The feasibility of privatization and foreign penetration
The feasibility of privatization and foreign penetration
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DOI：
10.1016/j.iref.2015.06.001
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发表时间：
2015-09
影响因子：
4.5
通讯作者：
Leonard F. S. Wang;Yoshihiro Tomaru
中科院分区：
文献类型：
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作者：
Leonard F. S. Wang;Yoshihiro Tomaru
只有当私人投资者有动机购买公共公司的股份时，部分私有化才能实施。考虑到这一明显的事实，我们重新考虑外国渗透对私有化政策的影响。结果表明，在外资渗透程度较小的情况下，部分私有化是最优的，且最优私有化程度与外资渗透程度不是单调相关的。这一结果与现有的作品形成了鲜明的对比，这些作品要么表明积极的关系，要么表明消极的关系。进一步，利用线性需求模型，我们发现当外资渗透程度较大时，最优政策可能是完全国有化。
Partial privatization is implementable only if private investors have incentives to purchase the shares of public firms. With this obvious fact in mind, we reconsider the effect of foreign penetration on privatization policy. We show that partial privatization is optimal for small extent of foreign penetration and the optimal degree of privatization is not monotonically related to foreign penetration. This result is in sharp contrast to the existing works which suggest either the positive or negative relationship. Furthermore, using a linear demand model, we find that the optimal policy can be full nationalization once the extent of foreign penetration is large.