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诺贝尔经济学奖获得者丛书·私有化:成功与失败

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也许,任何一个讨论主题都不会像私有化这样能激发各方的热情。
在世界很多地方,私有化过程被滥用。一小部分人为了牟取私利而对原国有资产巧取豪夺,咸了百万甚至亿万富翁。据估算,俄罗斯约有1.5 万亿美元的资产被侵吞。
傻瓜式的经济理论暗示,私有制企业比国有企业更有效率。诺贝尔经济学奖得主西蒙曾对这个逻辑谬在何处作过解释:大型现代企业都不是由所有者来管理的,即面临委托-代理问题,这与政府激励受托经营国有企业的经营者们所面临的委托-代理问题并无二致。
有些私有化获得了成功,有一些却铩羽而归,令人沮丧。而在公有制中,也是有的企业好得出奇,有的一团糟。我们现在面临的问题是:私有化能否获得成功?在什么条件下才能获得成功?我们怎样做才能提高私有化成功的概率?
Content Description

私有化,换言之,国有企业向私有企业转制,自20世纪70年代中期以来一直是最激进、最有争议的经济政策之一。私有化浪潮是20世纪80年代由西方国家启动的,初衷是为了解决国有企业效率低下问题;其后,亚洲、拉丁美洲和非洲等发展中国家以及中、东欧等转轨国家也把它作为整改经济的灵丹妙药,卷入了这个浪潮中。
私有化政策激起了纷纷扬扬的争论。批评者认为,私有化在很多国家产生了倒退性的再分配效应,并且为国有资产竞购者创造出大量的租。私有化成功的案例不是没有,但更通常的情形是,绩效更差,令倡导者大跌眼镜,有些地方还引发了巨大的社会动乱。
《诺贝尔经济学奖获得者丛书·私有化:成功与失败》作者都是私有化领域的国际知名学者。书中涉猎内容广泛:既有私有化问题的综合概览,也不乏洲际私有化个案的全貌介绍,分析手法精湛,利弊权衡周到。《诺贝尔经济学奖获得者丛书·私有化:成功与失败》适合于学术界,适合于决策者,适合于探悉私有化争论各流派的读者,也适合于那些志在投身私有化过程、探索私有化方式、提升私有化成功概率并寻求发展中国家经济可持续增长的同仁。
Author Description

约瑟夫·E·斯蒂格利茨(Joseph E.Stiglitz),2001年诺贝尔经济学奖得主。哥伦比亚大学经济学、商学以及国际和公共事务教授,曾先后执教于耶鲁大学、牛津大学、普林斯顿大学和斯坦福大学。斯蒂格利茨是当代西方少数最有影响的经济学家之一,在经济学的几乎所有主要分支领域都作出了重要贡献。1979年,他获得了美国经济学会两年一度的约翰·贝茨,克拉克奖。

热拉尔·罗兰( Gerard Roland),加州大学伯克利分校政治经济学教授,是转轨国家研究领域的首席研究员,英国政治经济研究中心研究员和项目负责人。他不仅对私有化研究作出了重要的贡献,而且在转轨国家的政治经济、企业重组、财政改革和转轨国家的宏观经济方面,其观点也被广为引证。2002年获得中国人民大学名誉教授头衔。
Catalogue

导言
第一章 私有制和公有制经济理论
一般均衡理论与私有化
传统的工业组织
信息视角的合约与激励理论
不完全合约与所有权

第二章 西欧的私有化:典型事例、结果和未决的问题
私有化的趋势
西欧的国有企业部门
私有化的决定因素
私有化运动的成果

第三章 中东欧和独联体的私有化
政策、制度和私有化
私有化的决定因素、程度和效应

第四章 非洲私有化:历史与未来
非洲私有化:迄今为止的记载
后私有化的表现将要做什么?

第五章 拉丁美洲的私有化:美好、丑陋、不公
国家为什么要私有化?私有化是如何开始的?
总结
私有化政策如何有效达到目标?
那么,与私有化相关的丑陋事实是什么?

第六章 南亚私有化
制度背景
经济改革和私有化政策
私有化进程
私有化的政治经济
私有化的效率影响
私有化和竞争
南亚其他国家的私有化

第七章 与日深化的私有化争论:主要观点回顾
私有化:概念基础
以往的争论
私有化与政府改革

译后记
鸣谢
作者简介
Book Abstract

金融市场的发展
产权投资市场的发展一直是整个欧洲去公有制运动的主要目标之一。英国的私有化运动无疑是这一过程中最成功的代表。然而,在最近的金融史上,第一次通过私有化来巩固权益文化的尝试,是在20世纪60年代由联邦德国阿登纳政府推行的。随之出现了以启动或复兴国民交易(National Exchanges)为目的的更为雄心勃勃的运动,法国的运动由希拉克政府在80年代发起,而意大利的运动尤甚,贯穿了整个90年代。
但是,比国家运动和宣言更重要的是:首先,检验私有化是否与股票市场的发展目标相一致;其次,检验欧洲政府如何设计出售方案来实现这一目标。
显然,美国经验清楚地表明,无须私有化,股票市场也能繁荣。而且,其他政策,如降低股息税率、建立有效的交易基础、制定合理的金融管制等都可能促进金融市场的发展。然而,以国有企业股票上市为基础的持续的私有化运动,对启动处于低流通陷阱的市场有重要作用。
由帕加诺(Pagano,1993)、苏布拉马尼亚姆和蒂特曼(Subrama-nian and Titman,1999)建立的理论模型支持这种预测。其基本假设是,企业上市决策对其他人市者具有正外部性。但是,如果是国有企业,则企业家就认识不到因他的(上市)决策能够带来的诸多机会。因此,金融市场会陷入一种上市公司数目少和风险溢价高的低水平均衡状态。政府作为少数企业的唯一所有者,可以通过一系列的首次公开发行和对已私有化企业的股票二次发行来减少风险溢价,增加整个市场的流动性,扭转市场的这种状态。
另一个重要方面与国有企业的绝对规模相关。这些企业通常是一国经济中规模最大的,仅仅部分上市就可能对市场资本化和自由浮动有很大影响。重要的是,国内证券市场的吸纳能力有限,导致政府常常通过国内外交叉上市的方式开辟主要汇源。这一私有化策略刺激了海外投资的参与,可以降低风险溢价。虽然这一策略主要影响的是交叉上市的企业,但海外投资的参与也同样惠及仅在国内市场交易的股票的流通性。如果海外投资者获得的私有化回报与当地企业的回报正相关,则海外投资者实际上就分担了一部分在私有化以前仅由国内投资者承担的风险。这样就减少了必要的风险溢价,增加了国内股票的价值(Chiesa and Nicodano,2003)。
……

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