We uniquely analyze the advantages and disadvantages of private ownership versus state ownership under various circumstances by focusing on three aspects: external risk, internal governance, and relative importance of owners versus managers. Our theoretical analysis indicates that private ownership is better than state ownership if the business environment is risky, corruption is limited, or the manager plays a more important role than the owner. Our empirical analysis supports our theoretical findings and reveals that better internal governance, more external risk and greater importance of the manager will magnify the benefits of privatization.

中文翻译：

---

国家与私有制的合同分析

我们通过关注三个方面来独特地分析私有制与国有制在各种情况下的优缺点：外部风险，内部治理以及所有者与管理者的相对重要性。我们的理论分析表明，如果商业环境存在风险，腐败受到限制，或者管理者比所有者更重要，那么私有制要比国有制更好。我们的经验分析支持我们的理论发现，并揭示出更好的内部治理，更多的外部风险和管理者的重要性将扩大私有化的收益。