The Performance of Privatised Enterprises in Developing Countries
用更大样本比较了私有化公用事业、非公用事业和从未国有化的私营企业绩效，发现私有化公用事业绩效恶化，表明早期对私有化效果的乐观可能为时过早。
Abstract Privatisation has been advocated as the predominant way to solve the problems facing ailing public enterprises in developing countries. Despite this, the policy remains controversial. The available empirical evidence on the operational and financial performance of enterprises after privatisation has often painted a rosy picture. This paper reassesses the situation using a larger sample of enterprises and a comparative perspective between privatised utilities, non-utilities and private enterprises that have never been state owned. The results of our analysis point to there being differences in the performance across the three groups of enterprises and, in particular, to a deterioration in performance among privatised utilities. This suggests that the earlier optimism over the efficacy of privatisation may have been premature.