Pre and Post Disinvestment Performance Evaluation of Indian CPSEs
Pre and Post Disinvestment Performance Evaluation of Indian CPSEs
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印度 CPSE 撤资前后的绩效评估
DOI：
10.1177/0258042x17716601
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发表时间：
2017
期刊：
影响因子：
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通讯作者：
G. Bhalla
中科院分区：
文献类型：
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作者：
Priya Mandiratta;G. Bhalla
事实上，政府拥有的公司通常不如私人拥有的公司熟练或至少收益较低，这是广泛的假设。因此，撤资政策的目的是放弃公共部门对国家经济行动的参与，以支持私营部门。本研究旨在对2003-2012年期间通过公开募股模式在印度撤资的15家中央公共部门企业的财务和经营业绩进行实证研究。样本公司代表四个同源集团，即制造业、采矿业、电力和服务部门。通过比率分析，计算了资产收益率、净资产收益率、销售效率、净收益效率、债务权益、股利支付、真实的销售额和就业水平等不同比率。研究者使用传统的私有化前后比较和面板数据估计技术，发现销售效率和净收入效率，即总体经营效率显著提高，而盈利能力状况的结果不显著。本研究为印度经济中通过散户投资者参与撤资（即公开发行模式）的CPSE业绩变化提供了新的经验证据。
The fact that government-owned firms are typically less proficient or at least less gainful than private owned firms is widely hypothesized. Therefore, the disinvestment policy aims at dropping the participation of the public sector in the economic actions of the country in order to support private sector. The research endeavour set out to empirically examine the financial and operating performance of 15 Central Public Sector Enterprises (CPSEs) disinvested in India through public share offering mode during 2003–2012. Sample firms represent four cognate groups, that is, manufacturing, mining, electricity and service sectors. Through ratio analysis, different ratios such as return on assets, return on equity, sales efficiency, net income efficiency, debt equity, dividend payout, real sales and employment levels have been computed. Using the traditional pre versus post privatization comparisons and panel data estimation techniques, researchers have found significant increase in sales efficiency and net income efficiency, that is, overall operating efficiency, whereas insignificant results have been witnessed in the case of profitability position. This study provides new empirical evidence about performance changes in CPSEs disinvested through involvement of retail investors, that is, public offering mode in Indian economy.