上海港口民营化改革的动因、问题及对策

在推进上海国际航运中心建设进程中,完善上海港口设施、提升港口专业化管理是前导,上海港口民营化改革理念顺势出现在人们视野中。文章主要对上海港口民营化改革的动因、现状及面临的问题进行了详细地分析,并针对问题提出相应的对策建议。     

Buy-outs in Hungary,Poland and Russia: governance and finance issues1

The governments of Hungary, Poland and Russia have used buy-outs as an important privatization strategy which can be viewed as forming a continuum from straightforward sales where management and employees generally achieve significant ownership, as in Hungary, via intermediate approaches as in Poland where both payment and free distribution of shares are involved, to the Russian case where state-owned enterprises were effectively “given away” through a voucher privatization scheme. This paper, first, presents preliminary evidence on the extent and nature of post-privatization restructuring in buy-outs in these three countries, which highlights the transitory nature of this form of organization. Second, in the light of these findings, the paper analyses the possibilities and difficulties associated with enhancing corporate governance and finance.     

Organizational ownership,competitive intensity,and firm performance: an empirical study of the Indian manufacturing sector

Emerging countries are using privatization as a key strategy in their drive to become free market economies. Although these ownership changes are rapidly gaining prominence, the academic literature has been equivocal about the performance benefits of private vs. state ownership. The lack of clarity in findings can be largely traced to the underspecification of the models that prior studies have examined. Specifically, prior studies have mostly ignored the central role of competitive rivalry. This paper proposes a model that centers around the interactive, inseparable effects of ownership and competitive rivalry on firm performance. Results of the empirical examination set in India show that competitive intensity moderates the relationship between ownership and performance. Copyright © 2001 John Wiley & Sons, Ltd.     

PARTIAL PRIVATIZATION IN A MIXED DUOPOLY WITH AN R&D RIVALRY

This paper is the first to examine the incentive for partial privatization in a mixed duopoly with R&D rivalry. We show that because mixed duopolies engage in more R&D, the optimal extent of privatization is unambiguously reduced. Yet, this reduction is often very modest. Adopting the extent of privatization that would be optimal if one ignored the R&D rivalry routinely results in greater welfare than retaining a fully public firm and ignoring partial privatization. Only when R&D has an extremely low cost would it be preferable to ignore partial privatization.     

The Problems of Transition, EU Enlargement, and Globalization

This paper examines how far the restructuring process toward a market system has proceeded in Transition Economies since the collapse of Communist regimes more than a decade ago, how ready these economies are for admission into the European Union, and how the globalization of the world economy is affecting them. The paper also presents a model of the restructuring process and of international trade during the restructuring process.     

公营事业员工对民营化态度的研究

文章主要探讨了台湾地区台电员工对公司民营化的态度,并对其中572名员工做了问卷调查。调查结果表明,台电员工对公司民营化后公司竞争力的认同高于对员工保障的认同,员工比较认同公司提升经营绩效、提升公司竞争力、增加公司利润、提高生产力、提高员工努力工作的诱因等调查项,而工作量不会加重、不会被减薪、不会被裁员、工作有保障、福利会更好等几项员工认同率较低。     

The restructuring of insider-dominated firms: A comparative analysis

We study the effects of different modalities of privatization to insiders on the restructuring process in two former Soviet republics - Georgia and Moldova -using enterprise survey data for 1995-97. Enterprise restructuring was similar in companies where incumbent managers received significant ownership stakes for free and in state-owned companies. In contrast, the restructuring process was faster in companies bought by their managers. We interpret these results to suggest that managers' incentives to restructure decrease when they perceive their newly acquired ownership as a windfall gain.     

Privatization, Land Reform, and Property Rights: the Mexican Experience

This paper is concernedwith rural property rights in Mexico. Consideration of this issuewas occasioned by the liberal program of reform adopted in 1992by the government of Carlos Salinas de Gortari, which providesfor a gradual privatization of the Mexican ejidos, a form ofcommunally administered property. The present contribution examinesto what extent this reform project is theoretically founded andwhich practical problems it encounters in implementation. Thegenesis and structure of rural property rights in Mexico is outlined.The problems associated with implementing the reform projectare discussed for an empirical case example in the Soconuscoregion (Chiapas) in Mexico. Finally, a number of consequencesare drawn.     

The restructuring of large firms in the Slovak Republic1

This paper examines case study evidence of large Slovak firms chosen to represent a wide range of initial conditions, privatization techniques and success with restructuring. We document the ownership changes and restructuring actions of firms. We then re-examine several hypotheses about firm restructuring in the light of this new evidence. In particular, we show that the majority of large Slovak firms have successfully restructured in the absence of foreign investors and government-led restructuring programmes. The study also generates some new queries on the effectiveness of different privatization methods in enhancing corporate governance and improving access to skills and capital. We find that privatization to insiders through management-employee buy-outs did not hamper firm restructuring, at least in the initial years after privatization, as the new owners (old managers) invested heavily in new technology, laid off a substantial part of their workforce, sought foreign partnerships, and were prepared to sell controlling stakes to outsiders in return for fresh financial resources. The evidence also suggests that the mass privatization programme in the Slovak Republic did not result in weak corporate governance since it was followed by a rapid consolidation of outsider ownership. This is in contrast to the anecdotal evidence for Georgia, Russia and Ukraine which opted for mass privatization to insiders (managers and employees)