Privatization and Financial Market Development (PDF хувилбараар нь энд дарж үзнэ үү)
Stock market capitalization in developed countries grew while massive privatization plans were in progress. It is however possible that stock market development would have occurred anyway. Below we identify features that are specific to share-issue privatizations (SIPs) and should a priori impact on market liquidity and market size. A positive correlation between such features and market development in a cross section of countries would support the claim that certain types of SIPs contribute to stock market development.
(1) Stock Market Capitalization and Trading
1. 시장의 총자본 상승
2. 1983-1999년 사이에 세계적인 자본 시장에서 판매한 주식의 가치
세계적으로 1983-1999년 사이에 자본시장의 민영화 발전은 급하게 되었습니다. 예를 들어보면 다음 내용과 같습니다.
|세계 총자본의 증가||$3.5 trill||$35.0 trill||$31.5trill
|USA||$1.9 trill||$16.6 trill||$14.7trill
|Non-USA (other)||$1.49 trill||$18.36 trill||$16.87 trill
|세계 총자본의 판매||$1.2 trill||$37.5trill||$16.9 trill
|Developing countries /Shares trade/||$25 billion||$2.3 trill|
|일본||1983년 보다 $8배 /Yen10배/ 감소|
일본은 1985-1989년 사이에 $4.4-$1.32 trill 70% 감소. 위기간에 세계적 총자본은 증가 하지만 일본의 경우에 하락한다.
“Global 1000” business week에서 우수200 회사를 선출해봤더니 $3.31trill 있다는 것은 총 자본 시장의 13% 이다. 그들의 27%는 non-US 이다.
Non-US 나라들의 가장 큰 민영화를 조사 했는데 그들은 일본, 톡일(13.1%), 파리, 이탈(11.7%), Spain(15.4%), 후주(11.7%), Mexico(23.6%), 한국(9.9%), Singapore, 중국, Denmark, New Zealand, Portugal, Russia, Argentina, Brazil, Greece, Malaysia, Poland, the Czech Republic, Hungary, Turkey, Indonesia, Egypt, Peru 이다. US일대 미국의 가장 큰 35 민영화에서 10을 선택했다.
세계적 민영화 발전을 위에 있는 나라들의 경험에서 볼 수 있다.
(2) International Corporate Governance
– Procedures and processes according to which an organization is directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among the different participants in the organization – such as the board, managers, shareholders and other stakeholders – and lays down the rules and procedures for decision-making.
All codes site: [http://www.ecgi.org/codes/all_codes.php]
1. Generation of international corporate governance research is patterned after the U.S. research that precedes it.
2. Generation of international corporate governance research considers the possible impact of differing legal systems on the structure and effectiveness of corporate governance and compares systems across countries.
– There are several reasons analysis of international patterns in corporate governance and securities laws has become increasingly important.
– In any event, the framework and operation of a country’s legal system impacts the operation of financial markets and corporate governance in that country.
– Privatization is a major change in the governance structure of a firm. Privatization usually accompanies changes in a country’s legal system.
– Democratic government is usually acutely aware of the political fallout the could result if small investors suffer losses on their SIP investments because of inadequate shareholder protection or insider dealings.
– Many countries, the government retains a golden share. This share held by the government enables it to veto mergers, liquidation, asset sales, and other major corporate events.
– 1999 business week “Global 1000” and “Top 200 emerging markets” lists to capitalization-matched, for 97 of the 153 privatized companies for 99 firm.
– The other hand, since the long-run returns to investors in SIP’s are generally positive.
- 민영화 시장의 발전은 세계적으로 계속
증가하는 것은 총 자원을 증가 시킬 겁니다.
(1990년-2006년 사이에 민영화 변화를
보면 당기적으로 증가, 감소 하지만
전체적인 결과는 증가 하고 있다)
-Europe and central Asia
-East Asia and Pacific
-Other developing countries
2. The presence of an adequate infrastructure, including stock market and competitive environments, is critical.
3. Privatization is sometimes criticized on the basis of unwanted effects that can be more apparent than real.
4. Privatization usually raises efficiency and often raises output.
- The privatization programs of the last twenty years have significantly reduced the role of state owned enterprises in the economic life of most countries.
- Research now supports the proposition that privately owned firms are more efficient and more profitable than otherwise-comparable state owned firms.
- Governments attempt to craft the offering terms of SIPs to balance competing economic, political, and financial objectives. Most governments under price share offerings and then use targeted share allocations to favor domestic over foreign investors. SOE employees are particularly favored, receiving preferential allocations in 91 percent of offers.
- Privatization works, in the sense that divested firms almost always become more efficient, more profitable, and financially healthier, and increase their capital investment spending. ultimately based on whether sales increase faster than productivity in privatized firms.
- Investors who purchase initial SIP shares at the offering price and then sell those shares at the first post-issue trading price earn significantly positive excess returns. Additionally, there is now convincing evidence that initial returns on privatization IPOs are significantly higher than the initial returns earned on private-sector IPOs.
- Though it is difficult to pinpoint causality, it appears that countries that have launched large-scale SIP programs have experienced rapid growth in their national stock market capitalization and trading volume.
- Share ownership has dramatically increased in most nontransition countries over the past fifteen years, but the share ownership patterns that are created when SIPs are sold to large numbers of investors are not stable.