2008年-世界发展银行全球_Doing_Privatization_Right_4页_869kb

Summary of "Doing Privatization Right: What It Takes to Maximize Gains in Low-Income Countries"

Core Content

This document presents a study conducted by the Boston Institute for Developing Economies (BIDE), under the supervision of the World Bank and funded by a Norwegian trust fund, examining the outcomes of privatization in four Sub-Saharan African countries. The study focuses on eight privatization transactions across different sectors, analyzing their impact at three levels: transaction, firm, and stakeholder. The goal is to understand how privatization can lead to welfare gains and how these gains are distributed among consumers, workers, governments, and private operators.

Main Findings

Transaction Results

• Privatization is not easy, especially in low-income countries.
• Only three cases (Côte d'Ivoire electricity, Senegal water, and Uganda clay) were unqualified successes with no major issues.
• Other cases faced repeated attempts, contract disputes, or sustainability challenges.
• Senegal electricity was the only case with no impact due to the short duration and management difficulties.

Firm Results

• Efficiency gains were more common than transaction success, largely due to poor initial conditions.
• Côte d'Ivoire electricity saw improvements after independent power producers entered the market.
• Senegal water had gains from new investments and a creative incentive structure.
• Senegal airlines improved due to market positioning and market dynamics.
• Uganda clay saw significant gains after new management and investment.
• In Uganda water, performance improved under management contracts, but the gains were not clearly attributable to privatization.
• Uganda telecoms had gains in fixed lines and efficiency, but these were small compared to the larger gains in the cellular market.

Stakeholder Results

• Consumers had modest gains in competitive cases and major gains in noncompetitive cases due to improved access and supply.
• Workers had major net gains in Senegal airlines and Uganda clay due to increased profitability and employment, but modest net losses in Mozambique water and Senegal water due to pre-privatization job cuts.
• Government was a major winner in Côte d'Ivoire electricity and Senegal water, with gains from taxes and ownership returns.
• Private operators had modest gains in some cases but major losses in others, especially where contracts failed or performance was poor.

Key Lessons

1. Evaluation processes should consider bidders' technical and managerial capabilities, not just price.
2. Incentive structures are crucial for achieving performance targets. Senegal water's success was largely due to its two-part compensation model.
3. Trust and consensus building should replace standard regulatory models to resolve disputes.
4. Success in achieving equity depends more on policy choices than on the country's income level.
5. Sustainability and equitable distribution of benefits are essential for maximizing welfare gains.

Conclusion

The study highlights that doing privatization right is more important than the mere act of privatization. It emphasizes the need for rigorous due diligence, transparent processes, and flexible contracts to ensure long-term sustainability and fair distribution of benefits among stakeholders. While privatization can lead to substantial welfare gains, these depend heavily on policy design and implementation quality.

Table of Transactions

Stakeholder Impacts

• ⊕⊕: Major net gains
• ⊕: Modest net gains
• ○: No significant net impact
• ○⊕: Modest net losses
• ○: Major net losses

Note

• Privatization includes management contracts, lease, and sale agreements.
• Cases were selected based on postprivatization data, pre- and post-privatization data availability, and diversity in countries and sectors.
• The views expressed are those of the authors and do not represent the official policy of the World Bank or any affiliated organizations.
• Additional copies can be ordered from Suzanne Smith, managing editor, at ssmith7@worldbank.org.