管理层收购在欧洲作为私有化工具【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：ManagementBuy-outsasanInstrumentofPrivatizationinEasternEuropePrivatizinggovernmententerprisesisoneofthemostdifficulttasksinthetransformationprocesstakingplaceintheformersocialisteconomies.Whatcontributiondomanagementbuy-outshavetomak

2、eincopingwiththattask?AllthecountriesofEasternEuropeandtheCISarecurrentlyintheprocessofreplacingtheirplannedeconomieswithmarketeconomicsystems.Suchatransformationrequiresthestatetomakearapidwithdrawalfromplanningresponsibilityandsubstantiallytorenounc

3、eitsrightsofownershipoverthemeansofproduction.Theprimetasksinvolvedinbringingthataboutaretocreateanewsystemofprivatelawandtoprivatizegovernmententerprises.Whereasitispossible,formallyatleast,tointroduceasystemofprivatelawveryswiftly,itisamuchmoretime-

4、consuminganddifficultmattertotransferownershipofthemeansofproductiontoprivatehands.Thedifficultyarisespartlyoutoftheveryscaleoftheprivatizationtask.Thestate'sshareofthemeansofproductionintheformersocialistcountriesisvirtually100%,withtheexceptionofHun

5、garywhereexperimentswithprivateenterprisehaveacertaintradition.InWesternEuropeandtheUSA,ontheotherhand,thelevelofstateinvolvementisonlyapproximately10%andevenintheScandinaviancountries,whichareoftendescribedassocialist,stateownershipdoesnotplayasignif

6、icantpart.ThusthecountriesofEasternEuropewillneedtotransferfour-fifthsoftheireconomiestoprivateownershipiftheywanttocreatesimilarconditionstothoseofWesternEuroperegardingownershipofthemeansofproduction.PrivatizationAlternativesIfsignificantsuccessesin

7、privatizingstateenterprisesaretobeachievedswiftly,acomprehensivestrategyisneededwhichprovidesforallconceivableformsofprivatizationtobeappliedwhereandwhensuitable.Thebasicalternativesavailableareastockmarketflotation,directsaletooutsideinvestors,andvar

8、iousformsofmanagementbuy-out(MBO).Theflotationofformergovernmententerprisesonthestockmarket,likethevariouscouponmodelsalsounderdiscussion,hastheadvantagethatparticipatingsharescanbewidelydispersedamongthegeneralpublic.Inaddition,theenterprisew