The Choice of Private Versus Public Capital Markets: Evidence from Privatizations
研究政治、制度和经济因素如何影响国有企业选择通过公开发行股票（SIP）还是资产出售进行私有化，发现SIP更可能发生在资本市场欠发达、国企盈利更好、少数股东保护更强的国家，而资产出售更可能发生在经济控制较少、企业规模较小的情况下。
ABSTRACT We examine the impact of political, institutional, and economic factors on the choice between selling a state‐owned enterprise in the public capital market through a share issue privatization (SIP) and selling it in the private capital market in an asset sale. SIPs are more likely in less developed capital markets, for more profitable state‐owned enterprises, and where there are more protections of minority shareholders. Asset sales are more likely when there is less state control of the economy and when the firm is smaller. Our results suggest the importance of privatization activities in developing the equity markets of privatizing countries.