L’impact des privatisations sur la performance des entreprises françaises

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L’impact des privatisations sur la performance des entreprises françaises

Author Info

Michel Albouy () (Université de Grenoble 2)
Hassan Obeid () (Université de Grenoble 2)

Additional information is available for the following registered author(s):

Michel Albouy

Abstract

(VF)Les déficits budgétaires de nombreux pays, la faiblesse des performances financières des entreprises publiques et les développements récents de la recherche en finance incitent de nombreux États à céder leurs entreprises au secteur privé. Après un panorama du mouvement de privatisation dans le monde et particulièrement en France ainsi qu’un exposé des principaux courants théoriques qui confortent ce mouvement, cet article expose les résultats d’une étude empirique réalisée sur les privatisations françaises. Au cours de la période 1986-2004, nous trouvons que le transfert de propriété du secteur public au secteur privé a une incidence positive sur la performance des entreprises privatisées. La performance est évaluée à partir d’analyses de ratios de rentabilité, de productivité, d’investissement et de financement.(VA)The budget deficits of numerous countries, the poor financial performance of nationalized firms and the recent developments of financial theory encourage many States to sell off their companies to the private sector. After a survey of recent privatization trends in the world and in France, as well as a presentation of the main theories in favour of privatization, this article presents the results of an empirical study on French privatizations. Over the 1986-2004 period, we find that privatization has a positive impact on the economic and financial performance of the firms in our sample. Performance is measured through different ratios:profitability, productivity, investment and financing.

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Publisher Info
Article provided by Editions Economica in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 10 (2007)
Issue (Month): 1 (March)
Pages: 5-37
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Handle: RePEc:dij:revfcs:v:10:y:2007:i:q1:p:5-37

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Find related papers by JEL classification:
G39 - Financial Economics - - Corporate Finance and Governance - - - Other
L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Boundaries of Public and Private Enterprise; Privatization; Contracting Out

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This page was last updated on 2009-11-4.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.