管理層收購(gòu)在歐洲作為私有化工具【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：ManagementBuyoutsasanInstrumentofPrivatizationinEasternEuropePrivatizinggovernmententerprisesisoneofthemostdifficulttasksinthetransfmationprocesstakingplaceinthefmersocialisteconomies.Whatcontribution

2、domanagementbuyoutshavetomakeincopingwiththattaskAllthecountriesofEasternEuropetheCISarecurrentlyintheprocessofreplacingtheirplannedeconomieswithmarketeconomicsystems.Suchatransfmationrequiresthestatetomakearapidwithdraw

3、alfromplanningresponsibilitysubstantiallytorenounceitsrightsofownershipoverthemeansofproduction.Theprimetasksinvolvedinbringingthataboutaretocreateanewsystemofprivatelawtoprivatizegovernmententerprises.Whereasitispossibl

4、efmallyatleasttointroduceasystemofprivatelawveryswiftlyitisamuchmetimeconsumingdifficultmattertotransferownershipofthemeansofproductiontoprivatehs.Thedifficultyarisespartlyoutoftheveryscaleoftheprivatizationtask.Thestate

5、sshareofthemeansofproductioninthefmersocialistcountriesisvirtually100%withtheexceptionofHungarywhereexperimentswithprivateenterprisehaveacertaintradition.InWesternEuropetheUSAontheotherhthelevelofstateinvolvementisonlyap

6、proximately10%evenintheScinaviancountrieswhichareoftendescribedassocialiststateownershipdoesnotplayasignificantpart.ThusthecountriesofEasternEuropewillneedtotransferfourfifthsoftheireconomiestoprivateownershipiftheywantt

7、ocreatesimilarconditionstothoseofWesternEuroperegardingownershipofthemeansofproduction.PrivatizationAlternativesIfsignificantsuccessesinprivatizingstateenterprisesaretobeachievedswiftlyespeciallytobuyupbusinessesiflocalc

8、ompetitionisrelativelylow.Asregardsthe3500smallmediumsizedbusinessesremainingtobeprivatized(asofMarch1992)whichisresponsiblefcodinatingprivatizationintendstogivepreferencetothemanagementbuyinapproach.Ithasdevelopeditsown

9、concepttopromoteinitiativesofthiskindwhichincludesgivingpriitytoMBIbidsiftheymatchthevalueofotheroffersreceived.Itisalsohelpingtofindsuitablebuyinmanagersgivingsupptinthedisposalofnonceassetsindertokeepdownthepurchasepri

10、cesofthebusinessesconcerned.Othermeasuresincludedintheconceptarepaymentholidaysfthepurchasertheprovisionofloanguaranteesffundingrelatedtothetransaction2Inallatotalofapprox.34000MBOtransactionscanbeexpectedineasternGerman

11、ysmanufacturingindustry.Ifoneassumesanaverageof100150employeesperenterpriseboughtoutthatwouldmeanthatsomethingoveronequarterofamillionjobscanbesecuredbymeansofMBO.ManagementBuyOutsinEasternEuropeIfoneassumesthattherearea

12、pproximately100000industrialenterprisesinEasternEuropetheCISwhichneedtobedelimitatedsoastogiveatotalofatleast200000to300000thatwouldmean70000to100000potentialMBOtransactionsevenifonlyonethirdoftheprivatizationscarriedout

13、tookthatroute.AnestimateofthepotentialMBOvolumein“min“privatizationsinEasternEuropebasedoneasternGermanfiguresisonemillionoperatingunits.HoweverthepresentpositioninthesecountriesasregardsMBOprivatizationisadifficultoneto

14、assess:InPolapproximately100000retailingbusinesseshavebeenprivatizedsincetheprivatizationlawwaspassedinJuly1990mostoftheseviaMBO.Intheindustrialsectapproximately1000governmententerpriseshavebeen“l(fā)iquidated“whichgenerally

15、meansthattheyhavebeentakenoverbytheirmanagements.Inthecourseof“min“privatizationinCzechoslovakia16500smallfirmshavepassedtoprivateownerssinceJanuary1991another30000smallmediumsizedbusinessesarecidatesfMBO.InHungarythenum