The Commercial Valuation of Danubius A Study of the Privatization Process in Hungary

As former East Bloc countries attempt to move from state-controlled to market economies they are privatizing their economic enterprises in large numbers. Privatization generally requires the valuation of erstwhile government-owned assets. This has definite accounting and financial reporting implications particularly if the business entity hopes to attract capital from abroad. Foreign investors are likely to insist on financial information in a form that meets internationally acceptable norms before they provide capital to these businesses. This article looks at the case of a Hungarian company that has privatized recently. It describes the process from the managers' initial decision to 'go public' to the final issuance of the shares. It highlights certain practices that, while unusual by Western standards, are important components of the privatization process in Hungary. The Hungarian experience is of particular interest to other former East Bloc countries since Hungary is several years ahead of them on the road to privatization. Lessons learned from the Hungarian experience could assist them better manage their privatization programs. It provides financial managers and academics useful insights into the innovative vehicles for going public that are being developed by countries that have traditionally been perceived as being backward in their accounting and finance practices.     

Determinants of the method of sale in privatization

This paper explores the method of sale in the privatization process and difficulties implementing the most efficient option. In countries where state involvement has been more pervasive, the method of privatization chosen is less often the best available option, improvements in efficiency have been slower, and privatization has brought with it greater political instability. This brings the question of why this has been the case, and what could have been done to smooth the transition. This paper finds that efficient mechanisms become more likely when the government's budget is more strained and when the existing capital markets are deeper.     

An Assessment of the Performance of Indian State-Owned Enterprises

We examine the determinants of performance of 68 Indian state-owned enterprises in the manufacturing sector for a five-year period: 1987 to 1991. Relative performance is determined using data envelopment analysis, with variations in performance patterns subsequently explained using regression analysis. We note that the performance of firms in the Indian state-owned sector is characterized by both, low performance, as well as significant and systematic variations in the performance parameters. Size is positively associated and age negatively associated with efficiency. Further, economic liberalization and reforms aimed at improving the performance of state-owned firms induces efficiency gains over time. This heterogeneity within the state-owned sector has policy implications, which we discuss. In countries which have privatized large numbers of their state-owned firms, it is often the larger establishments which have been sold to the public. The state-owned firms in the manufacturing sector that can be candidates for privatization are the smaller and older manufacturing firms. These firms may also be easier to dispose of to private investors. This finding reinforces our central thesis that firm-level analysis within the state-owned sector is useful and important for generating pragmatic policy guidelines.     

跨国并购知识产权价值评估相关问题研究

明确跨国并购知识产权评估中的价值类型、影响因素和评估方法对于并购交易、国有资产管理等无疑是有着非常重要的意义,本文从价值类型、影响因素和评估方法三个方面对跨国并购知识产权的评估问题进行研究.跨国并购中知识产权的价值类型可分为三种:市场价值、投资价值、清算价值或重整价值.跨国并购知识产权评估中应考虑知识产权的价值影响因素,如法律因素、收益因素、风险因素、市场因素、宏观因素和技术因素等.在跨国并购知识产权评估中,应区分股权并购和资产并购采用不同的评估方法,且因为知识产权的不确定性,应加强模糊评价和因素分析法等方法在知识产权评估中的应用.     

国有外贸公司供应链结构分析

本文在我国国有外贸公司对外贸易活动中的三种典型贸易方式基础上，从供应链结构角度分析了国有外贸公司的地位，提出了现时环境下运营的国有外贸公司传统上取得利润的支撑资源，已经随着外贸环境的改变和信息技术的发展而丧失或大大削弱。论述了国有外贸公司特型发展的必要性．     

Public Management Reforms and Social Cohesion in Europe: The view from the top

Drawing upon data from a survey of senior public managers in ten European countries, we examine the relationship between public management reforms and perceptions of social cohesion. We find a positive connection between reforms which treat service users as customers and government openness (outward-downward reforms), and managers’ perceptions of the civic culture and social solidarity within their countries. However, for reforms, such as privatization, with an outward-upward orientation, a negative association with social solidarity is observed. The theoretical and practical implications of our findings are discussed.     

THE THEORY OF STATE-OWNED ENTERPRISES IN MARKET ECONOMIES

Abstract. Four topics are covered: the circumstances under which state-owned enterprises (SOEs) are more effective than private firms; the different approaches to modelling public and private firms; the performance of SOEs; and strategies including privatization to limit their more damaging effects. It is argued that ideological or development motives are important in their genesis, but that if efficiency and innovation are key considerations the normative case for their existence is more doubtful. Various types of SOE model are identified, deriving from the variety of circumstances in which they operate, and the theoretical perspective of the modeller. These include the property rights school, the public choice tradition, neoclassical, behavioural and budget maximizing approaches. All models assume the existence of monitoring problems, created by informational asymmetry. The consequences can include high non-pecuniary benefits for managers, a concentration on monitored activities, and lower innovation levels and efficiency than private firms. Curiously this is not necessarily reflected in higher prices or costs. Possible remedial strategies include a change of ownership, a change of objectives, the introduction of incentive-compatible payment schemes, improved performance indicators and privatization.     

