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BUY-OUT jako metoda prywatyzacji przedsiębiorstw państwowych
BUY-OUT as a Privatization Method of State-Owned Enterprises
Acta Universitatis Lodziensis. Folia Oeconomica, 1996, t. 139, s. 79-99
Issue title
Zarządzanie sprywatyzowanym przedsiębiorstwem
Prywatyzacja przedsiębiorstw państwowych, Prywatyzacja przez wykup, Wykup menedżerski
Privatisation of state owned enterprises, Privatization by purchase, Management Buy Out (MBO)
Technika wykupu przedsiębiorstwa polega na nabyciu przedsiębiorstwa w oparciu o pożyczkę zaciąganą pod zastaw jego aktywów. Przedmiotem artykułu są dwa modele wykupu przedsiębiorstwa przez jego kadrę zarządzającą - MBO i LMBO. Autorka przedstawiła różne modele tych operacji posługując się przykładami USA, Wielkiej Brytanii i Francji, a także ogólne uwarunkowania tych form sprzedaży przedsiębiorstwa w kontekście prywatyzacji polskich przedsiębiorstw państwowych.

It seems that the LMBO technique could find application also in the case of Polish privatization. However, the number of difficulties to be overcome here is much bigger than even in Belgium or Switzerland. If we look at the conditions determining an effective performance of such operations it will appear that almost none of them cannot be fulfilled at the present time. The main cause is unfamiliarity with buy-out concept among most Polish managers. The remaining causes can be, in a certain sense, omitted or neutralized. For instance, the operation of a developed capital market is not necessary until the final stage of transformation when institutional investors already wish to withdraw from operations and realize their profits. In the countries of Western Europe, it is a period of 5 do 10 years. In our case, this period can be much longer and, thus, it is possible that by that time the capital market will allow to make capital liquid. In my opinion, the main impediment to the development of privatization by means of the LMBO technique is the lack of interest in it among banks and absence of venture-capital type institutions on the Polish market. However, to carry out the first transformations of small and medium-sized enterprises by means of this technique the capital of Polish banks would be sufficient. Looking more closely at the LMBO concept the banks could discover a new source of substantial funds for them.(original abstract)
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