wide spectrum: 'airports owned and operated by government departments, 100% government-owned corporations, independent airport authorities, mixed enterprises with government majority ownership and mixed enterprises with private majority ownership' (Tae et al 2006, abstract).
Analysis of the need to privatize
Airports have evolved mainly as government-run enterprises. They serve the public good, and were thus taken on as any other part of public infrastructure would be. Bridges, roads, ports, and other transportation-related projects have traditionally been part of the public good. However, many of these facilities are being privatized. Roads and bridges are now conceived of as wholly privately developed and owned, or as public-private partnerships.
Privatization can provide several benefits. It can remove the burden from the government's finances, spread the risk associated with operations, and introduce ways to improve efficiency and competition. Often better airport management can be put in place. For example, if the airport is run under a government department, facility commercialization would be difficult. Private management can reorganize the accounting so that the airport's costs and revenues can be monitored and adjusted, costs can be cut, and revenues boosted.
The arguments for privatization are many. Less public investment is needed; on the one hand, public funds are less available than they once were, and on the other hand, private corporations have a market-oriented outlook for their business plans. Improved access to commercial financial markets, improved ability for an airport to diversify, and improved operational efficiency may be the result. Employees and management are motivated to perform better. Lastly, a deregulated airline industry led to growth which the existing model of airport management and ownership could not handle.
Privatization may be a better option if market forces can enable competition rather than a monopoly, meaning less government regulation is necessary. This preserves the public good and makes the enterprise more likely to be profitable. Conversely, if the potential exists for a monopoly in a market, then the involvement of the government in ownership is necessary, and so is more government regulation. Table 1: 'Government Control of Essential Elements of operations in three countries', shows how Canada, Britain, and Australia deal with these concerns by maintaining control in key areas of the public good of aeronautical standards, access, and pricing.
III.Privatization Strategies 私有化策略
Privatization does not mean handing over of complete ownership to a corporation. The most practical scenario would be for a government to retain control over the type of facilities to be developed and other changes, while the operator, the commercial enterprise, oversees 'day-to-day and year-to-year operations' of the airport (de Neufville 1999, 6). The net benefit to the public interest would seem to be the lack of necessity to raise funds to expand or run the facility, or to service debt.
Types of Privatization
transfer of operations to private sector (Graham 2008, 25).
transfer of ownership to private sector (Graham 2008, 25).
share issues, IPOs: airport needs to make a profit; shareholders assume the risks
trade sale - sale of facilities
concess
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