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Market privatization has brought about an economic revival of
all privatized enterprises under the analyses. I.e., the study has
demonstrated that the positive effect of privatization does not
only consist in freeing the state from its property and securing
additional revenues from that operation, but equally and chiefly,
in the improvement of the economic state of the enterprises. They
have all to some extent or other carried out what state management
was unable to achieve:
- improved market positions - production restructuring has been
carried out in nearly all of them;
- rationalization of management;
- additional investments;
- as shown by the case studies, there has been a wage increase in
all privatized enterprises, with the system of payment being
reorganized into more efficient forms based on a payment-by-result
principle. Social dialogue is maintained and the trade unions
remain only in the larger privatized enterprises.
In order to promote a better understanding of the various
privatization techniques and greater trust in the privatization
process as a whole among entrepreneurs and the general public, it
is necessary:
- to launch an information campaign about the current
legislative framework of privatization, the alternative
possibilities and the types of preferences. It should be
accompanied by measures to enhance professional know-how at state
and municipal privatizing authorities, as well as banks, public
organizations, etc.;
- to provide maximum publicity on the course of privatization, as
well as the state and development of the privatized enterprises.
The generally positive tendencies in their post-privatization
behavior would considerably enhance public interest and trust in
privatization as a whole;
- to improve preliminary promotion work concerning the enterprises,
separate parts or assets which are subject to privatization;
Concerning the privatization procedures, the authorities in
charge of privatization ought to seek:
- to reduce as far as possible the duration of the privatization
process. Experience has shown a substantial deterioration in the
state of the enterprises which are in the process of privatization.
This does not only concern their finances, but the state of the
property, the equipment and facilities, supplies and reserves, etc.
From this point of view, and in order to concentrate in time the
supply and demand for privatization objects, it would be most
appropriate to bring the privatization process within a reasonably
short term of time;
- to provide maximum publicity and openness of the privatization
procedure both in view of attracting investors and of gaining
public trust in the process;
- to improve the state of post-privatization control. The existing
legislative framework of privatization does not in fact regulate
the question of the control, both over the process itself, and the
fulfillment of the conditions stipulated in the contracts. A
governmental regulation on privatization and post-privatization
control is therefore called for.
Furthermore, it would be appropriate for the sale contracts
themselves to stipulate the objects, as well as the forms and term
of post-privatization control, concurrently with the respective
forfeits and other conditions. The sale contract could even include
provisions for the buyer himself to take on certain aspects and
forms of control, for instance providing information to the seller
on a regular basis about the fulfillment of the contract
conditions: number of employed persons; realized investments;
ecological improvements, etc.
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