The aim of this study is to determine whether the introduction of a transport economic regulatory authority would serve as a valid intervention mechanism in the Public-Private Partnership of the transport infrastructure in South Africa. In order to achieve this objective, the study focused on the analysis of the concept of Public-Private Partnership, and how it has unfolded in a number of industrialised countries. Much attention was devoted in examining how the Public-Private Partnership arrangements followed by the studied countries influenced the current transport infrastructure management process in South Africa. To deal with the above, a host of macro-environmental variables were analysed in respect of their potential impact on the South African Department of Transport. The establishment of various agencies by the Department of Transport was seen as a consequence of the influence of the prevailing environmental forces. The outcome of the analysis revealed that a sustainable transport infrastructural development is a product of genuine partnership between the public and private sectors. Competition for the market and the significance of such competition in the transport infrastructure were outlined. The main goal of competition within the context of this study is to diffuse the economic power of the toll road industry and the protection of the individual's fundamental rights. The study also unearthed a need to deepen the talent and skills of both public and private sector officials as this would enable them to protect the citizens' right to make well-considered choices in the toll road industry. The study identified a need to establish a transport economic regulatory authority that would control the market dynamics of power relationships in the transport industry. Such a body should be creative and need to have regulatory oversight over transport infrastructure. / Transport Logistics & Tourism / D. Comm.

The aim of this study is to determine whether the introduction of a transport economic regulatory authority would serve as a valid intervention mechanism in the Public-Private Partnership of the transport infrastructure in South Africa. In order to achieve this objective, the study focused on the analysis of the concept of Public-Private Partnership, and how it has unfolded in a number of industrialised countries. Much attention was devoted in examining how the Public-Private Partnership arrangements followed by the studied countries influenced the current transport infrastructure management process in South Africa. To deal with the above, a host of macro-environmental variables were analysed in respect of their potential impact on the South African Department of Transport. The establishment of various agencies by the Department of Transport was seen as a consequence of the influence of the prevailing environmental forces. The outcome of the analysis revealed that a sustainable transport infrastructural development is a product of genuine partnership between the public and private sectors. Competition for the market and the significance of such competition in the transport infrastructure were outlined. The main goal of competition within the context of this study is to diffuse the economic power of the toll road industry and the protection of the individual's fundamental rights. The study also unearthed a need to deepen the talent and skills of both public and private sector officials as this would enable them to protect the citizens' right to make well-considered choices in the toll road industry. The study identified a need to establish a transport economic regulatory authority that would control the market dynamics of power relationships in the transport industry. Such a body should be creative and need to have regulatory oversight over transport infrastructure. / Transport Logistics and Tourism / D. Comm.

Made available in DSpace on 2016-04-25T18:40:39Z (GMT). No. of bitstreams: 1 Mario Cordeiro Filho.pdf: 9981225 bytes, checksum: 565a2d3dad4737a7a20f562e323becab (MD5) Previous issue date: 2009-06-18 / The purpose of this dissertation this to the study the problems related to applying valuation methods for highway concessions companies in Brazil. It is justified by the economic importance that this sector is assuming in Brazil with respect to investments in infrastructure that have already been and are going to be made. The highway concession segment in Brazil has expanded since the second half of the 1990s. Until this date there are more than 50 highway concession companies throughout the country, responsible for investment commitments of more of them R$ 10 billion related to improving and expanding the brazilian highway network. The highway concessions are specific purpose entities with a defined service life and holders of a concession right that permits them to commercially exploit segments of highways through charging tolls from the users, in exchange for assuming commitments to provide determined services and to implement investments for improvement and expansion during the concession agreement. In some cases the concession also assumes the commitment of payment of a right of concession to a Granting Authority. In this dissertation the application of valuation methods for companies, based on discounted cash flows, dividend flows, internal rate of return, payback and value multiples such as the ratio between enterprise value and its EBITDA are considered. These methods were used in the valuation of the five highway concessions granted by the Government of the State of São Paulo in the public auction that took place in October 2008. The results of this valuation as well as a critical analysis of the adequacy of the above-mentioned valuation methods are presented in chapter V and the conclusions are presented in chapter VI of this dissertation / Este trabalho tem por objetivo estudar os problemas relativos a aplicação de métodos de avaliação de empresas em concessões de rodovias no Brasil, e justifica-se pela importância econômica que esse setor vem assumindo no país no que tange aos investimentos de infraestrutura realizados e a realizar. O setor de concessões de rodovias no Brasil tem se expandido desde a segunda metade da década de 90. Existe até esta data mais de 50 empresas de concessões de rodovias em todo o país, responsáveis por compromissos de investimentos de mais de R$ 10 bilhões relativos a melhoria e expansão da malha viária brasileira. As concessões de rodovias são Sociedades de Propósito Específico com vida útil definida. Detentoras de um direito de concessão que lhes permite explorar comercialmente trechos de rodovias por meio da cobrança de tarifas de pedágio dos usuários, em contrapartida, assumem o compromisso de prestar determinados serviços e implantar investimentos de melhoria e de expansão ao longo do contrato. Em alguns casos, a concessão encarrega-se do encargo de pagar direito de outorga a algum Pode Concedente. Este trabalho considerou a aplicação dos métodos de avaliação de empresas baseados em Fluxos de Caixa Descontados, Fluxos de Dividendos, Taxa Interna de Retorno, Payback e Múltiplo de Valor como, por exemplo, a relação Valor da Empresa / EBITDA. Os métodos acima foram aplicados na avaliação das cinco concessões de rodovias outorgadas pelo Governo do Estado de São Paulo no leilão público ocorrido em outubro de 2008. Os resultados dessas avaliações, assim como a análise crítica da adequação dos referidos métodos de avaliação, são apresentados no Capítulo V e as conclusões, no Capítulo VI deste trabalho