1、本科毕业论文（设计）外文翻译原文THEFINANCIALANDOPERATINGPERFORMANCEOFPRIVATIZEDFIRMSDURINGTHE1990SDURINGTHEPASTTWODECADES,THEPRIVATIZATIONOFSTATEOWNEDENTERPRISESHASMOVEDFROMBEINGARADICAL,ALMOSTDESPERATE,POLICYINITIATIVEOFTHETHATCHERGOVERNMENTINBRITAINTOBEINGANACCEPTEDECONOMICPOLICYFORGOVERNMENTSOFALLIDEOLOGICALSTRI
2、PESACCORDINGTOGIBBON1998,860BILLIONHASBEENRAISEDBYGOVERNMENTSWORLDWIDETHROUGHPRIVATIZATIONS,WITHTHEBULKOFTHISTOTALCOMINGSINCE1987,ANDATLEASTONECOMMENTATORROCHE1996PREDICTSTHATNOLESSTHAN6TRILLIONWILLBERAISEDTHROUGHPRIVATIZATIONSOVERTHENEXTTWODECADESIN1997ALONE,SALESOFPUBLICENTERPRISESTOTALEDARECORD16
3、1BILLIONWORLDWIDE,WITHOVER110BILLIONOFTHETOTALCOMINGDURINGTHESECONDHALFOFTHEYEAR,AND1998STOTALOFALMOST140BILLIONINDICATESTHATTHEPACESHOWSNOSIGNOFSLACKENINGASWEAPPROACHANEWMILLENIUMALTHOUGHTHEGREATESTACADEMICANDPRACTITIONERATTENTIONHASBEENDIRECTEDTOWARDSVOUCHERMASSPRIVATIZATIONSINEASTERNEUROPEANDTHEF
4、ORMERSOVIETUNIONSEEBOYCKO,ANDVISHNY1994,BYFARTHELARGESTFRACTIONOFTOTALPROCEEDSRAISEDBYGOVERNMENTSHASBEENTHROUGHSHAREISSUEPRIVATIZATIONSASPEROTTIANDGUNEY1993,PEROTTI1995ANDJONES,MEGGINSON,NASH,ANDNETTER1999ALLMAKECLEAR,GOVERNMENTSANDTHEIRINVESTMENTBANKERSHAVEBECOMEEXTREMELYADEPTATMANIPULATINGTHEOFFER
5、PRICINGANDSHAREANDCONTROLALLOCATIONTERMSOFTHESEOFFERSTOACHIEVEMULTIPLE,OFTENCOMPETING,POLITICAL,ANDECONOMICOBJECTIVESEXISTINGSTUDIESOFTHEEFFECTOFPRIVATIZATIONONTHEFINANCIALANDOPERATINGPERFORMANCEOFFIRMSPRIVATIZEDTHROUGHSHAREOFFERINGSTHROUGHTHEEARLY1990SPARTICULARLYTHEWORKSOFMEGGINSON,NASH,ANDVANRAND
6、ENBORGH1994ANDBOUBAKRIANDCOSSET1998CLEARLYINDICATETHATTRANSFERRINGASTATEOWNEDENTERPRISESOETOPRIVATEOWNERSHIPSIGNIFICANTLYIMPROVESITSPERFORMANCETHEPRIMARYOBJECTIVEOFTHISSTUDYISTODETERMINEWHETHERSHAREISSUEPRIVATIZATIONSEXECUTEDBETWEEN1990AND1996YIELDTHESAMEOPERATINGPERFORMANCEIMPROVEMENTSDOCUMENTEDFOR
7、DIVESTITURESDURINGTHE1980SANDBEFORETHEREARESEVERALREASONSTOBELIEVETHATPRIVATIZATIONPROGRAMSLAUNCHEDTHISDECADEDIFFERSIGNIFICANTLYFROMTHOSELAUNCHEDEARLIERFORONETHING,GOVERNMENTSCANNOWPOINTTOASIZABLEBODYOFEMPIRICALEVIDENCEBOTHINACADEMICJOURNALSANDINRESEARCHREPORTSPUBLISHEDBYMULTILATERALORGANIZATIONS,RE
