This paper is a survey of existing literature on privatization methods, techniques and related issues. The paper especially relates these issues to foreign direct investment in privatization, which has received much attention under the current administration in Korea. The main purpose of the study is to survey and discuss existing literature and point to future directions in research rather than analysing specific privatization cases or recommending solutions for any particular privatization problems.

The paper first considers trends and role of foreign direct investment in privatization worldwide, and then goes on to discuss various privatization methods and techniques, as well as real world examples of their use. In particular, the paper contains a case study of the British privatization experience of the electricity industry, focusing on the international offers.

This study finds that the British case holds many valuable lessons for Korean practitioners and policy makers. Most importantly, the effective use of financial institutions and the various ways in which competitive pressure has been built up between domestic, foreign and institutional investors suggest how Korea might adopt similar techniques to lower privatization costs and overcome its limited stock market size, while at the same time, prevent monopolistic takeover of state-owned enterprises by a few large conglomerates. This is especially important given that these factors (stock market conditions and fear of chaebol domination) have posed major obstacles to privatization on a fuller scale in Korea. For too long, the Korean debate on privatization has been dominated by identifying what the obstacles are, rather than identifying what methods might be adopted to overcome such obstacles.

This paper argues that it is now time to move on. Further, the paper argues that there is a need for greater research to take place in the area of auctions and competitive bids concerning privatization related issues. While these can be efficient ways for privatizing state-owned enterprises, because of their complexity and the lack of markets for firms in Korea, these methods have only been used recently and only in very crude forms.

Ⅰ. 槪要

Ⅱ. 民營化와 外國人投資
1. 외국인투자의 역할
2. 민영화를 통한 외국인투자

Ⅲ. 公企業 매각방식의 주요 유형
1. 매각방식 선택의 중요성 및 주요 고려요인
2. 매각방식의 주요 유형
3. 공기업 매각방식의 활용 추이 및 事例

Ⅳ. 공기업의 해외매각 사례연구: 영국전력산업
1. 민영화 이전 영국 전력산업구조 개편
2. 해외매각 방식
3. National Power社와 PowerGen社의 민영화
4. 영국 전력부문에서의 외국인투자에 대한 규제
5. 영국 전력부문에서의 외국인투자 역할

Ⅴ. 結論 및 示唆點

參考文獻