波兰“混合型”私有化与企业重建

Mixed Privatization"and Enterprise Rebuilding in Poland

波兰被认为是转轨国家中实行“激进式”改革的典型 ,实际上它在所有制改造方面采取了比较渐进和“混合”的途径。其主要特点有 :转轨初期私有成分的“增量改革”作用较大 ;国有企业改变经营机制与私有化并进 ;职工在私有化进程中发挥重要作用 ;注意吸引战略投资者参与私有化 ;试图使大众私有化与资本市场建设配套进行。本文对波兰通过“国家投资基金”实行大众私有化的设计 ,及其与公司治理和市场建设的配合进行了分析。最后 ,利用实证研究的资料 ,阐述私有化途径与企业重建绩效之间的关系 :在目前的条件下 ,由战略投资者 (外国和国内有经济实力的投资者 )购买原国有企业的控制股份 ,是所有私有化方式中最为有效的 ;而无偿地平均分配国有资产的私有化方式则在俄罗斯、捷克和波兰等具体情况不同的转轨国家都不利于企业效率的提高。因为私有化途径需要满足两个相互关联的条件才能使企业得到根本性重建 :迅速实行与市场经济要求相适应的公司治理 ;

Poland is generally considered as the typical example of radical reform in transitional countries. But as a matter of fact, it has adopted a progressive and 'mixed' channel in the transmoration of the system of ownership. The main features include the weighty role of quantitative reform in the private sector in the initial transitional period, the simultaneous promotion of privatization and the change in the management mechanisms in state-owned enterprises, the important role of workers and staff in the process of privatization, the proper attention paid to attracting strategic investor participation in privatization and the efforts to coordinate mass privatization and capital market building. The article analyzes the design of mass privatization through state investment fund as well as its coordination with cooporate governance and market building in Poland. finally, it expounds the relationship between privatization channels and enterprise rebuilding sucesses with positivistic study data. Under the present condition, it is the most effective of all privatization models to attract strategic investors (foreign and domestic investors of economic strengths) to purchase the controlling stocks of the original state-owned enterprises. On the other hand, the even distrution of state-owned property gratis proved unconducive to the enhancement of enterprise efficiency, as in Russia, Czech, Poland and other transitional economies. This is so because privatzation only when the two mutually related conditions are met can the enterprises be radically rebuilt in the process of privatization. These two conditions are the rapid realization of corporate governance that is suitable with the requirements of market economy and the immediate input of urgently needed funds.