8、SEARCHFIRMS,ANDINVESTMENTBANKSTOSUPPORTTHEIRPUSHFORMORERAPIDDIVESTMENT,ONECONOMICASWELLASFINANCIALGROUNDSASDISCUSSEDINMEGGINSON,NASH,ANDVANRANDENBORGH1994,GOVERNMENTSLAUNCHINGPRIVATIZATIONPROGRAMSDURINGTHE1980SWEREDOINGSOWITHOUTSOLIDEMPIRICALBACKINGFORTHEIRACTIONS,WHEREASRECENTTHEORETICALANDEMPIRICA
9、LSTUDIESCITEDATLENGTHINSECTIONIBELOWNOWSTRONGLYSUPPORTTHEPROPOSITIONTHATPRIVATIZATIONINCREASESTHEOPERATINGEFFICIENCYOFTHEDIVESTEDFIRMSTHISLITERATUREISSUMMARIZEDINMEGGINSONANDNETTER19981ADDITIONALLY,GOVERNMENTSMIGHTWELLHAVELEARNEDHOWTODESIGNPRIVATIZATIONPROGRAMSANDSPECIFICOFFERINGSMOREEFFECTIVELYDURI
10、NGTHE1990S,WHICHSHOULDALSOCAUSETHISPERIODTODIFFERFROMPREVIOUSONESTHE1990SHAVEALSOSEENANIMPORTANTSHIFTBOTHINTHEINDUSTRIESBEINGPRIVATIZEDANDINTHENUMBEROFCOUNTRIESPARTICIPATINGFOREXAMPLE,WENOWSEEMOREPRIVATIZATIONSINHIGHLYREGULATEDINDUSTRIESSUCHASBANKINGANDTELECOMMUNICATIONSANDELECTRICUTILITIESINBOTHDEV
11、ELOPEDANDDEVELOPINGECONOMIES,ANDPRIVATIZATIONPROGRAMSARECLEARLYSPREADINGTHROUGHOUTTHEDEVELOPINGWORLDFINALLY,THENEWFOUNDORTHODOXYOFPRIVATIZATIONMEANSTHATITHASBEENEMBRACEDASANINSTRUMENTOFPOLITICALECONOMYBYGOVERNMENTSOFALLPOLITICALSTRIPES,ANDTHUSISNOWBEINGUSEDINCIRCUMSTANCESTHATWOULDHAVEBEENUNIMAGINEAB
12、LEINPREVIOUSDECADESTHISISESPECIALLYTRUEINWESTERNEUROPE,WHICHHASFORSEVERALYEARSLEDTHEWORLDINTHENUMBEROFLARGEPRIVATIZATIONSEXECUTED,DESPITETHEFACTTHAT13OFTHE15EUROPEANUNIONCOUNTRIESHAVELEFTOFCENTERGOVERNMENTSTHISSTUDYEXAMINESTHESUCCESSOFSHAREISSUEPRIVATIZATIONPROGRAMSINDEVELOPINGANDINDUSTRIALIZEDECONO
13、MIESDURINGTHEPERIODFROM1990TO1996OURSAMPLEINCLUDES85COMPANIESFROM28COUNTRIES13NONINDUSTRIALIZEDAND15INDUSTRIALIZEDUSINGINFORMATIONOBTAINEDFROMPROSPECTUSES,ANNUALREPORTS,ANDSECONDARYSOURCES,WEEXAMINEWHETHERTHEOPERATINGANDFINANCIALPERFORMANCEOFTHESECOMPANIESIMPROVESAFTERTHEYAREPRIVATIZEDSINCEWEEMPLOYT
14、HESAMEMETHODOLOGYUSEDINMEGGINSON,NASH,ANDVANRANDENBORGH1994ANDBOUBAKHRIANDCOSSET1998,WEALSODIRECTLYCOMPAREOURRESULTSTOTHOSEPRESENTEDINTHESETWOSTUDIESTOMORECLOSELYEXAMINETHESOURCESOFANYPRIVATIZATIONINDUCEDPERFORMANCECHANGES,WEALSOPARTITIONTHEFULLSAMPLEINTOFIVEMATCHINGPAIRSOFSUBSAMPLES1NONCOMPETITIVEF
