The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis
比较了1961至1990年间18个国家61家通过公开发行实现私有化的企业在私有化前后的财务与经营绩效，发现私有化后企业销售额、盈利、资本支出、运营效率和员工人数均显著提升，同时债务水平降低、股息支付增加。
This study compares the pre and postprivatization financial and operating performance of 61 companies from 18 countries and 32 industries that experience full or partial privatization through public share offerings during the period 1961 to 1990. Our results document strong performance improvements, achieved surprisingly without sacrificing employment security. Specifically, after being privatized, firms increase real sales, become more profitable, increase their capital investment spending, improve their operating efficiency, and increase their work forces. Furthermore, these companies significantly lower their debt levels and increase dividend payout. Finally, we document significant changes in the size and composition of corporate boards of directors after privatization.