外文翻译--管理层收购在欧洲作为私有化工具(可编辑).doc

本科毕业论文（设计） 外 文 翻 译 原文： Management Buy-outs as an Instrument of Privatization in Eastern Europe Privatizing government enterprises is one of the most difficult tasks in the transformation process taking place in the former socialist economies. What contribution do management buy-outs have to make in coping with that task? All the countries of Eastern Europe and the CIS are currently in the process of replacing their planned economies with market economic systems. Such a transformation requires the state to make a rapid withdrawal from planning responsibility and substantially to renounce its rights of ownership over the means of production. The prime tasks involved in bringing that about are to create a new system of private law and to privatize government enterprises. Whereas it is possible, formally at least, to introduce a system of private law very swiftly, it is a much more time-consuming and difficult matter to transfer ownership of the means of production to private hands. The difficulty arises partly out of the very scale of the privatization task. The states share of the means of production in the former socialist countries is virtually 100%, with the exception of Hungary where experiments with private enterprise have a certain tradition. In Western Europe and the USA, on the other hand, the level of state involvement is only approximately 10%and even in the Scandinavian countries, which are often described as socialist, state ownership does not play a significant part. Thus the countries of Eastern Europe will need to transfer four-fifths of their economies to private ownership if they want to create similar conditions to those of Western Europe regarding ownership of the means of production. Privatization Alternatives If significant successes in privatizing state enterprises are to be achieved swiftly, a comprehensive strategy is needed which provides for all conceivable forms of privatization to be applied where and when suita