L’impact des privatisations sur la performance des entreprises françaises
(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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