国有企业民营化的环境影响研究

十九大提出要深化国有企业改革,加快发展混合所有制经济。基于2007—2015年我国A股上市公司数据,从企业环境表现的视角研究国有企业进行民营化改革的非经济性后果。研究发现,国有企业民营化后,企业的环境表现会有所下降,但这种现象只在政府环保补贴少的企业和环境监管力度弱的地区中存在。上述研究从环境表现的视角提供了国有企业民营化改革后果的经验证据,对丰富国有企业民营化改革的认识、更好地完善民营化企业的环境治理具有借鉴意义。     

Is privatization related to corruption? An empirical analysis of European countries

This study analyses the relationship between privatization and corruption in Europe over the period 1995 to 2013, taking into account the problems surrounding the issue of causality. There have been researches into the role of privatization in reducing corruption, but decisions about privatization itself are made by politicians, and so corruption could also affect decision making about privatizations. The empirical findings suggest that perceived corruption decreases as the number of privatization transactions increases, but the effect is contrary when privatizations are a more important in terms of annual revenues. Furthermore, our results indicate that overall, privatizations carried out since the early 1980s have not been effective in reducing corruption in Europe. Indeed, privatizations reforms are more carried out in the less corrupt countries.     

Privatization in transition economies: Privatization scale and country size

This paper examines determinants of privatization in transition countries. Empirical studies of privatization are few and even fewer formal empirical analyses of privatization in transition countries exist. Another goal is to examine differences between large-scale and small-scale privatization. We find that scales of privatization respond differently to various determinants. Particularly, privatization scales are sensitive to changes in economic prosperity, unemployment, and inflation. Country size, not government size, seems to be driving privatization in transition countries. Effects of Soviet legacy are non-existent. Some findings are unique to the literature, while others differ from existing studies. Policy implications are discussed.     

我国医药上市公司资本结构调整速度研究

我国医药上市公司资本结构调整速度非常缓慢,与其他行业、其他国家有着比较大的差异。产品独特性是其主要的影响因素,公司规模、净资产收益率、股权结构等指标对其影响也比较显著。我国医药上市公司资本结构调整动力与调整能力不相匹配,这主要与医药产业创新、银行利润导向、国有医药独大、国有企业治理、我国企业债市场不发达等因素有关。     

PRIVATIZATION AND EFFICIENCY: FROM PRINCIPALS AND AGENTS TO POLITICAL ECONOMY

Abstract.  We survey the theoretical literature on privatization and efficiency by tracing its evolution from the applications of agency theory to recent contributions in the field of political economy. The former extend the theory of regulation with incomplete information to address privatization issues, comparing state-owned enterprises with private regulated firms. The benefits of privatization may derive either from the constraints it places on malevolent agents or from the impossibility of commitment by a benevolent government because of incomplete contracts. Contributions dealing with political economy issues separate privatization from restructuring decisions. They either explore bargaining between managers and politicians or analyse the impact of privatization shaped by political preferences on efficiency. The theoretical results regarding the relation between privatization and efficiency do not lead to any definitive conclusion. Privatization may increase productive efficiency when restructuring takes place whereas its effects on allocative efficiency still remain uncertain.     

Implementing the third way

This article examines the transfer of NPM strategies by comparing Service Charter initiatives in the United Kingdom, United States and Australia. These three countries, together with Canada and New Zealand,are partofwhathas beendescribedas the ‘core’ new public management (NPM) policy community (Common 1998). Service Charters are an NPM strategy intended to change the culture of public service delivery to focus on the needs of the users, identified as ‘clients’ or ‘customers’. The objectives are to make service providers more responsive to users by guaranteeing specific standards for service delivery, providing a substitute for competition and a benchmark for measuring service quality. The first section examines the historical and political context of the development of the Citizen's Charter and Service First programmes in the UK, customer service plans in the USA and Government Service Charters in Australia. The second section explores the similarities and differences between these charter initiatives based on analysis of public documents. There is evidence of convergence at the ideological level as managerial values underpin the service charter frameworks in all three jurisdictions (Walsh 1994; Pollitt 1995; Kettl 1997). Despite drawing from a similar toolkit influenced by private sector techniques, significant differences between the country contextshaveresultedindivergent strategies. Timing in the three countries examined suggests that national politics rather than global policy convergence is more significant in explaining the development of service charters. This case study provides evidence of policy transfer rather than policy convergence (Common 1998). The final section considers the limitations of the customer service model. Monitoring quality iscentral to theprogrammes in all three countries. Performance monitoring is essentially a quantitative methodology that requires criteria and indicators for measuring the quality of service delivery and programme outcomes. Two problems are considered. The first is the difficulty of specifying and measuring service quality. The second is that quality indicators derived from services marketing and management research do not take into account the characteristics of public services.     

