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Les privatisations en France : éléments d’analyse et bilan

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  • Encaoua, David

    (Université de Paris I)

  • Santini, Jean-Jacques

    (HEC)

Abstract

The inadequacy of financial markets and their failures in the task of accomplishing the triple task of allocating resources, evaluating risk and, monitoring management has been used to justify the privatisation of industry. The French privatisations have yielded the following benefits: shares are now more widely held especially by employees, the budgetary constraint of the State has been relaxed and a growing role for the French stock exchange has been achieved without financial crowding-out. Also the flexibility of these enterprises has been enhanced. L’insuffisance des marchés financiers et leurs défaillances dans la triple fonction d’allocation des ressources, d’évaluation du risque et du contrôle de gestion ont été invoquées pour justifier les privatisations. Le bilan que l’on peut dresser de l’expérience de privatisation française comporte des acquis positifs : l’actionnariat populaire et l’actionnariat salarié se sont largement développés, les contraintes budgétaires de l’État ont été assouplies, le marché boursier français a pu être élargi sans effet d’éviction financière marqué, la flexibilité des entreprises concernées semble avoir été accrue.

Suggested Citation

  • Encaoua, David & Santini, Jean-Jacques, 1989. "Les privatisations en France : éléments d’analyse et bilan," L'Actualité Economique, Société Canadienne de Science Economique, vol. 65(1), pages 21-52, mars.
    • Handle: RePEc:ris:actuec:v:65:y:1989:i:1:p:21-52
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