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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：ManagementBuy-outsasanInstrumentofPrivatizationinEasternEuropePrivatizinggovernmententerprisesisoneofthemostdifficulttasksinthetransformationprocesstakingplaceintheformersocialisteconomies.Whatcontributiondomanagementbuy-outshavetomak
2、eincopingwiththattask?AllthecountriesofEasternEuropeandtheCISarecurrentlyintheprocessofreplacingtheirplannedeconomieswithmarketeconomicsystems.Suchatransformationrequiresthestatetomakearapidwithdrawalfromplanningresponsibilityandsubstantiallytorenounc
3、eitsrightsofownershipoverthemeansofproduction.Theprimetasksinvolvedinbringingthataboutaretocreateanewsystemofprivatelawandtoprivatizegovernmententerprises.Whereasitispossible,formallyatleast,tointroduceasystemofprivatelawveryswiftly,itisamuchmoretime-
4、consuminganddifficultmattertotransferownershipofthemeansofproductiontoprivatehands.Thedifficultyarisespartlyoutoftheveryscaleoftheprivatizationtask.Thestate'sshareofthemeansofproductionintheformersocialistcountriesisvirtually100%,withtheexceptionofHun
5、garywhereexperimentswithprivateenterprisehaveacertaintradition.InWesternEuropeandtheUSA,ontheotherhand,thelevelofstateinvolvementisonlyapproximately10%andevenintheScandinaviancountries,whichareoftendescribedassocialist,stateownershipdoesnotplayasignif
6、icantpart.ThusthecountriesofEasternEuropewillneedtotransferfour-fifthsoftheireconomiestoprivateownershipiftheywanttocreatesimilarconditionstothoseofWesternEuroperegardingownershipofthemeansofproduction.PrivatizationAlternativesIfsignificantsuccessesin
7、privatizingstateenterprisesaretobeachievedswiftly,acomprehensivestrategyisneededwhichprovidesforallconceivableformsofprivatizationtobeappliedwhereandwhensuitable.Thebasicalternativesavailableareastockmarketflotation,directsaletooutsideinvestors,andvar
8、iousformsofmanagementbuy-out(MBO).Theflotationofformergovernmententerprisesonthestockmarket,likethevariouscouponmodelsalsounderdiscussion,hastheadvantagethatparticipatingsharescanbewidelydispersedamongthegeneralpublic.Inaddition,theenterprisew
