Determinants of privatization of public corporations: evidence from the Japanese experience
Determinants of privatization of public corporations: evidence from the Japanese experience
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DOI：
10.1007/s00181-009-0316-4
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发表时间：
2010-10
影响因子：
3.2
通讯作者：
F. Mizutani;Shuji Uranishi
中科院分区：
文献类型：
--
作者：
F. Mizutani;Shuji Uranishi
本研究的主要目的是寻找影响民营化决策的因素。本研究以日本一组特殊上市公司的资料为样本，运用Probit模型探讨民营化的决定因素。2001年12月，日本政府决定考虑对特殊公共企业进行私有化，评估了74家特殊公共企业私有化的可能性。在对民营化决定因素的实证分析中，我们发现，在影响民营化决策的几个因素中，有两个是重要的--市场条件因素和政策/管制因素。至于市场条件，一家存在于商业化行业的公共公司被私有化的可能性比其他公司高出约20%。至于政策和监管因素，上市公司在单一监管机构下私有化的可能性比在多个监管机构下私有化的可能性高约25%。
The main purpose of this study is to find factors affecting privatization decisions. This study investigates the determinants of privatization by applying the probit model for a data set of special public corporations in Japan. In December 2001, the Japanese government made a resolution to consider the privatization of special public corporations, evaluating 74 special public corporations for possible privatization. In the empirical analysis on the determinants of privatization, we find that among several factors affecting privatization decisions, two are important—the market condition factor and the policy/regulation factor. As for market conditions, a public corporation which exists in a commercialized industry is about 20% more likely to be privatized than others. As for the policy and regulation factor, the public corporation’s privatization under a single regulator is about 25% more likely, compared with the public corporation’s privatization under multiple regulators.