The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis
比较了1961至1990年间18个国家61家通过公开发行实现私有化的企业在私有化前后的财务与经营绩效，发现这些企业在销售额、盈利能力、资本支出、运营效率和就业方面均有显著改善，同时降低了债务水平并提高了股息支付。
ABSTRACT This study compares the pre and postprivatization financial and operating performance of 61 companies from 18 countries and 32 industries that experience full or partial privatization through public share offerings during the period 1961 to 1990. Our results document strong performance improvements, achieved surprisingly without sacrificing employment security. Specifically, after being privatized, firms increase real sales, become more profitable, increase their capital investment spending, improve their operating efficiency, and increase their work forces. Furthermore, these companies significantly lower their debt levels and increase dividend payout. Finally, we document significant changes in the size and composition of corporate boards of directors after privatization.