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L’impact des privatisations sur la performance des entreprises françaises

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Author Info

  • Michel Albouy

    ()
    (Université de Grenoble 2)

  • Hassan Obeid

    ()
    (Université de Grenoble 2)

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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Bibliographic Info

Article provided by revues.org 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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Related research

Keywords: privatisation; performance financière; structure de propriété; privatization; financial performance; ownership structure.;

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References

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  1. Andrei Shleifer, 1998. "State versus Private Ownership," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 133-150, Fall.
  2. Hervé Alexandre & Gérard Charreaux, 2001. "Efficiency of French Privatizations:A Dynamic Vision," Working Papers FARGO 011001, Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance), revised Oct 2001.
  3. Harper, Joel T, 2001. "Short-Term Effects of Privatization on Operating Performance in the Czech Republic," Journal of Financial Research, Southern Finance Association & Southwestern Finance Association, vol. 24(1), pages 119-31, Spring.
  4. Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W, 1996. "A Theory of Privatisation," Economic Journal, Royal Economic Society, vol. 106(435), pages 309-19, March.
  5. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
  6. Jones, Steven L. & Megginson, William L. & Nash, Robert C. & Netter, Jeffry M., 1999. "Share issue privatizations as financial means to political and economic ends," Journal of Financial Economics, Elsevier, vol. 53(2), pages 217-253, August.
  7. Rafael La Porta & Florencio López-de-Silanes, 1997. "The Benefits of Privatization : Evidence from Mexico," World Bank Other Operational Studies 11583, The World Bank.
  8. Narjess Boubakri & Jean-Claude Cosset, 1998. "The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries," Journal of Finance, American Finance Association, vol. 53(3), pages 1081-1110, 06.
  9. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
  10. Bishop, Matthew R. & Kay, John A., 1989. "Privatization in the United Kingdom: Lessons from experience," World Development, Elsevier, vol. 17(5), pages 643-657, May.
  11. Nellis, J., 1999. "Time to Rethink Privatization in Transition Economies?," Papers 38, World Bank - International Finance Corporation.
  12. Eckel, Catherine & Eckel, Doug & Singal, Vijay, 1997. "Privatization and efficiency: Industry effects of the sale of British Airways," Journal of Financial Economics, Elsevier, vol. 43(2), pages 275-298, February.
  13. Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 1-33, April.
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