Privatización y Eficiencia Productiva: Análisis del caso Ensidesa/CSI/Aceralia (Privatisation and Productive Efficiency: A Case Study: Aceralia)
22 Pages Posted: 15 Aug 2012 Last revised: 23 Aug 2012
Date Written: September 15, 2003
Abstract
Este trabajo se enmarca en los análisis de los cambios producidos en la eficiencia productiva de una empresa pública cuando ésta se privatiza, en el sentido de que su control efectivo pasa a manos de inversores privados. El caso concreto de estudio aquí es la empresa Ensidesa, que posteriormente nucleó el Grupo CSI, luego reestructurado y privatizado bajo el nombre de Aceralia. El estudio utiliza diferentes indicadores de eficiencia, tanto económico-financieros como de productividad.
Los resultados muestran que la fase previa a la privatización es el momento en que se producen los cambios significativos en las tendencias de los distintos indicadores relacionados con la eficiencia, produciéndose una mejoría sustancial en estos; y que estos niveles de eficiencia simplemente se mantiene en la fase posterior a la privatización. Esta evidencia empírica, paralela a la de otras investigaciones, no da soporte a la tesis habitual sobre privatización/eficiencia derivada de la teoria de los derechos de propiedad, lo que sugiere la conveniencia de acumular más evidencia empírica al respecto.
This article presents an analysis on the changes in productive efficiency when a public owned enterprise is privatized, in the sense that the firm’s control passes to private investors. The case under study is the long-standing State-owned Spanish iron and steel firm Ensidesa, which in the 90’s became the core of the CSI group, which, in turn, was restructured afterwards and then privatized under the name of Aceralia. The study uses several efficiency measures, either financial and productivity indicators.
The main finding is that it was in the years previous to privatization where our efficiency analysis shows a relevant improvement by all efficiency measures; and that these levels of efficiency remained rather unchanged after the privatization of the firm. Thus, our empirical results do not lend support to the standard proposition of the property rights theory about that privatization will yield an increase in firm’s efficiency. This finding is similar to some other previous studies’ on privatizations of public enterprises, which suggest that more empirical evidence on this subject should be useful.
Note: Downloadable document is in Spanish.
Keywords: privatization, efficiency analysis, productivity analysis, siderurgy
JEL Classification: L32, L33, M10
Suggested Citation: Suggested Citation
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