苹果7手机丢了怎么找回:英文翻译

The cases where privatization does not work as well as intended can also be understood from the corporate governance perspective. For example, when firms are privatized without the creation of large investors, agency costs of managerial control may rise even when the costs of political control fall. In the Unitde Kingdom, managers of privatized firms such as water utilities recive large wage increases (Wolfram(1995)). This outcome is not surprising, given that the comtrolling outside shareholders no longer exist in these firms, leaving managers with more discretion. At the same time, we doubt that the problems of managerial discretion in these companies are nearly as serious as the prior problems of political control.
Another example of postprivatization difficulties with corporate governance is Russia(Boycdo et al.(1995)). For political reasons,the Russian privatization has led to controlling ownership by the management of many companies. The management has almost complete control and substantial cash folw rights, which can in principle lead to dramatically improved incentives.