The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries
研究了1980至1992年间21个发展中国家79家私有化企业的财务与经营变化，发现私有化后盈利能力、运营效率、投资、产出、就业和股息显著提升，杠杆率下降。
ABSTRACT This paper examines the change in the financial and operating performance of 79 companies from 21 developing countries that experienced full or partial privatization during the period from 1980 to 1992. We use accounting performance measures adjusted for market effects in addition to unadjusted accounting performance measures. Both unadjusted and market‐adjusted results show significant increases in profitability, operating efficiency, capital investment spending, output, employment level, and dividends. We also find a decline in leverage following privatization but this change is significant only for unadjusted leverage ratios. Our results are generally robust when we partition our data into various subsamples.