15、IRMSREGULATEDFIRMSFROMTHETELECOMMUNICATIONANDUTILITYINDUSTRIESVERSUSFIRMSFROMINDUSTRIESOPENTODOMESTICANDINTERNATIONALCOMPETITION,2“CONTROLPRIVATIZATIONS,”WHERETHEGOVERNMENTSDIVESTMENTLOWERSITSFRACTIONALSHAREHOLDINGTOLESSTHANFIFTYPERCENT,VERSUS“REVENUEPRIVATIZATIONS,”WHERETHEGOVERNMENTRETAINSMAJORITY
16、VOTINGCONTROL,3FIRMSHEADQUARTEREDININDUSTRIALIZEDOECDCOUNTRIESVERSUSTHOSEHEADQUARTEREDINNONINDUSTRIALIZEDDEVELOPINGCOUNTRIES,4FIRMSWHERELESSTHANFIFTYPERCENTOFTHEPREPRIVATIZATIONBOARDOFDIRECTORSISREPLACEDVERSUSFIRMSWITHATLEASTFIFTYPERCENTPOSTPRIVATIZATIONBOARDCHANGES,AND5FIRMSINWHICHANEWCEOISAPPOINTE
17、DAFTERPRIVATIZATIONVERSUSTHOSEINWHICHTHEOLDCEOISRETAINEDWEALSOEXAMINEWHETHERSIGNIFICANTDIFFERENCESINPOSTPRIVATIZATIONPROFITABILITY,OUTPUT,OPERATINGEFFICIENCY,LEVERAGE,CAPITALINVESTMENTANDEMPLOYMENTEXISTBETWEENTHEGROUPSINEACHOFTHESUBSAMPLESWEFINDPERSUASIVEEVIDENCETHATTHEMEANANDMEDIANLEVELSOFPROFITABI
18、LITY,REALSALES,OPERATINGEFFICIENCYANDPAYOUTOFOURFULLSAMPLEFIRMSINCREASESIGNIFICANTLYINBOTHSTATISTICALANDECONOMICTERMSAFTERPRIVATIZATIONINFACT,THESIGNIFICANCELEVELSOFTHEPROFITABILITY,OUTPUT,ANDEFFICIENCYVARIABLESAREMUCHGREATERZVALUESAREMUCHHIGHERTHANTHEPREVIOUSSTUDYCONDUCTEDBYMEGGINSON,NASH,ANDVANRAN
19、DENBORGH1994,ANDARESIMILARTOTHOSEINBOUBAKRIANDCOSSET1998WEALSODOCUMENTSIGNIFICANTLYLOWERLEVERAGERATIOSFOROURFIRMSAFTERDIVESTITUREINCONTRASTTOMEGGINSON,ETAL,WEFINDINSIGNIFICANTCHANGESINEMPLOYMENTASDOBOUBAKRIANDCOSSETANDINCAPITALSPENDINGASAFRACTIONOFSALESAFTERPRIVATIZATIONTHOUGHTHEABSOLUTELEVELOFCAPIT
20、ALSPENDINGDOESINCREASESIGNIFICANTLYTHESUBSAMPLEANALYSESALSOYIELDIMPORTANTRESULTSOUTPUT,OPERATINGEFFICIENCY,ANDDIVIDENDPAYMENTSINCREASESIGNIFICANTLYFOREVERYSUBSAMPLE,WHILEPROFITABILITYINCREASESANDLEVERAGEDECREASESSIGNIFICANTLYINALLBUTTHREECASESEMPLOYMENTDECREASESSIGNIFICANTLYONLYFORFIRMSWHICHRETAINTH
21、EIRCEOANDFORINDUSTRIALIZEDCOUNTRYFIRMSWHILECAPITALINVESTMENTSPENDINGASAFRACTIONOFSALESGENERALLYREMAINSSTATISTICALLYUNCHANGED,ITDECREASESSIGNIFICANTLYFORFIRMSWITHLESSTHANFIFTYPERCENTCHANGESINBOARDOFDIRECTORSADDITIONALLY,WETESTFORSIGNIFICANTDIFFERENCESBETWEENEACHDICHOTOMOUSSUBSAMPLEPAIRUSINGKRUSKALWAL