Balancing Multiple Competing Objectives with a Balanced Scorecard

This paper investigates how multiple and competing objectives are managed within an organisation, and the role that the Balanced Scorecard (BSC) plays in balancing organisational objectives. The issue of achieving multiple objectives, those which represent the interests of various stakeholders, has come to the forefront of the corporate agenda, as companies are seen increasingly as more than a source of profit for shareholders, but rather as ‘citizens’ playing a broader role in society. This study adopts an exploratory case study approach to understand how the BSC is used in management decision and control processes to assist with the balancing of objectives. The case organisation is a state-owned electricity company, and provides a unique setting where multiple and equally important strategic objectives exist. The results demonstrate that the BSC has the potential to help in making trade-offs and balancing objectives, but there are certain requirements for this to succeed. The paper provides insights into issues of balanced strategic management, as it discusses ‘balance’ in terms of both process and outcomes.     

上市公司股权结构对公司绩效影响的实证研究

通过用主成分分析法构建公司绩效评价指标,对2007年1019个上市公司的股权结构与公司绩效进行了实证分析,结果表明:国家股比例与公司绩效不相关,国有法人股比例与公司绩效呈U型关系,社会法人股比例与公司绩效呈三次曲线关系(最佳持股比例为63.5%),机构投资者和第一大股东持股比例与公司绩效正相关,股权制衡有助于绩效的提升。最后根据实证结果,提出了从优化股权结构和加强市场机制建设两方面来提升公司绩效的建议。     

民营银行并购国有银行的动机、成本与风险探析

当前,在世界范围内特别是在发展中国家,掀起了一股民营银行并购国有银行的浪潮。这种并购容易产生现金流风险、信息不对称风险、政策诱导性风险、管理效率风险、并购失败风险。民营银行应通过以下措施和方法将风险消除,从而实现并购成功:结合银行实际,选用适合自身发展的并购方式;努力消除信息不对称;优化决策程序;妥善处理好与政府的关系。     

关于国有资本运营公司履行出资人职责——对集中统一监管省级经营性国有资产分类管理的研究

资本运营公司应认真贯彻落实《国务院关于深化国有企业改革的指导意见》《省属国有企业管理体制改革方案》的要求,推进经营性国有资产集中统一监管,促进国有资本流动,提高国有资本运营质量和效益,实现国有资产保值增值。为推动省级国有资本运营公司试点改革方案的实施,按照"培育壮大一批、重组整合一批、清理退出一批"的思路,实现"接得住、管得好、能发展"的改革目标,论文研究探索切实可行的分级分类管理办法。     

Explaining Performance Changes in Newly Privatized Firms

Much debate has been generated about whether privatization tends to enhance firm financial performance. The research presented here seeks to identify the strategic choices that differentiated firms with superior post-privatization performance from those with inferior post-privatization performance. Using agency theory as a theoretical foundation, it is hypothesized that superior post-privatization firm performance will be associated with (1) the government not retaining a significant stock holding, (2) changes in leadership, (3) management stock options being initiated, (4) employee head count being reduced, and (5) the company being restructured financially. The sample draws from 41 privatized firms from six industry classifications and 15 countries. To accommodate comparisons of small subsamples, non-parametric statistical methods are used. Controlling for size, industry and country (economic/regulatory effects), the hypotheses are generally supported except for the one relating to headcount.     

空间重构语境下的城市空间属地型碎片化倾向

转型期城市空间重构过程中,中国城市结构逐渐表现出类似于西方的社会空间碎片化特征,而中国以门禁社区为表征的城市空间属地型碎片化倾向则具有其独特性.主要表现为:社会阶层分化以后,不同阶层的社会群体聚居在城市特定区位和社区内,彼此间社会空间通过门禁与围墙相互隔离,并伴随着城市宏观空间的破碎状态和公共空间的私有化侵占.在此基础...     

On bank privatization: The case of Egypt

This paper discusses the controversy regarding the privatization of the banking sector in Egypt. It provides an overview of the structure and evolution of the banking system, in the context of the series of reform measures undertaken by the Egyptian authorities over the past decades. The paper assesses the performance of the state-owned banks versus private banks over the period 1995–2005. Microprudential indicators, such as capital adequacy, asset quality, earnings, and profitability, reveal that state-owned banks lag behind in terms of efficiency and performance, compared to their private counterparts. Results also suggest that retaining government ownership can adversely affect banks performance. The paper explores the factors hindering the smooth implementation of bank privatization. The authors indicate that the financial sector reform currently adopted is comprehensive; however it is confronted with various political, social, and economic risks, which raise concerns regarding its sustainability. The paper then draws on the existing literature to provide guidance to policy makers, regarding effective and successful implementation of bank privatization.