国营企业私有化改造中英文对照外文翻译文献.docx

国营企业私有化改造中英文对照外文翻译文献.docx

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国营企业私有化改造中英文对照外文翻译文献

国营企业私有化改造中英文对照外文翻译文献

（文档含英文原文和中文翻译）

原文：

ManagementBuy-outsasanInstrumentofPrivatizationinEasternEurope

Privatizinggovernmententerprisesisoneofthemostdifficulttasksinthetransformationprocesstakingplaceintheformersocialisteconomies.Whatcontributiondomanagementbuy-outshavetomakeincopingwiththattask?

AllthecountriesofEasternEuropeandtheCISarecurrentlyintheprocessofreplacingtheirplannedeconomieswithmarketeconomicsystems.Suchatransformationrequiresthestatetomakearapidwithdrawalfromplanningresponsibilityandsubstantiallytorenounceitsrightsofownershipoverthemeansofproduction.Theprimetasksinvolvedinbringingthataboutaretocreateanewsystemofprivatelawandtoprivatizegovernmententerprises.Whereasitispossible,formallyatleast,tointroduceasystemofprivatelawveryswiftly,itisamuchmoretime-consuminganddifficultmattertotransferownershipofthemeansofproductiontoprivatehands.

Thedifficultyarisespartlyoutoftheveryscaleoftheprivatizationtask.Thestate'sshareofthemeansofproductionintheformersocialistcountriesisvirtually100%,withtheexceptionofHungarywhereexperimentswithprivateenterprisehaveacertaintradition.InWesternEuropeandtheUSA,ontheotherhand,thelevelofstateinvolvementisonlyapproximately10%andevenintheScandinaviancountries,whichareoftendescribedassocialist,stateownershipdoesnotplayasignificantpart.ThusthecountriesofEasternEuropewillneedtotransferfour-fifthsoftheireconomiestoprivateownershipiftheywanttocreatesimilarconditionstothoseofWesternEuroperegardingownershipofthemeansofproduction.

PrivatizationAlternatives

Ifsignificantsuccessesinprivatizingstateenterprisesaretobeachievedswiftly,acomprehensivestrategyisneededwhichprovidesforallconceivableformsofprivatizationtobeappliedwhereandwhensuitable.Thebasicalternativesavailableareastockmarketflotation,directsaletooutsideinvestors,andvariousformsofmanagementbuy-outMBO.

Theflotationofformergovernmententerprisesonthestockmarket,likethevariouscouponmodelsalsounderdiscussion,hastheadvantagethatparticipatingsharescanbewidelydispersedamongthegeneralpublic.Inaddition,theenterprisewillalsosubsequentlybesubjectedtothelocativeandsupervisorymechanismsinherentinthecapitalmarkets.However,incontrasttoWesternEurope,wherestockmarketflotationsofgovernmententerpriseshavefrequentlybeensuccessfullycarriedout,particularlyinItaly,FranceandtheUnitedKingdom,therearelimitstotheeffectivenessofthisapproachinEasternEurope.Foronething,thehighcostsinvolvedmeanthatthismethodcanonlybeconsideredforverylargeenterprises,whileforanothertheeligibilityofenterprisesforthecapitalmarkets,andthecapitalmarketsthemselves,arenotyetsufficientlydeveloped.

SuccessesinEasternGermany

Thewaveof"minor"privatizationinthewholesaling,retailingandservicessectorineasternGermanyisnowalmostcomplete,andthevastmajorityofthe30,000businessesinvolvedhavebeensoldtoexistingmanagementoremployees.Inmanufacturing,whichcomprisedapproximately10,000differentbusinessesafterthefirstphaseofdeclamation,5,000privatizationshadbeencarriedoutbyMarch1992,ofwhichapproximately20%wereMBO.RoughlyhalfoftheMBOcompaniesnowoperatingineasternGermanyemploylessthan50people;however,forbusinessesinthemanufacturingsectortheaveragenumberofemployees’is180.MBOprivatizationhaspredominantlyoccurredinindustrieswherearapidreturnoninvestmentcanbeexpectedor,inotherswords,intheservicesectorandinwholesalingandretailing.Nevertheless,thebynomeansinconsiderablenumberofmanagementbuy-outsincoreindustrialsectorssuchasthemachinetoolsandappliancesindustries,vehiclemanufacturing,steel,opticalinstrumentsandprecisionmechanicsdoesshowthatmoreinvestment-intensiveareascanalsobeprivatizedbythismethod.Managerstendespeciallytobuyupbusinessesiflocalcompetitionisrelativelylow.

Asregardsthe3,500smallormedium-sizedbusinessesremainingtobeprivatizedasofMarch1992,whichisresponsibleforcoordinatingprivatization,intendstogivepreferencetothemanagementbuy-inapproach.Ithasdevelopeditsownconcepttopromoteinitiativesofthiskind,whichincludesgivingprioritytoMBIbidsiftheymatchthevalueofotheroffersreceived.Itisalsohelpingtofindsuitablebuy-inmanagers,andgivingsupportinthedisposalofnon-coreassetsinordertokeepdownthepurchasepricesofthebusinessesconcerned.Othermeasuresincludedintheconceptarepaymentholidaysforthepurchaserandtheprovisionofloanguaranteesforfundingrelatedtothetransaction2Inall,atotalofapprox.3-4,000MBOtransactionscanbeexpectedineasternGermany'smanufacturingindustry.Ifoneassumesanaverageof100-150employeesperenterpriseboughtout,thatwouldmeanthatsomethingoveronequarterofamillionjobscanbesecuredbymeansofMBO.

