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ID:8365353
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页数:37页
时间:2018-03-22
《privatization methods and ownership outcomes in romania》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、PrivatizationMethodsandOwnershipOutcomesinRomania*ThisresearchwasundertakenwithsupportfromtheEuropeanCommunity’sPhareACEProgram1998.ThecontentofthepaperisthesoleresponsibilityoftheauthoranditinnowayrepresentstheviewsoftheCommissionoritsservices.JohnS.EarleUpj
2、ohnInstituteforEmploymentResearchCentralEuropeanUniversityandÁlmosTelegdyBudapestUniversityofEconomicSciencesCentralEuropeanUniversityLaborProjectMay2002AbstractThispaperdescribestheRomanianlargeprivatizationfromitsbeginningin1992byJuly2000,usingadatabasewhic
3、hincludes88percentofthesurvivingpopulationoffirmseligibleforprivatization.Wedescribethedesignofthethreeprivatizationmethodsapplied:managementemployeebuyouts(MEBOs),theMassPrivatizationProgram(MPP)andsalesofblocksofsharestooutsideinvestors.Also,weprovidetheown
4、ershipoutcomeoftheprivatizationpolicies,findingthatduringthefirstfiveyearsofprivatizationonlyaminorityoftheemploymentwastransferredtoprivatehands(47.3percent)andanevensmallershareofthecapitalofthefirms,measuredbythebookvalue(25.2percent).Bythistime,domestican
5、dforeignoutsideinvestorsbeinginvolvedinatrivialnumberofprivatizationshavingonly2.7percentofthetotalemploymentin1996.Later,salesbecamemorepopular,attheendoftheanalyzedperiod21percentoftheemploymentand24.3percentofbookvaluewasunderinvestorownership.Theprivatize
6、dshareoftheinitialstatesectorwas53.2percentbytheendoftheperiod.MEBOswereverypopularinthefirstyearsoftheprocess,until1995beingtheonlyimportantmethodofdecreasingstateownership.Unlikeinothercountries,insidersobtainedusuallyalargefractionofshares,manytimesallofth
7、em.Theimportanceofthisprivatizationmethoddecreasedsomewhat,butattheendoftheanalyzedperiod30.4percentoftheemploymentwasunderemployeeownership.Voucherprivatizationwasalsoimportant,15.1percentofbookvalueofthesurvivingpopulationwastransferredbythismethod.36Introd
8、uctionDespitethecentralroleofprivatizationpoliciesineconomictransformationandpublicdebate,therehasbeenremarkablylittlesystematicresearchonprivatizationinRomania.Thispaperprovidesacomprehe
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