22、LISTESTS,ANDTHESEREVEALTHATPERFORMANCEIMPROVESSIGNIFICANTLYWHENVOTINGCONTROLISRELINQUISHEDBYADIVESTINGGOVERNMENTANDFORFIRMSINNONCOMPETITIVEINDUSTRIES,BUTTHATEMPLOYMENTDECLINESSIGNIFICANTLYFORCOMPANIESHEADQUARTEREDINDEVELOPEDCOUNTRIESWEALSOCONTRASTOURRESULTSWITHTHOSEOFTWOPREVIOUSSTUDIESWHICHEMPLOYEDT
23、HESAMEMETHODOLOGIESANDSAMPLESELECTIONCRITERIATHETHREESTUDIESCOLLECTIVELYEXAMINE211COMPANIESFROMOVERFIFTYINDUSTRIESWITHTHECOMBINEDSAMPLEROUGHLYEQUALLYSPLITBETWEENDEVELOPEDANDDEVELOPINGCOUNTRIESANDALLTHREESTRONGLYSUGGESTTHATPRIVATIZATIONISAPOWERFULTOOLFORIMPROVINGTHEFINANCIALANDOPERATINGPERFORMANCEOFF
24、ORMERSTATEOWNEDENTERPRISESINMANYDIFFERENTINSTITUTIONALSETTINGSWECONCLUDEBYPRESENTINGINDIRECTEVIDENCETHATTHEPERFORMANCEIMPROVEMENTSDOCUMENTEDINTHESETHREESTUDIESARENOTTHERESULTOFPOSTPRIVATIZATIONPRICEINCREASESORTHEEXPLOITATIONOFMARKETPOWER,BUTAREINSTEADTHERESULTOFEFFICIENCYGAINSRESULTINGFROMIMPROVEDIN
25、CENTIVESTHISSTUDYISORGANIZEDASFOLLOWSSECTIONIPROVIDESASUMMARYOFTHERECENTTHEORETICALANDEMPIRICALRESEARCHONPRIVATIZATION,WHILETHEDATAWEEMPLOYISDESCRIBEDINSECTIONIISECTIONIIIPRESENTSOURTESTABLEPREDICTIONSANDMETHODOLOGY,ANDSECTIONIVPRESENTSOUREMPIRICALRESULTSFORTHEFULLSAMPLEANDALLSUBSAMPLESSECTIONVCONTR
26、ASTSTHERESULTSOFOURSTUDYWITHTHOSEOFMNRANDBC,WHILESECTIONVICONCLUDESSINCEPRIVATIZATIONHASBEENPARTOFGOVERNMENTPOLICYTOOLKITSFORALMOSTTWODECADESNOW,ENOUGHTIMEHASPASSEDTOALLOWACADEMICRESEARCHERSTOGENERATEAWIDERANGEOFEMPIRICALSTUDIESEXAMININGTHEEFFECTOFDIVESTMENTONTHEPOSTPRIVATIZATIONOPERATINGPERFORMANCE
27、OFFORMERSOESWEIDENTIFYFOURTEENSUCHPAPERS,EIGHTOFWHICHEXAMINEEITHERASINGLEINDUSTRYORASINGLECOUNTRY,ANDSIXOFWHICHUSEAMULTINATIONAL,MULTIINDUSTRYSAMPLEOFFIRMSWEBRIEFLYREVIEWEACHGROUPOFSTUDIESINTURN,BEGINNINGWITHTHEINDUSTRYAND/ORCOUNTRYSPECIFICSTUDIESTHREEOFTHESEWORKSSTUDYTHEBRITISHPRIVATIZATIONPROGRAM,
28、TWOFOCUSONINDIVIDUALFIRMDIVESTITURES,ANDTWOEXAMINEHOWPRIVATIZATIONHASAFFECTEDASPECIFICINDUSTRYWELIMITOURANALYSISTOTHOSECOMPANIESTHATAREFULLYORPARTIALLYSOLDTOPRIVATEINVESTORSTHROUGHAPUBLICSHAREOFFERING,MAINLYBECAUSECOMPANIESTHATAREPRIVATIZEDINTHISWAYCONTINUETOGENERATEPOSTISSUEFINANCIALANDACCOUNTINGDA
29、TATHATISDIRECTLYCOMPARABLETOPREDIVESTITUREDATASINCEOURPRIMARYOBJECTIVEINTHISPAPERISTOTESTWHETHERTHEECONOMICIMPACTOFPRIVATIZATIONPROGRAMSHASCHANGEDDURINGTHE1990S,WEEXAMINETHESAMEVARIABLESUSEDINMEGGINSON,NASH,ANDVANRANDENBORGH1994HEREAFTER,MNRANDBOUBAKRIANDCOSSET1998HEREAFTERBCWEALSOTESTTHESAMEHYPOTHE
