows. Attention to these processes, we argue, not only gives better insight into the processes of financialisation of infrastructure but also exposes how the act of financing affects the operations of cities through its influence on the performance of infrastructure assets. The argument presented in the article is informed by case studies of infrastructure investments revealed in interviews conducted in New York, London and Sydney. This material is drawn on to generate a framework for understanding the relationships between infrastructure investing and the infrastructure-enabled flows of a city. This framework has three dimensions through which the financialisation process is seen to be mediated. These are capital structure, organisational structure and regulatory structure. The article argues that these mezzanine-level conceptualisations enable us to explore the to-and-fro between financing and operating cities. A key proposition is that the physical flows of a city are basic not only to the design and enactment of an investment instrument but also to its financial viability. The realisation of this relationship has changed the way investors approach infrastructure assets as investment products. Implications for urban management are drawn.