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Privatisations et contrôle des entreprises en France

  • Andrea Goldstein

[fre] À l'issue des élections législatives de 1993, les gouvernements français suc­cessifs ont entrepris un ambitieux programme de privatisations. En trois ans, l'État a cédé, au moins partiellement, de ses participations dans neuf grandes sociétés publiques, et d'autres firmes parmi les plus grandes en France vont être vendues dans les prochaines années. Cet article analyse les liens entre les privatisations réalisées après 1993 et les changements intervenus dans les structures du gou­vernement d'entreprise et dans le fonctionnement du marché pour le contrôle des sociétés. Trois questions structurent notre analyse. Quels ont été les principaux motifs pour la vente des entreprises publiques ? Quelles conclusions préliminaires est-il possible de tirer de cette « deuxième vague » de privatisations ? Quelles for­ces, au-delà des privatisations, sont à l'origine des transformations du gouverne­ment d'entreprise à la française ? [eng] Since political elections in m id-1993, successive French governments have embarked on an ambitious privatization program. In three years, nine major State-owned enterprises (SOEs) have been at least partially sold, with other companies among the largest in France are to be sold in the coming few years. This paper analyzes how privatizations since 1993 have intertwined with changes in both the mechanisms of corporate governance and the market for corporate control in France. Three questions lead the analysis : what have been the main motives for selling SOEs ? What assessment, albeit only preliminary, can be made of the pri­vatizations completed so far ? What factors, other than privatizations, are driving changes in French corporate governance ?

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 47 (1996)
Issue (Month): 6 ()
Pages: 1309-1332

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Handle: RePEc:prs:reveco:reco_0035-2764_1996_num_47_6_409852
Note: DOI:10.3406/reco.1996.409852
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  1. François Morin, 1996. "Privatisation et dévolution des pouvoirs : le modèle français du gouvernement d'entreprise," Revue Économique, Programme National Persée, vol. 47(6), pages 1253-1268.
  2. John Vickers & George Yarrow, 1991. "Economic Perspectives on Privatization," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 111-132, Spring.
  3. Hart, Oliver, 1995. "Corporate Governance: Some Theory and Implications," Economic Journal, Royal Economic Society, vol. 105(430), pages 678-89, May.
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