30、SESASMNRDISCUSS,VIRTUALLYALLGOVERNMENTSLAUNCHINGPRIVATIZATIONPROGRAMSHAVESPECIFIC,ANDGENERALLYVERYOPTIMISTIC,EXPECTATIONSABOUTWHATTHESEPROGRAMSWILLYIELDGOVERNMENTSEXPECTTHATPRIVATIZEDFIRMSWILLINCREASETOTALSALES,BECOMESIGNIFICANTLYMOREEFFICIENTANDPROFITABLE,INCREASETHEIRCAPITALSPENDING,ANDBECOMEFINAN
31、CIALLYHEALTHIERYETALLGOVERNMENTSFEARTHESEBENEFITSWILLCOMEATTHEECONOMICALLYANDPOLITICALLYPAINFULCOSTOFREDUCEDEMPLOYMENTINTHEPRIVATIZEDFIRMSASDOMNRANDBC,WETESTWHETHERTHISINFACTOCCURSSPECIFICALLY,WETESTTHEHYPOTHESESTHATPRIVATIZATION1INCREASESAFIRMSPROFITABILITY,2INCREASESITSOPERATINGEFFICIENCY,3INCREAS
32、ESITSCAPITALINVESTMENTSPENDING,4INCREASESITSOUTPUT,5DECREASESEMPLOYMENT,6DECREASESLEVERAGE,AND7INCREASESDIVIDENDPAYMENTSINTHESECTIONSBELOW,WEPRESENTANDDISCUSSOUREMPIRICALRESULTSFORTHEFULLSAMPLEOFALLPRIVATIZEDFIRMS,ANDFORTHEFIVESUBSAMPLESTHEFULLSAMPLERESULTSAREPRESENTEDINTABLEII,WHILESIMILARSUBSAMPLE
33、RESULTSAREPRESENTEDINTABLESIIITOVIITHECOMBINEDRESULTSOFTHISSTUDYHEREAFTERDM,PLUSTHOSEOFTHEMNRANDBCANALYSES,AREPRESENTEDINTABLEXSINCETHEPAPERSEXAMINEDIFFERINGTIMEPERIODS1961TO1989FORMNR,1980TO1992FORBC,AND1990TO1996FORDM,ANDBCONLYSTUDYDEVELOPINGCOUNTRIES,THEREISVERYLITTLESAMPLEOVERLAPBETWEENTHESTUDIE
34、S,WHICHCOLLECTIVELYEXAMINE211COMPANIESFROM42COUNTRIESANDNOLESSTHAN56DIFFERENTINDUSTRIESROUGHLYHALF103OFTHESEFIRMSAREFROM26DEVELOPINGCOUNTRIES,WITHTHEOTHERHALF108COMINGFROM16INDUSTRIALIZEDNATIONSTHEFOURCOUNTRIESWITHTHEGREATESTREPRESENTATIONINTHECOMBINEDSAMPLEAREGREATBRITAIN28FIRMS,FRANCEANDPORTUGAL16
35、EACH,ANDTURKEY15COMPANIES,WHILETHEFOLLOWINGINDUSTRIESAREREPRESENTEDBYATLEASTTENFIRMSBANKINGANDFINANCE36COMPANIES,ELECTRICUTILITIES30,TELECOMMUNICATIONUTILITIES22,PETROLEUM18,STEEL14,ANDAIRLINES11THECOMBINEDSAMPLETHUSSPANSAWIDEVARIETYOFINDUSTRIESANDSTAGESOFNATIONALDEVELOPMENT,ANDREPRESENTSTHEBROADEST
36、ANDMOSTCOMPREHENSIVEMULTINATIONALSTUDYOFPRIVATIZATIONSIMPACTYETPRODUCEDTHISSTUDYCOMPARESTHEPREANDPOSTPRIVATIZATIONFINANCIALANDOPERATINGPERFORMANCEOF85COMPANIESFROM28COUNTRIES15INDUSTRIALIZEDAND13NONINDUSTRIALIZEDTHATEXPERIENCEFULLORPARTIALPRIVATIZATIONTHROUGHPUBLICSHAREOFFERINGSDURINGTHEPERIODFROM19
