본문

KDI연구

KDI연구원들이 각 분야의 전문보고서를 제공합니다.

법경제

Working Paper

Korea's Privatization Plans and Past Experiences

페이스북
커버이미지
  • 저자 강신일(姜信逸)
  • 발행일 1988/12/01
  • 시리즈 번호 8823
원문보기
요약 This review of past privatization provides a guide for
current privatization. Even though past privatization was merely
a transfer of ownership from the Government to the private
sector without any accompanying policy change, profit-oriented
new owners could improve the firms' financial status. There are
several lessons to be learned form this survey. First, risky
businesses and regulated businesses habe not shown any
improvement following privatization. In the future, deregulation
should accompany privatization and firms should be carefully
selected with regard to the degree of firm specific risks.

A second lesson is that past privatization has been open to
some interested investors through limiting ownership rights in
terms of shares. Some groups such as SMFs were completely
alienated from privatization programs. It was hard for the past
Government to find buyers due to underdevelopment of stick
market and firms' unsound financial structure. Confinement to
some investors aggravates the relationship between large firms
and SMFs. The current economic conditions are much more
favorable than those in the past. Large number of investors
together with the development of the stock market seems to
help privatization to proceed well and also generate enough
interest among investors.

Government intends to use the wider share ownership
program with a discount price to distribute economic rents
resulting form privatization. Pohang Iron and Steel with large
excess surplus was recently privatized by using the wider
ownership program. Investors below the middle income class
were eligible. Most of them resold their shares for short run
windfall gains rather than holding shares for the long term. In
the future, the Government should provide more benefits for long
run holders to hold shares for at least 3 years.

A final lesson is that during past privatizations, it is difficult
to find buyers for the assets of public enterprises. Sale of public
enterprises with large deficits, small size of equity market were
important restraints for sales. Disallowance of foreign investors
to participate in the privatization might also be a contributory
restraint for sale. The current situation is much better than
before. Enterprises habe overcome chronic deficit problems and
the equity market has grown. The necessity of foreign investors
to participate in the program has lessened as the equity market
grows. However, their participation should be allowed in the
privatization programs to the extent that foreign investors
participation increases technology transfer.
같은 주제 자료 이 내용과 같은 주제를 다루고 있는 자료입니다.

같은 주제의 자료가 없습니다.


※문의사항 미디어운영팀 고정원 전문연구원 044-550-4260 cwkoh@kdi.re.kr

가입하신 이동통신사의 요금제에 따라
데이터 요금이 과다하게 부가될 수 있습니다.

파일을 다운로드하시겠습니까?
KDI 연구 카테고리
상세검색