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1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：ManagementBuy-outsasanInstrumentofPrivatizationinEasternEuropePrivatizinggovernmententerprisesisoneofthemostdifficulttasksinthetransformationprocesstakingplaceintheformersocialisteconomies.Whatcontributiondomanagementbuy-outshavetomakeincopingwiththatta
2、sk?AllthecountriesofEasternEuropeandtheCISarecurrentlyintheprocessofreplacingtheirplannedeconomieswithmarketeconomicsystems.Suchatransformationrequiresthestatetomakearapidwithdrawalfromplanningresponsibilityandsubstantiallytorenounceitsrightsofownershipoverthemeansofpro
3、duction.Theprimetasksinvolvedinbringingthataboutaretocreateanewsystemofprivatelawandtoprivatizegovernmententerprises.Whereasitispossible,formallyatleast,tointroduceasystemofprivatelawveryswiftly,itisamuchmoretime-consuminganddifficultmattertotransferownershipofthemeanso
4、fproductiontoprivatehands.Thedifficultyarisespartlyoutoftheveryscaleoftheprivatizationtask.Thestate'sshareofthemeansofproductionintheformersocialistcountriesisvirtually100%,withtheexceptionofHungarywhereexperimentswithprivateenterprisehaveacertaintradition.InWesternEuro
5、peandtheUSA,ontheotherhand,thelevelofstateinvolvementisonlyapproximately10%andevenintheScandinaviancountries,whichareoftendescribedassocialist,stateownershipdoesnotplayasignificantpart.ThusthecountriesofEasternEuropewillneedtotransferfour-fifthsoftheireconomiestoprivate
6、ownershipiftheywanttocreatesimilarconditionstothoseofWesternEuroperegardingownershipofthemeansofproduction.PrivatizationAlternativesIfsignificantsuccessesinprivatizingstateenterprisesaretobeachievedswiftly,acomprehensivestrategyisneededwhichprovidesforallconceivableform
7、sofprivatizationtobeappliedwhereandwhensuitable.Thebasicalternativesavailableareastockmarketflotation,directsaletooutsideinvestors,andvariousformsofmanagementbuy-out(MBO).Theflotationofformergovernmententerprisesonthestockmarket,likethevariouscouponmodelsalsounderdiscus
8、sion,hastheadvantagethatparticipatingsharescanbewidelydispersedamongthegeneralpublic.Inaddition,theenterprisew