37、90TO1996THESAMPLEOFCOMPANIESBEINGPRIVATIZEDINTHE1990SISQUITEDIFFERENTFROMTHESAMPLETHATWASPRIVATIZEDPRIORTO1990,PARTICULARLYWITHRESPECTTOTHEMUCHHEAVIERREPRESENTATIONOFFIRMSFROMTHEUTILITIESANDTELECOMMUNICATIONINDUSTRIESWEDOCUMENTSIGNIFICANTINCREASESINTHEMEANANDMEDIANLEVELSOFPROFITABILITY,REALSALES,OPE
38、RATINGEFFICIENCYANDDIVIDENDFOROURFULLSAMPLEFIRMSAFTERPRIVATIZATIONWEALSOFINDSIGNIFICANTDECREASESINMEANANDMEDIANLEVERAGERATIOS,INSIGNIFICANTDECREASESINTHEMEANANDMEDIANEMPLOYMENTLEVELS,ANDINSIGNIFICANTDECREASESINMEANANDMEDIANCAPITALINVESTMENTRATIOSTHEPROFITABILITY,OUTPUT,OPERATINGEFFICIENCY,DIVIDENDPA
39、YOUT,ANDLEVERAGERESULTSOFTHISPAPERARESIMILARTORESULTSFOUNDINMEGGINSON,NASH,ANDVANRANDENBORGH1994ANDBOUBAKRIANDCOSSET1998,THOUGHWEDOCUMENTMUCHLARGERINCREASESINREALSALESANDSALESEFFICIENCYPERHAPSASARESULT,WEFINDTHATTOTALEMPLOYMENTATBESTREMAINSUNCHANGED,ANDBYTHEPROPORTIONTESTDECLINESSIGNIFICANTLY,AFTERP
40、RIVATIZATIONMANYPREVIOUSEMPIRICALSTUDIESDOCUMENTINCREASESINEMPLOYMENTAFTERPRIVATIZATION,ANDTHESEAREGENERALLYSIGNIFICANTBYATLEASTONEEMPIRICALMEASUREWEALSOCUTOURFULLSAMPLEINTOSEVERALDICHOTOMOUSSUBSAMPLES,BASEDONWHETHERTHEFIRMISHEADQUARTEREDINANINDUSTRIALIZEDORDEVELOPINGCOUNTRY,WHETHERVOTINGCONTROLISSO
41、LDORRETAINEDBYTHEDIVESTINGGOVERNMENT,WHETHERTHEDIVESTEDFIRMOPERATESINACOMPETITIVEONNONCOMPETITIVEINDUSTRYTELECOMMUNICATIONSORUTILITYCOMPANIES,WHETHERTHEREISLARGESCALEATLEAST50PERCENTTURNOVERINTHEFIRMSBOARDOFDIRECTORSAFTERPRIVATIZATION,ANDWHETHERTHEFIRMSCEOISRETAINEDORREPLACEDAFTERPRIVATIZATIONOURRES
42、ULTSFORTHESUBSAMPLEANALYSESINDICATETHATOUTPUT,OPERATINGEFFICIENCYANDDIVIDENDPAYOUTINCREASESSIGNIFICANTLYFOREVERYSUBSAMPLE,WHILEPROFITABILITYINCREASESANDLEVERAGEDECREASESSIGNIFICANTLYINALLBUTTHREEOFTHESUBSAMPLESINGENERAL,THEREARENOSTRIKINGPATTERNSINPERFORMANCECHANGESBASEDONSPECIFICOWNERSHIPSTRUCTUREC
43、HANGESREGARDINGBOARDCOMPOSITIONORCEORETENTION,THOUGHWEDOFINDTHATPERFORMANCEIMPROVESMOREWHENGOVERNMENTSSURRENDERVERSUSRETAINVOTINGCONTROLANDFORNONCOMPETITIVEVERSUSCOMPETITIVEINDUSTRIES,ANDTHATEMPLOYMENTDECLINESMOREAFTERPRIVATIZATIONININDUSTRIALIZEDTHANINDEVELOPINGCOUNTRIESTOSUMMARIZE,THEFULLSAMPLEOFP
