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首页> 外文期刊>International economic journal >Is It a Few Days of Good Times and then Darkness Ensues? Long-Term Performance of an Industry after Broad Reforms and Privatisation
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Is It a Few Days of Good Times and then Darkness Ensues? Long-Term Performance of an Industry after Broad Reforms and Privatisation

机译：是好几天的日子，然后是黑暗？全面改革和私有化后的行业长期绩效

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摘要

The long-run financial performances of privatised firms have rarely been investigated. This study examines the financial and operational performance within the Pakistani cement industry utilising two decades of post-privatisation data. Broadly speaking, regression analyses confirm that long-term positive impacts of reforms and privatisation on profitability, output and investment are uncertain. After controlling for firm, industry and economic factors, our estimates show that privatised firms initially improved their profitability but recorded a statistically significant decline over a longer period. The sale efficiency, capacity utilisation, and leverage indicators, however, improved over a considerably long post-ownership change period.
机译：很少对私有化公司的长期财务业绩进行调查。这项研究使用了私有化后的二十年数据，研究了巴基斯坦水泥行业的财务和运营绩效。从广义上讲，回归分析证实，改革和私有化对盈利能力，产出和投资的长期积极影响尚不确定。在控制了公司，行业和经济因素之后，我们的估计表明，私有化公司最初提高了盈利能力，但在较长时期内却出现了统计上显着的下降。但是，在相当长的所有权变更后的时期内，销售效率，产能利用率和杠杆指标得到了改善。

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