بررسي و ارزيابي تاثير انتقال مالكيت بر سودآوري شركت هاي پذيرفته شده در بازار بورس اوراق بهادار تهران

Survey and evaluation of alienation effect on the profitability of accepted companies in Tehran Stock Exchange

Alienation (privatization) is a practical, financial and legal process that governments in many states do and perform to reform economic and official system. This essay is going to measure the alienation effect on profitability of non-governmental-owned companies in Tehran stock exchange so that improvement of companyʹs profitability in the period after alienation is compared to the period before that. The research is done in a manner that shows if alienation has a positive effect on profitability or not? This is done by using of financial criteria that is Return on Assets (ROA), Return on Equity (ROE) and Return on Sale (ROS) relating to 29 companies which is owned by non-governmental parts from 1999 to 2004. Also 8 governmental companies were selected as a group of control performance three years later and three years earlier, the companies of this two groups by the use of wilcoxon singed rank test and regression and in OLS method is considered. The results of exam of theories in a 95% confidence level shows that profi tability of companies increased after alienation.