摘要:Most privatization programs outside the transition economies take a case-by-case approach. Governments move control of state enterprises to the private sector, usually one at a time, using domestic and international public offerings, trade (third-party) sales, or a combination of the two (a mixed sale). The case-by-case approach allows government to pay close attention to the policy issues surrounding privatization. It also allows structure privatizations to bring in needed foreign capital, knowledge, and market connections; and maximizes the financial returns from privatization. Drawing on global experience, this paper provides practical guidance to government officials charged with managing case-by-case privatization programs. It identifies the five key steps in case-by-case privatization, describes sale options and the processes for carrying them out, and examines special conditions, such as golden shares. It then outlines how governments should undertake case-by-case privatization, identifying basic principles and common challenges, describing various methods for valuing state enterprises, and explaining the role of financial advisers and sales agents in valuing privatization candidates and developing options for sale.
