The Structure of Privatization Plans
回顾多国大规模私有化计划的历史，揭示政府通过资本市场实现大规模销售的策略，对投资银行、新兴市场投资者和合资投资者有参考价值。
In the last decade, large-scale privatization programs have transformed the structure of corporate ownership in many countries, and are a major cause of the development of their capital markets. They have contributed to nondebt financing of the public deficit, attracted foreign capital and technology, and promoted the return of flight capital. Finally, the large task of privatization of state-owned enterprises in Eastern Europe has proven to be one of the most difficult in the transition to a market economy. This paper examines the history of large-scale privatization plans in several countries, and offers some revealing insight on the strategy used by governments to achieve large sales on the capital markets. Our results are relevant for investment bankers involved in advising governments on privatization sales, for institutions interested in assessing the risk of portfolio investment in emerging economies, and for potential joint-venture investors in former state-owned enterprises.