국영기업 민영화의 경제적 성과 : 이론과 실증

• 영문명: The Financial and Economic Performance of Privatized Firms : Theory and Evidence
• 발행기관: 한국재정학회(구 한국재정·공공경제학회)
• 저자명: 최승두(Choi, Seung Doo) 박일렬(Park, Il Leol)
• 간행물 정보: 『재정논집』재정논집 제14권 제1호, 281~315쪽, 전체 35쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 1999.08.31

영문 초록

The World Bank (1995) reports that the state-owned enterprises (SOEs) share of global GDP has declined from a little over nine percent in 1978 to perhaps six percent today. However, the privatization programs of the last twenty years have significantly reduced the role of SOEs in the economic life around the world. There have been great surges of privatization equity offerings to the capital markets around the world. The weight of academic research has now swung decidedly in favor of the proposition that privately-owned firms are more efficient and more profitable than otherwise-comparable state-owned firms, and the multilateral aid agencies that count in the developing world (particularly the World Bank) now firmly advise countries to reduce the size of their state sectors. Little doubt now remains that privatization works, in the sense that divested firms almost always become more efficient, more profitable, increase their capital investment spending, and become financially healthier. Both single-country, single-industry and multi-national, multi-industry empirical studies document significant performance improvements. Governments around the world have mastered the art of crafting the offering terms of privatization share offerings in order to balance competing economic, political, and financial objectives. Most governments deliberately underprice (initial) public offerings of shares in SOEs and economic objectives--one of which is to make privatization politically irreversible. The initial offering prices of privatization tends to be underpriced to a greater degree than private IPOs. Further, newly-privatized entyerprises are good investment alternatives because long-term holding period returns of them outperform private IPOs. In sum, social welfare consequence of privatization is beneficial to the investors, the newly-privatized enterprises and the economy as a whole.

목차

Ⅰ. 서론

Ⅱ. 국영기업 민영화와 국민경제

Ⅲ. 국영기업 민영화의 경제적 성과

Ⅳ. 국영기업 민영화와 자본시장

Ⅴ. 매각가격 결정과 소유권 배분

Ⅵ. 결론

[參考文獻