국영기업 민영화의 경제적 성과 : 이론과 실증

The Financial and Economic Performance of Privatized Firms : Theory and Evidence

The World Bank (1995) reports that the state-owned enterprises (SOEs) share of global GDP has declined from a little over nine percent in 1978 to perhaps six percent today. However, the privatization programs of the last twenty years have significantly reduced the role of SOEs in the economic life around the world. There have been great surges of privatization equity offerings to the capital markets around the world. The weight of academic research has now swung decidedly in favor of the proposition that privately-owned firms are more efficient and more profitable than otherwise-comparable state-owned firms, and the multilateral aid agencies that count in the developing world (particularly the World Bank) now firmly advise countries to reduce the size of their state sectors. Little doubt now remains that privatization works, in the sense that divested firms almost always become more efficient, more profitable, increase their capital investment spending, and become financially healthier. Both single-country, single-industry and multi-national, multi-industry empirical studies document significant performance improvements. Governments around the world have mastered the art of crafting the offering terms of privatization share offerings in order to balance competing economic, political, and financial objectives. Most governments deliberately underprice (initial) public offerings of shares in SOEs and economic objectives--one of which is to make privatization politically irreversible. The initial offering prices of privatization tends to be underpriced to a greater degree than private IPOs. Further, newly-privatized entyerprises are good investment alternatives because long-term holding period returns of them outperform private IPOs. In sum, social welfare consequence of privatization is beneficial to the investors, the newly-privatized enterprises and the economy as a whole.