Partial Privatization and Firm Performance
利用印度国有企业数据，发现部分私有化（仅出售非控股股份）能通过股票市场的监督和激励作用，提升企业的盈利能力、生产率和投资水平。
ABSTRACT Most privatization programs begin with a period of partial privatization in which only non‐controlling shares of firms are sold on the stock market. Since management control is not transferred to private owners it is widely contended that partial privatization has little impact. This perspective ignores the role that the stock market can play in monitoring and rewarding managerial performance even when the government remains the controlling owner. Using data on Indian state‐owned enterprises we find that partial privatization has a positive impact on profitability, productivity, and investment.