Jan. 25, 2011
国家所有・私有化・企業再建―ハンガリー企業の実証分析―
Privatization and Firm Restructuring in Hungary
要旨Abstract
2000年代初頭のハンガリー企業に関する年次センサス型データを用いて，国家から民間部門への所有権移転が，ポスト私有化期の経営活動に及ぼす影響を分析した．観測期間の短さというデータ上の制約を克服すべく本稿が提案した実証手法は，新しい所有者と経営者の企業再建努力を余すところなく補足し，所有権移転と経営パフォーマンスとの間の緊密な相関関係を強く示唆する実証的証拠を導き出した．
The objective of this study is to trace the enterprise privatization process in Hungary and examine its impacts on corporate restructuring of ex-public firms. Following the large-scale privatization in the early stage of systemic transformation to a market economy, the Hungarian government was sufficiently well-disciplined to sell state-owned enterprises primarily to strategic investors. In the financial literature, the argument is made that transfer of strategic control rights enables new owners and company managers to materialize privatization gains effectively. Acquisition of newly privatized firms by foreign investors also has the potential to greatly improve a firm's performance. The case studies in this paper present supporting evidence of this view.
書誌情報Bibliographic information
Vol. 60, No. 1, 2009 , pp. 29-46
HERMES-IR（一橋大学機関リポジトリ）: https://doi.org/10.15057/21468
JEL Classification Codes: G32, G34, H82, P31, P34
