1. ?

2. vs. Share issue privatization (SIP) - selling shares on the stock market Asset sale privatization - selling an entire organization (or part of it) to a strategic investor, usually by auction Voucher privatization - distributing shares of ownership to all citizens, usually for free or at a very low price. Privatization from below - Start-up of new private businesses in formerly socialist countries Privatization . 3. 4. ? 5. .. 6. 7. . 2003 . 2009 . 8. ! ? 9. N 10. N 11. 12. ? 13. 2014. 3. 10. 14. 4 15. 4 16. Q: ? Q: ? ? Q: , ? 17. vs. 18. Ex) 200 70% .. ? 19. 20. -> But. + -> , SSM 21. 3 1. . 2. . 3. . 22. 2 23. Take Home Message . . +