20世紀90年代私有化企業(yè)的財務和經營績效【外文翻譯】

1、本科畢業(yè)論文（設計）外文翻譯原文：原文：TheFinancialOperatingPerfmanceOfPrivatizedFirmsDuringThe1990sDuringthepasttwodecadestheprivatizationofstateownedenterpriseshasmovedfrombeingaradicalalmostdesperatepolicyinitiativeoftheThatchergovernme

2、ntinBritaintobeinganacceptedeconomicpolicyfgovernmentsofallideologicalstripes.AccdingtoGibbon(1998)$860billionhasbeenraisedbygovernmentswldwidethroughprivatizationswiththebulkofthistotalcomingsince1987atleastonecommentat

3、(Roche(1996))predictsthatnolessthan$6trillionwillberaisedthroughprivatizationsoverthenexttwodecades.In1997alonesalesofpublicenterprisestotaledarecd$161billionwldwidewithover$110billionofthetotalcomingduringthesecondhalfo

4、ftheyear1998stotalofalmost$140billionindicatesthatthepaceshowsnosignofslackeningasweapproachanewmillenium.Althoughthegreatestacademicpractitionerattentionhasbeendirectedtowardsvoucher(mass)privatizationsineasternEuropeth

5、efmerSovietUnion(seeBoyckoVishny(1994))byfarthelargestfractionoftotalproceedsraisedbygovernmentshasbeenthroughshareissueprivatizations.AsPerottiGuney(1993)Perotti(1995)JonesMegginsonNashter(1999)allmakecleargovernmentsth

6、eirinvestmentbankershavebecomeextremelyadeptatmanipulatingtheofferpricingsharecontrolallocationtermsoftheseofferstoachievemultipleoftencompetingpoliticaleconomicobjectives.Existingstudiesoftheeffectofprivatizationonthefi

7、nancialoperatingperfmanceoffirmsprivatizedthroughshareofferingsthroughtheearly1990sparticularlythewksofMegginsonNashvanRenbgh(1994)BoubakriCosset(1998)clearlyindicatethattransferringastateownedenterprise(SOE)toprivateown

8、ershipsignificantlyimprovesitsperfmance.Theprimaryobjectiveofthisstudyistodeterminewhethershareissueprivatizationsexecutedbetween19901996yieldthesameoperatingperfmanceCosset(1998)wealsodirectlycompareourresultstothosepre

9、sentedinthesetwostudies.Tomecloselyexaminethesourcesofanyprivatizationinducedperfmancechangeswealsopartitionthefullsampleintofivematchingpairsofsubsamples:(1)noncompetitivefirms(regulatedfirmsfromthetelecommunicationutil

10、ityindustries)versusfirmsfromindustriesopentodomesticinternationalcompetition(2)“controlprivatizations”wherethegovernment’sdivestmentlowersitsfractionalshareholdingtolessthanfiftypercentversus“revenueprivatizations”where

11、thegovernmentretainsmajityvotingcontrol(3)firmsheadquarteredinindustrialized(OECD)countriesversusthoseheadquarteredinnonindustrialized(developing)countries(4)firmswherelessthanfiftypercentofthepreprivatizationboardofdire

12、ctsisreplacedversusfirmswithatleastfiftypercentpostprivatizationboardchanges(5)firmsinwhichanewCEOisappointedafterprivatizationversusthoseinwhichtheoldCEOisretained.Wealsoexaminewhethersignificantdifferencesinpostprivati

13、zationprofitabilityoutputoperatingefficiencyleveragecapitalinvestmentemploymentexistbetweenthegroupsineachofthesubsamples.Wefindpersuasiveevidencethatthemeanmedianlevelsofprofitabilityrealsalesoperatingefficiencypayoutof

14、ourfullsamplefirmsincreasesignificantly(inbothstatisticaleconomicterms)afterprivatization.Infactthesignificancelevelsoftheprofitabilityoutputefficiencyvariablesaremuchgreater(zvaluesaremuchhigher)thanthepreviousstudycond

15、uctedbyMegginsonNashVanRenbgh(1994)aresimilartothoseinBoubakriCosset(1998).Wealsodocumentsignificantlylowerleverageratiosfourfirmsafterdivestiture.IncontrasttoMegginsonetal.wefindinsignificantchangesinemployment(asdoBoub

16、akriCosset)incapitalspendingasafractionofsalesafterprivatizationthoughtheabsolutelevelofcapitalspendingdoesincreasesignificantly.Thesubsampleanalysesalsoyieldimptantresults.Outputoperatingefficiencydividendpaymentsincrea

17、sesignificantlyfeverysubsamplewhileprofitabilityincreasesleveragedecreasessignificantlyinallbutthreecases.EmploymentdecreasessignificantlyonlyffirmswhichretaintheirCEOfindustrializedcountryfirms.Whilecapitalinvestmentspe