ManagementBuy-OutsinEasternEurope

Ifoneassumesthatthereareapproximately100,000industrialenterprisesinEasternEuropeandtheCIS,whichneedtobedelimitatedsoastogiveatotalofatleast200,000to300,000,thatwouldmean70,000to100,000potentialMBOtransactionsevenifonlyonethirdoftheprivatizationscarriedouttookthatroute.AnestimateofthepotentialMBOvolumein"minor"privatizationsinEasternEuropebasedoneasternGermanfiguresisonemillionoperatingunits.However,thepresentpositioninthesecountriesasregardsMBOprivatizationisadifficultonetoassess:

InPoland,approximately100,000retailingbusinesseshavebeenprivatizedsincetheprivatizationlawwaspassedinJuly1990,mostoftheseviaMBO.Intheindustrialsector,approximately1,000governmententerpriseshavebeen"liquidated",whichgenerallymeansthattheyhavebeentakenoverbytheirmanagements.

Inthecourseof"minor"privatizationinCzechoslovakia,16,500smallfirmshavepassedtoprivateownerssinceJanuary1991,andanother30,000smallandmedium-sizedbusinessesarecandidatesforMBO.

InHungary,thenumberofMBOinretailingandservicesismuchsmallersimplybecausemanyofthebusinesseswerealreadyoperatingasprivateenterprises.

Since1989,therehavebeenanumberofMBO,includinglarge-scaleones,inmanufacturingindustry.

InRussia,numerousdefactoprivatizationsviaMBOhavebeencarriedoutinthelastthreeyears,someofwhichhaveinvolvedrelativelylargeenterprises.Becausethelinesofdemarcationbetweendifferentformsofownershiphavebecomemoreandmoreblurredbythemanylegislativechanges,thestatusofprivateenterpriseinRussiaisespeciallydifficulttoascertain.Theonlyapproachwhichwouldsofarappeartobeguaranteedinlawisthespecialbuy-outvariantinwhichtheentireworkforceofanenterprisetakesoveritsownershiptoformacooperative.MBOmightbeexpectedtoplayarelativelymoresignificantpartintheprivatizationprocessinEasternEuropethantheyhavedoneinformerEastGermany.Becauseofthespecialdifficultiesassociatedwithanymovestostimulatetheseeconomiesbyfoundingnewprivateenterprises,andbecauseforeigninvestorshavebeenveryhesitanttobecomeinvolvedthere,atakeoverbythemanagementisvirtuallytheonlypracticableformofprivatizationwhichremains.

IncentiveandControlStructures

Ontheleveloftheindividualfirm,themostimportantbenefitproducedbyanMBOtransactionisthatitfirmlytiesintheincentiveandcontrolstructureswhicharevitaltoraisingefficiency.Anobviousincentive,butnolesseffectiveforthat,toproducethoroughgoingimprovementscomesdirectlyfromthemanagement'sparticipationinthecapitalvalueoftheenterprise.Becausethiscreatesadirectlinkbetweentheparticipatingincometowhichthemanagersareentitledandtheprofitsearnedbythecompanyasawhole,itcanbeassumedthattheywillredoubletheireffortstomakeitacommercialsuccess.Thesamealsoappliesifsecondandthird-levelmanagementortheworkforceasawholearegrantedownershipparticipation.ThesupervisoryandcontrolstructuresarefurtherintensifiedbythefactthatMBOcompaniestendtocarryalargeamountofdebt.Interestandloanservicecostsimposeahardbudgetconstraintonmanagement,fromwhichithasnoescape.Inordertomeetitspaymentobligations,itiscompelledtopayoutallthecash-flowgenerated,withouthavingtheoptionofretainingitforfutureuse.

ProblemsinEasternEurope

BecausethelegalframeworkwhichoughttogovernthelegitimatesaleofgovernmentpropertytointerestedmanagersislargelystilllackinginEasternEurope,quiteaconsiderablenumberoftheMBOtransactionsduringthefirstprivatizationphasewhichisstillcontinuinghavebeenso-called"spontaneousprivatizations".Theytakeadvantageofthecollapseoftheoldbureaucraticstructures,whichmeanstheyhavevirtuallyunlimitedfreedomsduringthecurrenttransitionalphase.Onemethodoftenusedtotakeholdofanewfirm,forexample,istobeginbyhivingoffanumberoffacilitiesfromtheenterpriseandthentopurchasethemonfavorableterms.Althoughtheseself-madeagreementscreatethesameoutcomeaslegalMBOineconomicterms,theyareinfacttantamounttothetheftofgovernmentproperty.

Therearealsotwodifferentpointsofviewontheproblemofthestatebeingtakenadvantageofwhenanenterpriseisprivatized,viaamanagementbuy-outorindeedbyanyothermeans.Thepublicinthereformingcountries