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Privatization in a developing economy: Lessons from the Turkish cement industry.

机译：发展中经济的私有化：土耳其水泥行业的经验教训。

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摘要

This dissertation analyses the Turkish cement industry's 41 firms, and focuses on the 18 privatizations completed between 1989 and the end of 1992. Privatization is analyzed in terms of its effects on economic efficiency, and for its potential impact on larger, more general business conditions such as secure property rights.; The statistical information was obtained from income statements and balance sheets, official government sources, and the reports of independent auditors. These sources were supplemented by structured interviews with the management of many of the cement firms, elected officials, the privatization authority, and academics.; Economic efficiency, as measured by capacity utilization, labor productivity, and net margin on sales, was found to be not significantly different between state-owned, newly-privatized, and private cement firms. Other factors such as regional location, age and size of cement plants, as well as the extent of market competition were found to be as important.; Three general patterns emerge regarding the process of privatization. First was a tendency to sell the more productive and profitable plants before the lesser performers. Second, the transfers proceeded from older to newer plants, coinciding with a west-to-east pattern of sales. Third, cement plants tended to be purchased by their nearest competitor, leading to increased concentration of regional ownership. These patterns can be traced to the government's overriding desire to maximize the revenues from privatization. The loss of competition in regional markets undermined the efficiency objectives of privatization.; Institutional effects were disappointing. Privatization is intended to signal a governmental commitment to reduced policy interference in market mechanisms. It should also reinforce both the incentive structure based on private property and increase investor confidence in market institutions. However, the shifting objectives and changing implementation methods of Turkey's privatization program did little to increase the security of individual property from adverse policy changes, alleviate asymmetries of information in market exchange, bolster investor confidence, or advance the legitimacy of the Turkish capital market.
机译：本文分析了土耳其水泥行业的41家公司，并着重分析了1989年至1992年底完成的18个私有化。私有化从其对经济效率的影响以及对更大，更一般的商业条件的潜在影响等方面进行了分析。作为担保财产权。统计信息来自损益表和资产负债表，政府官方资料以及独立审计师的报告。通过对许多水泥公司的管理层，民选官员，私有化机构和学者的结构化访谈，补充了这些资料。由产能利用率，劳动生产率和销售净利润衡量的经济效率在国有，新私有化和私营水泥公司之间没有显着差异。其他因素，例如区域位置，水泥厂的年龄和规模以及市场竞争的程度也同样重要。关于私有化过程，出现了三种一般模式。首先是倾向于卖出生产率更高和利润更高的工厂，而卖给绩效较低的工厂。其次，转移是从较旧的工厂转移到较新的工厂，这与从西向东的销售模式相吻合。第三，水泥厂倾向于被其最近的竞争对手收购，从而导致区域所有权的集中度提高。这些模式可以追溯到政府压倒一切的，希望从私有化中获得最大收益的愿望。区域市场竞争的丧失破坏了私有化的效率目标。制度效果令人失望。私有化旨在表明政府承诺减少对市场机制的政策干预。它还应加强基于私有财产的激励结构，并增加投资者对市场机构的信心。但是，土耳其私有化计划目标的改变和实施方法的变化并没有增加不利的政策变化来提高个人财产的安全性，减轻了市场交易中信息的不对称性，增强了投资者的信心，也没有提高土耳其资本市场的合法性。

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  • 作者

    Tallant, Drury John.;

  • 作者单位

    Cornell University.;

  • 授予单位 Cornell University.;
  • 学科 Economics General.; Urban and Regional Planning.
  • 学位 Ph.D.
  • 年度 1993
  • 页码 350 p.
  • 总页数 350
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;区域规划、城乡规划;
  • 关键词

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