The Operating Performance of Newly Privatised Firms in Central European Transition Economies
研究1990-1998年中欧三国私有化企业的运营绩效，发现私有化后六年内绩效未显著改善，反而出现就业下降和杠杆上升，对研究转型经济私有化效果的学者有参考价值。
Abstract This study examines the operating performance of privatised firms in three Central European Transition Economies between 1990 and 1998. Overall, we find no evidence of a significant improvement in operating performance for the first six years after privatisation. Contrary to the increasing empirical evidence for non‐transition economies, our privatised firms experience no improvement in profitability, capital investments, efficiency, and output, a significant drop in employment, as well as a significant increase in leverage. The most important determinants of the performance changes following privatisation were country effects, timing of the privatisation sales, industry classification, and state ownership after privatisation. Our findings are consistent with the empirical evidence that the transition process proved to be more difficult than expected and that, although necessary, privatisations do not necessarily produce equal efficiency gains in transition economies ( Megginson, 2005 ; Havrylyshyn and McGettigan, 1999 ).