20世纪90年代私有化企业的财务和经营绩效【外文翻译】.doc

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外文翻译
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The Financial And Operating Performance Of Privatized Firms During The 1990s
During the past two decades, the privatization of state-owned enterprises has moved from being a radical, almost desperate, policy initiative of the Thatcher government in Britain to being an accepted economic policy for governments of all ideological stripes. According to Gibbon (1998), $860 billion has been raised by governments worldwide through privatizations, with the bulk of this ing since 1987, and at least mentator (Roche (1996)) predicts that no less than $6 trillion will be raised through privatizations over the next two decades. In 1997 alone, sales of public enterprises totaled a record $161 billion worldwide, with over $110 billion of the ing during the second half of the year, and 1998's total of almost $140 billion indicates that the pace shows no sign of slackening as we approach a new millenium.
Although the greatest academic and practitioner attention has been directed towards voucher (mass) privatizations in eastern Europe and the former Soviet Union (see Boycko, and Vishny (1994)), by far the largest fraction of total proceeds raised by governments has been through share issue privatizations. As Perotti and Guney (1993), Perotti (1995) and Jones, Megginson, Nash, ter (1999) all make clear, governments and their investment bankers have e extremely adept at manipulating the offer pricing and share and control allocation terms of these offers to achieve multiple, peting, political, and economic objectives. Existing studies of the effect of privatization on the financial and operating performance of firms privatized through share offerings through the early 1990s--particularly the works of Megginson, Nash, and van h (1994) and Boubakri and Cosset (1998)--clearly indicate that transferring a stateowned enterprise (SOE) to private ownership significantly improves its performance.
The primary objective of this study is to determine whether share issue