44、RIVATIZEDFIRMSASWELLASESSENTIALLYALLTHESUBSAMPLESEXPERIENCESIGNIFICANTPERFORMANCEIMPROVEMENTSAFTERBEINGPRIVATIZED,ANDTHESEIMPROVEMENTSTYPICALLYAREHIGHLYSIGNIFICANTINBOTHSTATISTICALANDECONOMICTERMSTHESEFINDINGSAREBUTTHELATESTINASTRINGOFRECENTLYPUBLISHEDSTUDIESDOCUMENTINGPERFORMANCEIMPROVEMENTSFOLLOWI
45、NGGOVERNMENTDIVESTITUREPRIVATIZATION“WORKS,”ANDITWORKSINALMOSTEVERYINSTITUTIONALSETTINGEXAMINEDSOURCEJULIETDSOUZAANDWILLIAMLMEGGINSON,1999“THEFINANCIALANDOPERATINGPERFORMANCEOFPRIVATIZEDFIRMSDURINGTHE1990S”JOURNALOFFINANCE,VOL1,NO3,NOVEMBER,PP144译文20世纪90年代私有化企业的财务和经营绩效过去的20年里,国有企业的私有化已经从一种激进近乎不顾一切的模
46、式中开展进行，在英国撒切尔政府的政策被公认为政府经济政策的典范。根据爱德华1998，8600亿美元都是全世界各国政府通过私有企业融资所提高的，其中大部分是从1987年开始的，并且至少有一位评论员（罗氏（1996）预言，在未来的二十年不低于6万亿美元将通过私有化融资提高。仅1997年，国有企业的销售总额为1610亿美元，突破世界纪录，下半年总收入超过1100亿美元，以及1998年的近1400亿美元的总收入表明，在即将到来的千禧年步伐不会放缓。虽然最大的学术和实践方面关注已经指向在东欧和前苏联的私有化取得的凭证（质量）（见博伊科克，施莱弗，维西勒（1994），迄今为止，由政府提高的总收益的最大部分
47、是通过发行股票私有化得到的。佩罗蒂和居内伊1993，佩罗蒂1995以及琼斯，梅金森，纳什和内特（1999），都清楚地解释了，各国政府和他们的投资银行家在操纵要约价格与实现控制多个优惠共享和分配方面变得非常娴熟，以及经常相互冲突、政治和经济的目标。现有对金融私有化效果和公司通过发行股票私有化融资的经营绩效的研究，尤其在90年代初，梅金森，纳什和瓦兰多伯格（1994年）和波巴克瑞和考赛特（1998）的作品，清楚地表明，把国有企业私有化能显著提高它的经营绩效。这项研究的主要目标是确定20世纪80年代及以前发行股票私有企业是否在1990年到1996年产生相同的经营业绩改善的风险记录。以下几个理由使我们
48、相信，这十年中推出私有化方案较早前推出的有显著的不同。一方面，政府现在能够指向一个可观的实证证据无论是在学术期刊还是多方组织、研究机构和投资银行的研究报告，以支持他们在经济和金融领域奋力争取更迅速的撤资。正如梅金森，纳什和瓦兰多伯格（1994年）所讨论的,政府在80年代推出私有化方案是因为他们的做法没有可靠的实证支持，而最近的理论和实证研究（详细列举下文第一节）强有力地支持了私有化的主张，即私有化能提高被剥离企业的经营效率。这篇文献总结了梅金森和内特（1998）的看法。此外，各国政府很可能已经学会了在20世纪90年代如何更有效地设计私有化方案和具体的产品，这也应该使这一时期与以往有所不同。20
49、世纪90年代，在行业私有化和参与国家数目上还出现了重要转变。例如，我们现在在高度管制行业中看到了更多的私有化，如银行业和通讯业以及电业，不管是发达国家还是发展中国家，私有化进程都清晰地蔓延着整个发展中的世界。最后，新发现的私有化的正统说法是指作为政府的所有政治派别政治经济学工具它已被接受，因此，私有化现在被使用在早几十年前是不可思议的。这种情况尤其是在西欧，几年来一直引领着世界上大型私有化的执行数量，尽管实际上有13/15的欧盟国家有偏左的政府中心。本研究探讨了在1990年至1996年期间发展中国家和工业化经济体中发行股份私有化成功的案例。我们的样本包括来自28个国家的85个公司（13个非工业化和15个工业化）。使用从招股获得的信息、年度报告和二手资料，我们考核这些公司的经营及财务绩效在他们被私有化以后是否有所提高。由于我们采用与梅金森、纳什、瓦兰多伯格（1994年）、波巴克瑞和考赛特（1998）同样的方法，我们可以直接比较在这两个研究得出的结论。为了更仔细寻找任何私有化引起的绩效变化的根源，我们也会把全样本划分为五个匹配对的子样本（1）非竞争企业（从电信行业和公用事业规定企业）与从产业开放到国内和国际竞争的企业相比。（2）“控制私有化”，政府的撤资下降，它的股权分数小于百分之五十，与“私有化收入”即政府应该保留多数的表决控制权相比。（3）公司总部设在工业化（经合
